ING Zing – Has your child got one?
ING Vysya Bank has entered the Kid’s radar by the launch on a new Savings Account Product designed for kids.
Zing is the Product Name chosen by ING Vysya Bank for the new Kid’s Saving Bank Product.
Zing rhymes well with ING, and as the Product is attractively packaged, Kids will be attracted to it.
The press release by ING Vysya Bank can be accessed @
The highlights are
Target Audience: 7-13 years old
The other friendly product features are:
· The funding to the account happens through a mandatory standing instruction from a
parent’s account to the child’s account.
and also for shopping at POS (Merchant Establishments).
· Three options of spend limits are provided for in the product:
Option I ATM Limit Rs.500/- POS Limit Rs.1000/-
Option II ATM Limit Rs.1500/- POS Limit Rs.2500/-
Option III ATM Limit Rs.3000/- POS Limit Rs.5000/-
· The Quarterly Average Balance (QAB) prescribed for the account is Rs.2500/-
· The account also provides for taking Life Insurance cover for the child and also Systematic Investment Plans
ING Vysya Bank simultaneously revamped the kids portal www.kiddzbank.com, to enable the kids to explore the world of Banking.
The best part to me in this product is the Limits on ATM Withdrawals and at POS counters.
In fact, this option can be extended to other Saving Bank’s accounts too. More on this in the next post.