Children’s Savings Accounts

The RBI lists 2,150 banks in India (as of July 2018 beginning), categorising them under different heads such as nationalised banks, other public sector banks, private sector Indian and foreign banks, scheduled cooperative banks and so on. The full primary category list is:

  1. SBI and Associates
  2. Nationalised Banks
  3. Other Public Sector Banks
  4. Private Sector Banks – Indian Banks
  5. Private Sector Banks – Foreign Banks
  6. Scheduled State Co-operative Banks
  7. Non-Scheduled State Co-operative Banks
  8. Co-operative Banks – Scheduled Urban Cooperative Banks
  9. Co-operative Banks – Non-Scheduled Urban Cooperative Banks
  10. Co-operative Banks – State Cooperative Banks
  11. Co-operative Banks – District Cooperative Banks
  12. Regional Rural Banks

For the purpose of this post, we will look at only the top 5 categories which together comprise of 106 banks. Of these, we will ignore those banks that have a small presence, payment banks and those that do not have a sizeable retail banking presence in India. The total as of now comes to 61.

Public Sector Banks

Allahabad Bank

Does not have a children-focussed savings account per se though it offers its standard savings account to minors.

Savings Account Features

  • The initial deposit has to be paid in cash
  • A sum of minimum Rs. 500 is needed for rural and semi-urban areas if you need a chequebook with the account or Rs. 100 if you can do without one. The amounts for other areas (urban, metros, etc.) is Rs. 1,000 and Rs. 500 respectively
  • You get 20 free cheque leaves each year

Premium Savings: The bank also offers a Premium Savings Bank Account with a minimum balance requirement of Rs. 5,000 for rural areas and Rs. 10,000 for urban areas. People who want to have a children’s account with more facilities than a standard account can ask the bank if they can open this account on behalf of their children.

Other Accounts: Allahabad Bank also has a 3-in-1 account in partnership with Aditya Birla Money that offers an online trading account and a Savi Fix account that allows savings bank account holders who are individuals to opt for a Multiple Option Deposit to increase the returns on their savings.

Important point: The bank website does not specifically specify if it offers the 3-in-1 account or Savi Fix account for children except clarifying that it is open to savings account holders. If you bank with Allahabad Bank, you can ask the branch if you can open these accounts (premium savings, 3-in-1 account or Savi Fix account) for children, after opening a savings bank account for your kid.

Deposits: In terms of other savings options (deposits, not accounts), the bank offers the Sishu Mangal Deposit Scheme for children in the 1-15 years of age category. You can ask the bank about this scheme and see if it suits you better than say, a premium savings, 3-in-1 or Savi Fix account.

Reference Facts

  • Allahabad Bank Website: allahabadbank.in
  • Headquarters: Kolkata, West Bengal
  • Call Centre Toll Free Number: 1800220363 (ATM / Other Delivery channels), 1800226061 (Internet, Mobile and SMS Banking)

 

Andhra Bank

The bank offers three savings account options for children. One is the AB Kiddy Bank and the other two are AB Little Stars and AB Teens. Let’s us look at them in some detail.

AB Kiddy Bank

This is the standard savings account and available to all minors below the age of 18 years. Here are its features

Features

  • Can be opened by any minor up to the age of 18 years
  • Kids above the age of 10 years (and below 18) can open and operate the account without the need for an adult guardian if they can produce proof for their date of birth
  • The bank has made it an appealing product for children thanks to the piggy bank doll the child receives on opening the account. The doll can be unlocked only at the branch where the account is held
  • The AB Kiddy Bank account can be opened with a minimum of Rs. 100

AB Little Stars

This account is for children in the 10-15 years age group. The rest of the features are as below.

Features

  • The account can only be operated by the parent or guardian
  • The minimum balance requirement is Rs. 250 for rural and semi-urban branches and Rs. 500 for urban and metropolitan branches
  • Andhra Bank issues a passbook with a photo and a special withdrawal booklet with the AB Little Stars account. The parent or guardian can withdraw money for the child on production of the savings banks passbook or any other ID proof
  • No NEFT or RTGS withdrawals can be made from the account

AB Teens

This account is for teenagers in the 15-18 years age category. Most features are similar to the Little Stars account. They are as below.

