Fino Payments Bank has launched a savings account for minor children aged between 10 and 18 years. Called Bhavishya, it is a subscription-based savings account, aimed at making children banking ready, inculcating a savings habit. The bank said it will initially introduce Bhavishya Savings Account in UP, Bihar and MP. It added that as per 2011 census, India’s population in the age group of 10-19 was over 250 million and in 2021 this is expected to go up. More than 70% of this population lives in rural areas. This, the bank added, presents a huge opportunity for it as it is predominantly rural based. Ashish Ahuja, Chief Operating Officer of the bank, said the bank felt an easy to operate Aadhaar seeded account will be of great advantage to parents for inculcating savings habit in their children. The Bhavishya Savings Account can be used to get benefits of various government schemes for children such as scholarship and DBT subsidy amount, he added.
