Chennai: Federal Bank has announced the launch of FedFirst, a special savings account scheme for children below 18 years of age.
The bank said the account helps children develop healthy saving and spending habits, thereby giving them the freedom to save, spend and earn.
“The account is designed to enable children to learn the importance of money management. The account holder is provided with a FedFirst contactless Debit Card with daily cash withdrawal limit of Rs 2,500 and POS/eCom limit of Rs 10,000, in addition to free online facilities including access to internet banking, mobile alerts and e-mail alerts.”