Features

  • The AB Teens account can only be operated by the child provided he or she can sign for the account
  • The minimum balance requirement is same as Little Stars, i.e. Rs. 250 for rural and semi-urban branches and Rs. 500 for urban and metropolitan ones
  • Account holders get the passbook (with photo) and the special withdrawal booklet as with the Little Stars account
  • Again, no NEFT or RTGS withdrawals can be made from the account
  • Account holders get a Rupay ATM card with his or her photo and internet and mobile banking facilities

Reference Facts

  • Andhra Bank Website: andhrabank.in
  • Headquarters: Hyderabad, Telangana
  • Call Centre Toll Free Number: 1800 425 1515

 

Bank of Baroda

Bank of Baroda website shows two children-focussed savings accounts, Baroda Champ Savings Account that is offered across India and the Gen-Next Junior account which as of now seems to be offered only in the Gen-Next Pune branch of the bank.

Note: There is limited information on BoB accounts for minors and it seems it did not offer a dedicated children’s account before the Champ and Gen-Next accounts. Possibly, minors could open a standard savings account through a parent or guardian.

Baroda Champ Savings Account

This account is meant for children in the 10-18 years age category. The account was launched in the run-up to the FIFA Under-17 World Cup 2017 that was hosted in India.

Features

  • Minors can open the Baroda Champ Savings Account with a minimum deposit of Rs. 1,000
  • The debit card for the account will be issued in the name of the parent or guardian for kids in the 10-15 years age group. For children over 15 years, it will be in their own name and will have a FIFA logo
  • The transaction limit is restricted to Rs. 3,000 per day through ATM banking, mobile banking, POS and e-commerce though the overall limit is kept at Rs. 5,000 per day. This means you can go to the branch and withdraw Rs. 2,000 even if you have used up Rs. 3,000 limit

Gen-Next Junior

From the bank’s website, it seems the account is only offered the Gen-Next branch in Pune, Maharashtra.

Features

  • Minors up to 18 years can open this Gen-Next Junior account
  • The average quarterly balance required is Rs. 500 and the bank charges Rs. 50 per quarter if the balance falls below this limit
  • Children below 10 years can open the account jointly with parents or guardians; those above 10 years can have an account in their own name provided they are literate
  • There is a ceiling on of Rs. 1,00,000 as balance outstanding on any day if the minor holds the account in her own name. In case the account is held jointly by a minor of 14 years or above and the parent or guardian, then there is no such limit
  • Debit cards will have the parent’s or guardian’s name if the child is below 15 years; if above, then the kid’s name will be on the card
  • The rules for a standard savings account will apply for this account also

Bank of Baroda Savings Account

The standard savings account of the bank.

Features

  • The bank has a put an upper limit of Rs. 1,00,000 as the maximum limit outstanding on any day if a minor, aged 10-14 years, operates the account on her own
  • The minimum balance requirement is Rs. 500 for rural and semi-urban areas and Rs. 1,000 for urban areas and metros

Note: We are not getting into too much details here about the savings account. If you wish to know more of the features, you can visit the specific page of the bank website here.

Reference Facts

  • Bank of Baroda Website: bankofbaroda.com
  • Headquarters: Baroda (Vadodara), Gujarat
  • Call Centre Toll Free Number: 1800 223 344, 1800 102 4455

 

Bank of India

Bank of India does not have a specific children’s savings account, though it does have an account for the youth called BOI Star Yuva Account. Minors can open a standard savings account.

BOI Star Yuva Account

The account was conceptualised to inculcate saving habits among the youth. The website does not specifically provide a minimum age for account opening but from reading of the features it seems to be young adults aged 18 years or above.

Features

  • The minimum quarterly balance requirement is Rs. 2,500 in rural and semi-urban areas and Rs. 5,000 in urban areas and metros
  • BOI offers a complimentary insurance of Rs. 50,000 for account holders in the 18-21 years age category and of Rs. 5,00,000 (Rs. 5 lakh) for account holders above 21 years
  • The bank also offers reward points for every time the account debit card is used for cash withdrawals in its ATMs. 20 reward points are given at BOI Star Yuva Account opening

Savings Bank Ordinary Account

The account is the standard savings account that can be opened for a minor, usually under joint names.

