BANGALORE: Paying for college or school is a daunting task, and choosing an education savings account can be tricky. Each family needs to evaluate their circumstances and decide which savings account will suite them.

With uniform gift to minor’s accounts, parents can now put funds into an account that is in the child's name. Parents are responsible for investing, but the investments belong to the child once he or she turns 21. Investments made into these accounts receive taxing in the child's tax bracket.

Let’s have a look at some of the savings accounts related to education in India:

1. Power Kids Account

Parents start saving money for their children right from the day they are born and by supporting this thought IDBI Bank has designed the “POWERKIDZ” account, which will fulfill the needs of children.  It is just like a piggy bank for the kids that will not just keep their money safe but provide an interest on the same, allow them to take out money when required, make smart purchases by way of exclusive debit card and teach them to operate their account in a better and convenient way.

It also has various training programs and with an insight to various other products children can can make better investment decisions in future. They can even have the benefit by availing education loan from IDBI Bank at a competitive interest rate for funding their higher education in India and overseas.