India, Nov. 5 -- Raising financially aware children begins with small steps like teaching the difference between saving and spending wisely. Opening a kids' savings account in your kid's name can be a simple but useful step for parents to turn those lessons into real experience.

A kids' savings account introduces children to banking basics and helps cultivate saving habits that last a lifetime. It enables them to deposit and withdraw money, utilise basic banking tools, earn interest, and use payment methods under parental guidance. Once the minor reaches the eligible age (18 years), the account can be easily converted into a regular savings account.

For parents looking to open a kids' savings account, here are crucial considerations to ...