Features

  • Being a nationalised bank, BOI is able to offer its Savings Bank Ordinary Account with considerable low balance requirements. The initial deposit and average quarterly balance is Rs. 500 if the minor / guardian needs a chequebook and Rs. 100 if the account is operated without a chequebook
  • The bank offers certain benefits to customers of the savings account. For instance, an online income tax filing facility, free payment of utility bills and a BOI-National Swasthya Bima Policy floater mediclaim policy in collaboration with National Insurance at a low premium. A point to note is that kids usually do not need these services

Reference Facts

  • Bank of India Website: bankofindia.co.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll Free Number: 1800 220 229, 1800 103 1906

 

Bank of Maharashtra

The bank offers the Mahabank – Yuva Yojana for children in the 10-18 years age group. Under this, children can open savings accounts and invest in recurring deposits and fixed deposits. The bank also allows parents or guardians to open a standard savings account jointly with their children

Mahabank – Yuva Yojana

Bank of Maharashtra offers the Mahabank – Yuva Yojana as a comprehensive solution to take care of the savings needs and expenses of young children. Here is a look at some of its features.

Features

  • Under this, children can open savings accounts and invest in recurring deposits and fixed deposits
  • The savings account has no minimum balance requirements and can be opened with only Rs. 10
  • Children do not get any chequebook until they are over 18 years, but then the account becomes a standard savings account with minimum balance requirements and so on
  • The Mahabank – Yuva Yojana account comes with a free debit card but with specified spending limits
  • Account holders can put in standing instructions to transfer money from their accounts to their recurring deposit. In addition, parents can put in standing instructions to put in money from their account to the child’s account
  • Bank of Maharashtra also sanctions education loans to deserving students at the time to admission if they have held the account for over 6 months

Savings Account

The bank also allows parents and guardians to open a savings account jointly with a minor child.

Features

  • The minimum average balance requirements for the Mahabank – Savings Bank Scheme are calculated on a monthly basis. Service charges are applicable if the balance is less
  • The documents needed to open the account (besides the application, of course) are an ID proof, an address proof, two passport-sized photographs and the PAN card or Form 60/61
  • Interest is calculated on the daily balance on a quarterly basis

Reference Facts

  • Bank of Maharashtra Website: bankofmaharashtra.in
  • Headquarters: Pune, Maharashtra
  • Call Centre Toll Free Number: 1800 233 4526, 1800 102 2636

 

Canara Bank

Canara Bank offers its Canara Junior Saving Account for children and the Canara NSIGSE Savings Bank Deposit Account for the girl child in addition to its savings account. The bank also has a children’s deposit scheme called the Canara Champ Deposit Scheme.

Canara Junior Saving Account

The account is targeted at children above 10 years of age who can operate the account under their own name. Details are not available on the account’s page in the Canara Bank site whether children below 10 years can open the account or not as of July 2018.

Features

  • Kids above 10 years can open the account under their own name and operate the account independently
  • They get a debit card in their name with a monthly withdrawal limit of Rs. 5,000
  • The bank mandates a monthly withdrawal limit of Rs. 10,000. Read with the debit card limit, this means that the child can withdraw another Rs. 5,000 by online transfer or cheques (not clear if bank provides these two facilities for this account) or by visiting the branch and putting in a withdrawal slip
  • The account has two other restrictions. The first being that the balance at any point of time cannot be more than Rs. 50,000 and the second being the total credit cannot exceed Rs. 1,00,000 (1 lakh) in a year
  • A declaration is required from the parent or guardian at the time of opening the Canara Junior Saving Account and for SMS alert facility

Canara NSIGSE Savings Bank Deposit Account

The account has been designed under the directives of the Ministry of Human Resources, Government of India, to reduce school dropout rates among girl children.

Features

  • The account is available for the girl child who has passed class 8 and (a) belongs to an SC/ST group, or (b) has passed from a Kasturba Gandhi Balika Vidyalaya and has enrolled herself for class 9 in state government, government-aided or local body school. Girls studying in private or Central Government schools are not eligible for the account
  • The parent or guardian has to provide a declaration that the child has sufficient knowledge to operate the account
  • No chequebooks are issued with the account until the kid reaches the age of 18 years. Until then, withdrawals are mainly through withdrawal slips
  • There is no minimum balance requirement in the Canara NSIGSE Savings Bank Deposit Account, which can even have zero balance

Savings Bank Account

The generic savings bank account that can be opened for minors jointly with the parent or under their guardianship.

