Street Smart Finance
Banking Basics
What Is a Savings Account
A savings account is a simple and secure place to keep your money. When you deposit money into a savings account, the bank not only stores it safely but also adds interest to it, which means your money grows over time. It’s an important step in learning how to manage money and build a habit of saving.
Learning Through Banking
For children and teenagers under 18, many banks offer the option to open a joint savings account with a parent or guardian. This joint account allows young people to learn about banking with adult supervision. Required documents typically include the child’s Aadhaar card, the parent’s PAN card, and possibly a school ID. The bank provides tools like a passbook to track transactions and, in some cases, a debit card for spending.
Using a savings account helps young people understand how money flows in and out. It encourages saving for goals, teaches responsibility, and builds trust in financial institutions. By starting early, children can develop the discipline needed to handle larger financial matters later in life.​