How i opened my first savings bank account with my parents. My First Bank Experience With My Parents for bank savings Account Opening in my childhood. Why Your Child Should Have A bank Savings Account
How I Convince My Parents to Open A Bank Account
I remember it was right after closing for the school holidays. Daddy was excited and said, “my little chumpkins its time.” Astonished, we wondered it’s time for what? Yes, we expected to visit grandma for the holidays or visit the mall for shopping, but nothing like bank comes to mind. Dad sat us down and said; it’s time for you guys to open your first bank accounts. Not sure of the expression to present, mum, altered excitedly “now you can manage your small saving in a professional way.”
All along, we have been saving change money from the shopping, birthday money, and other funds in a piggy bank. My parents instilled the saving spirit long since we were children but opening an account was never in our minds. We weren’t strangers to finances or saving since my parents introduced collection wallets and piggy banks early in life. Thankfully technology also provided money solutions for online transfers. Which we could see our parents pay for groceries and old items using the mobile phone.
It was fantastic; I will bank my first cash in the actual bank, talk to a bank officer and get a banking receipt just like dad brought home. Quickly we prepared, and we hopped in the family car and arrived at the bank. It was pretty big with a lot of people and activities. I couldn’t hide my excitement as I carried my piggy bank. We took the booking ticket and waited for our turn, and there we were called “ticket number… please proceed to counter number….”
The bank executive was also excited and very friendly. My parents presented their request to help us open a bank account. There was the paperwork that my parents had to enter our details as we were yet to reach the required age. The formalities were over and presented the money in the collection wallets. Finally, the receipt was out, and I request dad to keep it safe for me.
This was exciting the first childhood memory and bank experience. However, it more fun when you’re at age 18 years and above. Today I will open my adult bank saving account. My dad still here to help me transit from junior account to adult saving account. He says I have to present my identification and other KYC details. I will also sign and present my photo identity and several other documents. It’s scary, but I am ready for the transition. Soon I will be in college; the few amounts I have saved in junior years will help me service some activities. I also plan to follow my parent’s savings advice and start a small business. Am grateful to my parent for bank account guidelines. I can also recommend starting your child’s bank account and providing an excellent transition to an adult saving account.
Your Child’s First Bank Account
Right timing
There is no right timing to teach your child the basics of saving. My parent introduced us to saving at a tender age. I remember my first collection wallet, which I was to save for my bicycle. Start the saving spirit early for a great foundation.
Clear Explanation About Bank Account
My parents instilled the saving value when I was pretty young. Dad would call us and offer few coins, which he would tell us what we can buy when the amount accumulates. He never forced anyone to put the money in the piggy bank. However, the urge to buy yourself a gift or have lots of money would push you to deposit the coins and keep the piggy bank safe.
For better understanding, involve your children or child in the saving process. Teach about bank account and that the bank keeps the money safe. Assure the child they can request the money anytime or check the account balance. Digitalization eases many bank services; use the online platform to help your child track their savings. Older children introduce the concept of interest rates. You can tell your child if you save more for a particular period, you will gain more. This will go a long way in health money-saving methods.
Start the Saving Process
You can start your child’s bank account by offering money as rewards for something good they do. My parents offered us pocket money, birthday money, and rewards for any home chore we completed. Mum also insisted on chores; once you complete and she approves, she would reward use several coins. Dad would drop us at the bank once a month or twice, depending on the much we had. We made the deposit, and the best part receives the deposit receipt.
Set a goal
To encourage saving among child, set a goal which is easy to achieve. My type goal was to purchase my first bicycle. I used to save all the coins, and my parents chip in to help me realize the dream. Right now, my dream is to save and invest in various businesses. I am always patient since I have the same energy drilled by my parents.
My Process to open a bank account as an adult
The conversion is thrilling I require KYC details such as an Aadhaar card, PAN card and then visit the bank or use the online platform. I still use the same bank I was introduced to a few years ago by my parents. The Aadhaar card is processed at the unique identification development Authority of India, Aadhaar Seva Kendra. My parents are still helping monitor the status of the card.
Next, I require a PAN card which the income tax department of India issues. These documents are mandatory when opening a bank account. I never presented this when I opened my first junior bank account. Since my parents filled in all the documentation, it’s quite new but fun to be independent.
Application Process
Now I have downloaded all the documents and heading to the bank branch. The bank executive was happy to see me shifting to a new account. I must fill the account opening form; I should enter my name, permanent address, date of birth, parents’ names, and signature. Dad helping in all steps and ensure everything is okay.
The bank officer takes the documents and verifies each information. A copy of the Aadhaar card and PAN card are also taken, and my account is approved. The bank offers a card to represent my account or proof of account at their bank. The best part being I can withdraw from ATMs and also save my funds directly.