Does my child need a debit card or a bank account?

No. Kulraise issues no card, holds no money and asks for no KYC. The balance, the interest, the fixed deposits and the funds are all a simulation that lives in the app — what actually changes hands is whatever you hand over.

Most pocket-money apps are a prepaid card with an app around it, which is why they are aimed at teenagers: a card is something you can only give an older child. Kulraise is the other way round. A seven-year-old can learn that money left alone earns interest without anybody issuing them a payment instrument.

It also means there is nothing to lose, nothing to freeze, and no account to close. If you stop using Kulraise tomorrow, no money is anywhere except where it already was.