‘Bhavishya’ savings account has been launched by the Fino Payments Bank Limited. This savings account scheme has been launched for minors aged between 10-18 years. ‘Bhavishya’, a subscription-based savings account, can be opened by paying a nominal amount. The newly launched savings account scheme will be initially rolled out by the bank in Uttar Pradesh, Bihar, and Madhya Pradesh. There is not any minimum account balance requirement to open the ‘Bhavishya’ savings account.
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The Bhavishya savings account can also be used by the beneficiary to get advantages of different government schemes launched for children like scholarship and DBT (direct benefit transfer) subsidy amount. It will also help parents in inculcating savings habit in their children. The bank is targeting to open around one lakh Bhavishya Savings Accounts by the end of Fiscal Year 2021.