A first bank account

Rohan's save jar has reached ₹2,000 after a year of pocket money and two festivals. His amma says it should live somewhere safer than a jar under the bed. On Saturday they go to the bank near the bus stand in Coimbatore and open a minor savings account.

What is a minor savings account?

A minor is anyone under 18. Many banks let a child have a savings account in their own name, with a parent as guardian who signs the forms and watches over it. Rohan gets a passbook, a small book where the bank prints every deposit and withdrawal. Some banks also give a card or app with limits set by the parent.

• You need: the child's birth certificate or Aadhaar, the parent's ID and address proof, and a photo.
• The parent decides how much can be taken out and how.
• At 18 the account becomes a normal account in the child's own name.

The bank pays you to wait

Rohan's ₹2,000 does not just sit in the bank. The bank lends savers' money to other people, and in return pays savers a little extra every few months. That extra is interest. If the bank pays ₹3 for every ₹100 in a year, Rohan's ₹2,000 becomes about ₹2,060 after a year without him doing anything. Small, but it grows every year, and bigger amounts earn more.

Keep the secrets secret

When Rohan's amma checks the account on her phone, the bank sends a one-time password, an OTP, by SMS. That number and the card PIN are the keys to the money. The bank never calls to ask for them. Anyone who calls or messages asking for an OTP or PIN is trying to steal, even if they sound polite or say they are from the bank.

• Never say your PIN or OTP out loud, not even to a friend.
• Never type it into a link that came by message.
• If someone asks for it, tell a parent straight away.