Features

  • The accounts need an average monthly balance of Rs. 500 for rural areas and Rs. 1,000 for urban and metro areas
  • The savings account pays interest in quarterly instalments in a year February, May, August and November

Canara Champ Deposit Scheme

A deposit scheme that is especially targeted at children up to the age of 12 years.

Features

  • The deposit scheme will be opened in the child’s name. There is no facility for opening the account jointly with the parent or guardian
  • The deposit can be opened for kids below the age of 12 years. After they attain maturity, it is converted into the standard savings account
  • The bank offers an eye-catching savings box to help the child inculcate saving habits
  • The kid also receives a personal photo folder with 16 pouches to record her life stages through photographs
  • In case there is no withdrawal from the account, the account holder is eligible to receive a Loan Eligibility Card for an educational loan from the bank
  • The interest rate in the Canara Champ Deposit Scheme is same as applicable for savings bank accounts. As of July 2018, this is 4% per annum
  • The minimum deposit amounts are same as that for savings bank accounts, i.e. Rs. 500 for rural and Rs. 1,000 for urban and metros
  • The bank offers the option to convert balances over Rs. 15,000 into the fixed deposits under its Kamadhenu Deposit Scheme (Re-Investment Plan)

Reference Facts

  • Canara Bank Websites: canarabank.com/english/ and www.canarabank.in/ (net banking)
  • Headquarters: Bangalore, Karnataka
  • Call Centre Toll Free Number: 1800 425 0018

 

Central Bank of India

The bank has a children-only deposit account called Cent Balbhavishya and a standard savings account that can be opened jointly with an adult or in own name by kids above 12 years of age. It also offers its standard recurring and fixed deposits for children through joint accounts.

Cent Balbhavishya

The deposit account was conceived with the intention of cultivating saving habits among children.

Features

  • Any child up to the age of 12 years can open the account jointly with a parent or a guardian
  • The minimum deposit needed to open the account is Rs. 50 for rural and semi-urban areas and Rs. 100 for urban areas and metros
  • The bank requires at least one deposit in the account every month with total amount in account for each half-year being at least Rs. 500 (rural and semi-urban) or Rs. 1,000 (urban and metros)
  • No withdrawals are permitted until the child reaches the age of 18 years, unless it is to make a fixed deposit
  • Accordingly, cheque books are issued only when the child reaches 18 years
  • Any excess amount in the account above Rs, 10,000 may be put into a fixed deposit for a period of 6 months to 10 years
  • As of July 2018, the Central Bank of India will pay an additional interest of 0.5% on any fixed deposit for the child that is created from the funds in the Cent Balbhavishya account. The standard rates will apply from the time the child attains the age of majority

Home Saving Safe Accounts

This is the standard savings account of the bank.

Features

  • It can be opened by a minor jointly with an adult if she is below 12 years of age or by the minor herself if she is over 12 years and can read and write and operate the account
  • The minimum amount needed to open the Home Saving Safe Account is Rs. 250 for rural branches, Rs. 500 for semi-urban branches and Rs. 1,000 for urban and metro branches
  • The bank website mentions that a birth certificate from the Gram Panchayat, Notified Area Committee or Municipal Corporation will suffice as ID proof, though it is likely that with the spread of Aadhar, an Aadhar card or an Aadhar enrolment number may be required

Reference Facts

  • Central Bank of India Website: centralbankofindia.co.in and www.centralbank.net.in (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll Free Number (24 hours): 1800 22 1911

 

Corporation Bank

The bank provides the Corp NewGen Account for students above 10 years of age and the standard Corp Saral Savings Account for minors to be opened jointly with a parent or guardian.

Corp NewGen Account

Targeted at young students.

Features

  • The account can be opened by any minor who is a student and over 10 years
  • Can be opened with a minimum deposit of Rs. 100. The average quarterly balance is also Rs. 100
  • Kids who open the Corp NewGen Account get a debit card, SMS and net banking facility, ability to make up to 5 drafts or postal orders a month and cheque collection facility for up to 2 cheques

Corp Saral Savings Account

The standard savings account available in the bank that can be opened by a representative of a minor.

