Full formBanking & Finance
MPKstands forMera Pehla Khata
Full Form of MPK
What is MPK?
Mera Pehla Khata (MPK) is a specialised savings bank account designed for minors in India, introduced by the State Bank of India (SBI) to promote financial inclusion and savings habits from a young age. This account allows children aged up to 18 years to operate independently under the guidance of a parent or guardian. MPK accounts typically come with zero minimum balance, a free passbook, and a debit card with customisable spending limits, making it accessible for families across all economic backgrounds. The scheme aligns with the Reserve Bank of India’s (RBI) guidelines on 'Basic Savings Bank Deposit Account' for minors, encouraging early financial literacy. MPK is widely used across SBI branches in both urban and rural India, often as part of school banking programmes. For competitive exams like IBPS RRB, SBI PO, or banking awareness sections, knowledge of MPK is relevant as it represents a key product under the financial inclusion drive. The account also offers features such as internet banking limited to viewing transactions and a dedicated savings plan, fostering responsible money management among young account holders.
MPK का फुल फॉर्म
मेरा पहला खाता
Example
My daughter opened an MPK account at the local SBI branch to deposit her pocket money and learn about saving.
MPK — frequently asked questions
What is the full form of MPK?
The full form of MPK is Mera Pehla Khata, which is a savings bank account designed for minors by the State Bank of India.
Is MPK available only at SBI?
No, while SBI popularised the term Mera Pehla Khata, several other Indian banks offer similar zero-balance savings accounts for children under different names, such as 'Pehla Kadam' or 'Junior Account'.
What is the minimum balance required for an MPK account?
MPK accounts usually require no minimum balance, making them accessible for children to start saving without any financial burden.