Hyderabad: Bangalore based private sector banking firm ING Vysya Bank announced the launch of ‘ING Zing Savings Account’ and www.kidzzbank.com, a specially designed web portal for kids. ING Zing is designed by kids for kids – everything from product features, discount offers, user guide, to the look of the Debit card was selected and approved by a set of kids in the age group of 7 to 13.
This is mostly for the first time in India, a financial product has been designed by the very consumers it is meant for! Some refer to it as crowd sourcing, other as prosumption. ING Vysya Bank simply calls it ‘being easy to deal with”. The bank identified the need to help parents educate their kids about money, and how to be good with money. The bank realized the product needed to be engaging for kids and help parents empower their kids to deal with money.
The product provides an ideal mix of the independence that kids desire and instill the sense of responsibility, in a fun way. The Zing Debit Card comes with a set of great offers on books, toys, games, bikes, fast food and many other purchases that kids like to make. At the same time, it allows parents to monitor the spends, with limits on the Debit Card. The Zing account also comes with a personalized account statement for the kid which will show how money came into the account and where all it was spent. ING Vysya Bank also encourages parents to set up a small, recurring investment (SIP) in equity mutual funds in the ZING Account. The monthly statement will help explain how the investment performs and link it to the equity markets.
The ‘Kidzzbank.com’ portal contains a ‘virtual bank’ that explains all the key functions of a bank through games and quizzes. Kids can create their own login, earn points by winning games, redeem these points for fun rewards and post updates to their Face book account.
The other features are:
The funding to the account happens through a mandatory standing instruction from a parent’s account to the child’s account.
The Zing Debit card provides the ability for parents to fix monthly limits on ATM withdrawals 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.