Features

  • Parents or guardians can open the account on behalf of minors
  • The average quarterly balance needed is Rs. 1,000
  • As of July 2018, the bank offers an interest rate of 3.5% for a balance of less than Rs. 50 lakh and 4% for above that amount
  • Some facilities that come with the Corp Saral Savings Account include chequebook, SMS, internet and mobile banking, online funds transfer facility, and so on

Reference Facts

  • Corporation Bank Website: corpbank.com
  • Headquarters: Mangalore, Karnataka
  • Call Centre Number: 1800 425 2407

 

Dena Bank

Originally called Devkaran Nanjee Banking Company Ltd., the bank was supposedly the first to offer a saving scheme for minors, among other things. It offers the Dena Minor Savings Scheme for children and its basic standard savings account (from a generic reading of the website).

Dena Minor Savings Scheme

The account can be opened by literate children above the age of 10 years in their own name.

Features

  • The Dena Minor Savings Scheme can be opened jointly or under the child’s own name
  • No chequebook is issued and the kid has to withdraw money using withdrawal slips

Basic Saving Bank Account

From a generic reading of the web page, it seems the savings account is available to all Indian residents, which by its very definition should include minors below the age of 10 years also. There is no mention of a standard savings account in the bank’s website and as a reader, one can presume that this may be the only standard savings account they offer, which in practical sense, seems highly unlikely as this account seems more like the ones opened for non-banked masses under Government directive.

Features

  • This account has no minimum balance requirements
  • Customers get the facility of chequebooks and a debit card
  • The bank allows only four withdrawals every month though there is no limit on the number of deposits
  • If the account is opened under simplified KYC norms, then the accountholder has to show KYC documents or show application for such a document
  • A person having a Basic Saving Bank Account cannot have any other savings bank deposit with the bank

Reference Facts

  • Dena Bank Website: denabank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 233 6427

 

IDBI Bank Limited

IDBI Bank offers the Power Kidz Account for children. It also has a savings account targeted at the youth called the IDBI Being Me Account.

Power Kidz Account

From a reading of the website, it seems the account is not meant for kids below 10 years of age.

Features

  • Can be opened by a minor in her own name if she is over 10 years of age, or by the parent or guardian in case she is below that age
  • The minimum average balance in the account is Rs. 500 but there are no charges if the minimum balance criterion is not met
  • Kids above 10 years who have opened the Power Kidz Account in their own name will get an exclusively designed debit card with their name
  • The bank gives a personalised chequebook to the child
  • The ATM withdrawal or POS transaction limit is Rs. 2,000
  • The bank offers up to 5 free transactions at non-IDBI Bank ATMs in non-metro locations

Being Me Account

A savings account designed to help the youth cultivate financial common sense.

Features

  • There are no details on the site on minimum or maximum age to open and operate the account
  • A minimum amount of Rs. 2,500 is needed to open the account
  • The daily limit for ATM transactions and merchant (POS) purchases is Rs. 25,000 for the Being Me Account
  • The bank offers preferential rates on educational loans and gives preference to account holders to take up educational project work at the bank, provided there are seats available
  • It even gives discounts on opening share trading accounts with IDBI Capital Markets & Securities

Reference Facts

  • IDBI Bank Website: idbi.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 200 1947, 1800 221 070

 

Indian Bank

The bank offers the IB Smart Kid SB Account for children and in all likelihood, its savings account also under the parent’s or guardian’s name as done by most banks though information on that is not clearly available in the website.

IB Smart Kid SB Account

The bank offers the IB Smart Kid SB Account for children who are only 1 day old to those below 18 years of age.

Features

  • The bank mandates a minimum average monthly balance of Rs. 100 for accounts without chequebooks and Rs. 250 for those that have chequebooks
  • Kids above 10 years are eligible to have their own debit card provided the parent or guardian agrees to the issue of the card
  • The child also gets access to the online account if the parent or guardian provides her consent
  • Interest is credited quarterly in the months of January, April, July and October

Reference Facts

  • Indian Bank Website: indianbank.in and www.indianbank.net.in (net banking)
  • Headquarters: Chennai, Tamil Nadu
  • Call Centre Number (24 Hours): 1800 425 00 000, 1800 425 4422

 

Indian Overseas Bank

IOB offers the SB – Little Star account for young children.

SB – Little Star Account

The account has been designed for all children – from 1 day old babies to up to 18 year old young adults.

