Minor MFs & Bank Account Related Queries

General
1

I want to open a Zerodha account for my child.

I would like to purchase some MFs(through Coin) and do some monthly SIP(s) as well.

I am little confused on the mandate part. I am about to open the bank account with SBI. Though their PehlaKadam (my baby is less than 10 years old) A/C supports ATM/Debit card and withdrawl facility(as per their website) but I have come to know from different forums that most of the branches said No for ATM card issuance for this kind of accounts. In that case I was just wondering how mandate would be authenticated ? Through Aadhar based UPI ?

I have other two PSU bank options to consider PNB and Indian Bank. Apart from these three I dont have any other options for banks including private bank.

2

I had canara bank earlier for my daughter (3 years) they dint have option for net banking or atm for kids account.

Last week i have opened an account in HDFC bank and they have given atm and as wel as netbanking under my guidance for the kids account.

i have set the mandate though netbanking for coin, work fine

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3

So access to NetBanking will be enough? Do we need transaction rights ?

4

Also when you had canara bank minor account without debit card or net banking how did you set mandates for SIPs ?

5

I could not do it from canara bank… thats why opened kids account in hdfc under my guardianship. For mandate im using netbanking of hdfc

6

do you have transaction right on HDFC net banking ?

7

Yes minor account will be linked our account main account. we should only do it as a guardian.

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