AI SummaryKerala Bank's Vidyanidhi Scheme is a special savings bank account product made for children. Children between 12 and 16 years of age can open this account and start building a habit of saving money from a young age.
Under Vidyanidhi Scheme, children studying in classes 7 to 10 can open a savings bank account in their own name. The account also brings insurance cover and a range of free banking services, and it helps finance the child's education needs.
Kerala Bank Vidyanidhi Scheme 2026 - Open Savings Bank Account for Children
Kerala Bank launched Vidyanidhi Scheme in November 2021 as an investment and savings product for school children. The scheme is still open, and any child between 12 and 16 years of age who is studying in classes 7 to 10 can open a Vidyanidhi special savings bank account. To apply, visit the official website at kerala.bank.in and check the Vidyanidhi Special Savings Bank Account page.
Benefits of Vidyanidhi Special Savings Bank Account
The Vidyanidhi savings account comes with a number of free services and offers for the child. Some of the main benefits are given below.
- Free SMS alerts on every transaction in the account
- DD charge free up to Rs 5,000 per month and Rs 30,000 per year
- Free outward RTGS, NEFT and IMPS services up to Rs 50,000 per year
- Education loan service charge free as a special privilege
- Free ATM card and mobile banking facility
- Free passbook and fund transfer facility
- No special charge for closing the account
Eligibility and Documents Required
Children between 12 and 16 years of age who are studying in classes 7 to 10 can open the Vidyanidhi account. The account is opened in the child's own name, and a parent, preferably the mother, can open a special privilege account linked to it.
- Copy of KYC and birth certificate
- Copy of student ID card or a letter from the school where the child is studying
- Aadhaar account link
Insurance Cover and Other Special Benefits
The parent's privilege account linked to the Vidyanidhi account gets insurance cover under the PMSBY scheme. Accidental death or permanent disability is covered up to Rs 2 lakh, and partial disability is covered up to Rs 1 lakh. The first year premium is paid by Kerala Bank itself.
After two years of satisfactory transactions in the account, the account holder can get a temporary overdraft of up to Rs 2,000. With good transactions, this can be raised up to Rs 10,000. The ATM card withdrawal or shopping limit is capped at Rs 3,000 per day and Rs 15,000 per month.
| Detail | Information |
|---|---|
| Scheme Name | Kerala Bank Vidyanidhi Scheme |
| Launched By | Kerala Bank |
| Beneficiaries | Children aged 12 to 16 (classes 7 to 10) |
| Benefit | Insurance cover up to Rs 2 lakh |
| Application Mode | Through Kerala Bank branches |
| Official Website | kerala.bank.in |
How to Open Vidyanidhi Savings Bank Account
STEP 1 - Visit the nearest Kerala Bank branch with the child and the required documents.
STEP 2 - Fill the Vidyanidhi Special Savings Bank Account form in the child's name.
STEP 3 - Submit the KYC, birth certificate, student ID card or school letter, and Aadhaar details.
STEP 4 - The parent, preferably the mother, can also open a linked privilege account.
STEP 5 - Once the account is opened, the child can start saving and get the free banking services.
FAQ's
Who can open a Vidyanidhi account?
Children between 12 and 16 years of age who are studying in classes 7 to 10 can open the Vidyanidhi savings bank account.
What is the insurance cover under the scheme?
The linked parent account gets PMSBY insurance cover of up to Rs 2 lakh for accidental death or permanent disability.
Is the first year premium paid by the bank?
Yes, Kerala Bank pays the first year premium of the insurance cover under the Vidyanidhi Scheme.
For more study support, eligible students can also check the Kerala Snehapoorvam Scholarship Scheme.
Source / Reference Link: Kerala Bank announces Vidyanidhi scheme