Features

  • The account can be opened by any child aged 1 day to less than 18 years
  • The minimum balance needed in the account is Rs. 100, while the maximum amount that can be kept is Rs. 50,000
  • IOB offers free collection facility for cheques or draft instruments gifted to the child and valued up to Rs. 25,000 per annum
  • It also offers a Sweep-In, Sweep-Out facility where any amount in the account in excess of Rs. 10,000 is taken out of the account and turned into fixed deposits of Rs. 2,000 each. If the balance falls below Rs. 10,000 then the most recent fixed deposits are put back in the SB – Little Star Account so the balance is back to being at least Rs. 10,000
  • Parents also have the option to invest in other options such as recurring deposits, insurance, mutual funds and so on

Reference Facts

  • Indian Overseas Bank Website: iob.in and www.iobnet.co.in (net banking)
  • Headquarters: Chennai, Tamil Nadu
  • Call Centre Number: 1800 425 4445

 

Oriental Bank of Commerce

Oriental Bank offers the Oriental Yuva Account for children in the 10-18 years age group. It also has an Oriental Saprivaar Account that allows children of people working in the Government or Government-owned institutions to open an account with their parent(s) under the umbrella scheme. Though information is limited on the website, it is likely that its standard savings account can be opened by parents or guardians on behalf of minors.

Oriental Yuva Account

The account is meant for children to take care of their savings, investment and everyday cash use needs.

Features

  • Can be opened by children aged 10-18 years. When the child crosses 18 years of age, the account is converted into a standard savings account
  • There are no minimum balance and average quarterly balance requirements
  • Oriental Bank allows children to withdraw up to Rs. 10,000 per day through ATMs or buy stuff up to the same limit at merchant establishments (POS)
  • The maximum amount that can be kept in the Oriental Yuva Account is Rs. 1 lakh and the total deposits in one year in the account cannot exceed Rs. 5 lakh
  • The bank allows the children to view their account balance and transactions through mobile and internet banking. This means it does not allow any transactions through these two platforms for the kids in the interest of their safety
  • Oriental also makes demand drafts for free if the amount is to be paid to educational institutions or for entrance exam fees

Oriental Saprivaar Account

The bank offers a host of features for the primary accountholder but details on what facilities are available for their children under this umbrella of sorts scheme is limited.

Features

  • The account is made for serving permanent Central Government employees and their families, lecturers of state-run colleges, doctors working for state governments, and employees of LIC and PSU insurance companies and of Maharatna, Navratna and Miniratna companies
  • There is no minimum balance requirement
  • The bank offers an overdraft facility of up to 15 times the net take home salary from Rs. 1 lakh to Rs. 10 lakh
  • The Oriental Saprivaar Account holders also get vehicle loans and housing loans at attractive rates
  • Oriental also offers an insurance of Rs. 10 lakh in the first year, which continues into subsequent years if the average quarterly balance does not fall below Rs. 25,000
  • There are no ATM use charges in the first year
  • In case the accountholder uses Oriental’s demat facilities, then there are no charges for that too

Reference Facts

  • Oriental Bank of Commerce Website: obcindia.co.in and www.obconline.co.in (net banking)
  • Headquarters: Gurgaon, Haryana
  • Call Centre Number: 1800 102 1235, 1800 180 1235

 

Punjab & Sind Bank

The bank does not offer any children centric savings account, though its website does say that student beneficiaries of Government schemes can open a Basic Savings Bank Deposit Account.

Basic Savings Bank Deposit Account

This account as the name suggests is a basic savings account with some minimum levels of savings account services.

Features

  • There is no minimum balance requirement
  • Students who are beneficiaries of Government schemes can open the account with an initial deposit of Rs.10 only
  • Account holders can make up to four withdrawals in a month though there is no limit on the number of deposits

Savings Bank Account

Though it is not mentioned specifically, it is likely that the bank offers its savings account for minors also jointly with a parent or guardian.

Features

  • Has a minimum balance requirement of Rs. 500 for rural branches and urban ones that do not need a chequebook. Urban account holders who need chequebooks need to keep a minimum balance of Rs. 1,000
  • Accountholders cannot make more than 50 withdrawals every half year

Reference Facts

  • Punjab & Sind Bank Website: psbindia.com
  • Headquarters: New Delhi, Delhi
  • Call Centre Number: 1800 419 8300

 

Punjab National Bank

PNB is the second largest bank in India after SBI and offers specific accounts for children such as the PNB Junior SF Account and the PNB Vidyarthi SF Account.

PNB Junior SF Account

The account can be opened by a child through her parent or guardian or she can open and operate it herself if she has crossed 10 years of age.

