SBI plans to start a special scheme for children's accounts

State Bank of India (SBI) is planning to start a special scheme for children after RBI issued guidelines allowing minors over 10 years to operate bank savings accounts independently and use facilities such as ATMs and cheque books. The central bank’s move was aimed at promoting financial inclusion and bringing uniformity in opening of such accounts in banks. Minors were previously allowed to open fixed and savings deposit accounts with mothers as guardians. The bank reported 34.20% fall in its net profit at Rs 2234.34 crore for third quarter ended December 31, 2013 as compared to Rs 3396.06 crore for the same quarter in the previous year. However, total income of the bank increased by 14.91% at Rs 39060.76 crore for quarter under review as compared to Rs 33992.11 crore for the quarter ended December 31, 2012.