CURRENT AFFAIRS

Detailed explanation-1: -The correct answer is 18. Federal Bank has announced the launch of FedFirst, a special savings account scheme for children below 18 years of age.

Detailed explanation-2: -FedFirst. FedFirst is the perfect, first bank account for your kids. With daily withdrawal and spending limits, FedFirst offers a safe and easy way for children to start saving, spending and managing their money.

Detailed explanation-3: -Eligibility. Children up to age of 18 years (both Resident and NRIs) can apply for this account. In case of minor below 10 years the account shall be opened with parents/guardians as Authorized Signatory. Minors above 10 years may open account in their sole name and operate savings bank accounts independently.

Detailed explanation-4: -You need to submit the child’s birth certificate as age proof. The child must be below 18 years of age. As well as age proof, this is also required to establish your relationship with the minor. You need to submit your details, particularly PAN card information, as well.

Detailed explanation-5: -Endowed with features like Mobile Banking & Internet Banking, Yuvamitra account is designed for needs of students. *Upon the account holder attains the age of 25 years, the accounts opened under Yuvamitra scheme will be converted to Pride/Delite/Club Schemes.