Features

  • As mentioned, any child of any age can open the PNB Junior SF Account through her parent or guardian. Children over 10 years of age can open and operate the account under their own name
  • There is no minimum deposit needed to open the account. Plus, there is no need for any minimum balance either
  • The child can get a free cheque book of 20 leaves per six months, i.e. two chequebooks of 40 leaves per year
  • Demand drafts made out to pay school or college fees are free of cost
  • The bank, however, has put a limit of Rs. 5,000 on debit card use per day, be that through ATM withdrawals, POS transactions at shops (card swipe in case you are wondering) or online payments
  • Kids or their parents can have a view of the account balance and transactions through both online and mobiles but transactions are not allowed

PNB Vidyarthi SF Account

The account as the name suggests is for children studying in recognised educational institutions.

Features

  • The account is available for children up to 21 years of age. Once they reach adulthood, the account becomes a standard savings account with all its perks and limitations
  • Like the PNB Junior SF Account, there are no minimum balance requirements for initial deposit and average quarterly balance in the PNB Vidyarthi SF Account
  • All demand drafts made out for any type of fees are free of cost
  • Like the children’s account, the child is eligible to receive two chequebooks of 20 leaves each per year
  • Most fees and charges in the account have been waived off by the bank through there is an annual maintenance charge for the debit card

Reference Facts

  • Punjab National Bank Website: pnbindia.in and www.netpnb.com (net banking)
  • Headquarters: New Delhi, Delhi
  • Call Centre Number: 1800 180 2222, 1800 103 2222

 

State Bank of India

State Bank offers two children’s accounts, Pehla Kadam and Pehli Udaan. Let us look at them.

Pehli Kadam

The account is meant for all children and can be opened with jointly with a parent or guardian.

Features

  • The account does not have any minimum balance requirements
  • The daily transaction limit is capped at Rs. 5,000 while transactions such as bill payment, prepaid mobile top-ups are limited to Rs. 2,000 (this is within the Rs. 5,000 limit)
  • SBI offers an auto-sweep option with this account called SBI Multi Option Deposit Scheme (MODS). If the accountholders opt for this, then any amount above Rs. 20,000 in the account is put in a term deposit. The MOD is initially for a sum of Rs. 10,000 and in Rs. 1,000 multiples thereafter (see note 1 also)
  • The maximum balance that can be kept in the Pehli Kadam account is Rs. 10 lakh
  • Kids get a specially branded chequebooks and passbook in addition to a debit card personalised with their own photo

Notes:

  1. In the auto-sweep (MOD) facility, it is not clarified on the website if the account needs to have Rs. 30k so that it has Rs. 20k left after the Rs. 10k is taken for the MOD scheme; or if Rs. 10k can be put in a MOD even if only Rs. 20k was present in the account (this means after the amount is withdrawn for the deposit, the account will have Rs. 10k left as balance). If you are confused reading this, then don’t worry, so are we!
  2. The links to the specific accounts may not work. The above data was taken from internet searches. We have put the links here in the hope that they work some day. Even the WayBack Machine shows an error when we tried to pull a page from July 5, 2017

Pehli Udaan

The account is meant for children above 10 years of age who can open and operate the account on their own.

Features

  • As mentioned, any kid above the age of 10 years who can read and write can open the account in their own name without the need for any parent or guardian
  • Except for the age criteria, the other features of the Pehli Udaan account are same as that for the Pehli Kadam account

Reference Facts

  • State Bank of India Website: https://sbi.co.in and onlinesbi.com (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 425 3800, 1800 112 211, 1800 110 009 (pensioners only)

 

Syndicate Bank

Syndicate Bank seems to have a dedicated children’s account called Synd Junior Millionaire. In addition, the bank has two standard savings products – Savings Bank Account and SyndSamanya Savings Bank Account – which from a reading of the bank’s website seems to be available for minors also (the site does not provide any age restriction).

Synd Junior Millionaire Account

A children focussed children’s savings product from the bank. Details on the account are available in the form of a small image only as of July 2018. People reading this and wanting to open this account should have a talk with the bank if they want to open one for their children.

Features

  • The account is available for all children below 18 years of age who comply with KYC norms
  • Account holders should maintain a minimum monthly balance of Rs. 5,000
  • Non-resident Indians can open this account on behalf of their kids
  • It is said to be a combination of savings account and recurring deposit though details are not available on the bank website as of July 2018
  • The children get an ATM card with the Synd Junior Millionaire Account
  • The bank offers mobile and internet banking for account holders to view the transactions but not for making any

Savings Bank Account

The standard savings account from the bank. Does not seem to have any age restriction, which may mean that it is available for minors also.

Features

  • The bank requires account holders to have a minimum account balance as prescribed from time to time
  • Applicants needs to satisfy all KYC criteria before they can open the account

SyndSamanya Savings Bank Account

The basic savings account from the bank.

Features

  • Available for all individuals
  • Has no minimum balance requirement but if the account holders chooses to maintain a minimum balance, then they are eligible for a chequebook
  • Allows account holders to make any number of ATM transactions but limits it to 50 for branch counter transactions
  • The account does not have any penalty charges on non-maintenance of any account balance

Reference Facts

  • Syndicate Bank Website: syndicatebank.in and www.syndonline.in (net banking)
  • Headquarters: Manipal, Karnataka
  • Call Centre Number: 1800 3011 3333, 1800 208 3333

 

UCO Bank

The bank offers the UCO Smart Kids Savings Bank Scheme for children above the age of 10 years.

UCO Smart Kids Savings Bank Scheme

The account allows kids to open and run a savings account without any need for joint ownership with parents or guardians.

Features

  • Any literate child above the age of 10 years can open and operate the account
  • There is no minimum balance requirement
  • The kids get two chequebooks a year
  • The ATM card is personalised with a photograph. Kids also get a good looking passbook
  • Children can withdraw up to Rs. 3,000 per day subject to a limit of Rs. 15,000 per month through ATMs or net banking
  • A key benefit of this UCO Smart Kids Savings Bank Scheme is the ability for children to undertake transactions through net banking after a certain period of time
  • The bank also offers concessions for education loans

Reference Facts

  • UCO Bank Website: ucobank.com and www.ucoebanking.com (net banking)
  • Headquarters: Kolkata, West Bengal
  • Call Centre Number: 1800 274 0123

 

Union Bank of India

Union Bank does not offer a dedicated children’s account. However, minors can have accounts under its Regular Savings Account and Union Family Savings Scheme products. From a reading of the website, it seems minors can also open an account through parent or guardian under the Union Flexi Savings Deposit and Union Flexi Plus Savings Deposit schemes.

Regular Savings Account

The standard savings account from the bank.

Features

  • Can be opened by an individual for her child
  • Just like adults, the child is entitled to receive a free chequebook of 20 leaves every year
  • Allows students to keep the account with zero balance

Union Family Savings Scheme

A savings scheme under which up to 6 family members can open accounts.

Features

  • The average quarterly balance for the entire group is Rs. 1 lakh
  • Each account holder gets up to 2 chequebooks per account
  • They also can make up to Rs. 20,000 in pay orders or demand drafts each month
  • Each account holder can make ATM withdrawal or POS transaction of Rs. 25,000 each per day
  • Family members who can be included in the account are parents, grandparents, spouse, sibling and children

Union Flexi Account and Union Flexi Plus Savings Deposit

These two are higher end savings accounts, which also come with sweep facilities to put the excess money in a fixed deposit once the transaction limit crosses a specified limit. Though the Union Bank website does not specifically mention that the accounts are available for minors, it does say that individuals can open the account.

Reference Facts

  • Union Bank of India Website: unionbankofindia.co.in and www.unionbankonline.co.in (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 208 2244, 1800 22 2244

 

United Bank of India

The third Kolkata headquartered bank in the list after Allahabad Bank and UCO Bank, United Bank offers a dedicated children’s account in addition to offering its savings account for children to operate by themselves once they have crossed 13 years of age.

United Children Savings Account

This account is meant for children above 10 years of age.

Features

  • The account has to be opened in the name of the minor. It cannot be opened as a joint account
  • The child must have crossed 10 years of age and should be literate enough to operate the account under her own name
  • United Bank only requires Rs. 50 as minimum initial and minimum balance required in the account
  • The deposits have to be made through pay-in-slips used for standard savings bank accounts
  • Once the minor reaches the age of majority, the United Children Savings Account is changed into a standard savings account

Savings Bank Account

If the parents or guardians want the child to have an account of her own before she reaches the age of 10 years, then they can open a standard savings account on their behalf.

Features

  • Once the child reaches the age of 13 years, she can operate the account on her own
  • The minimum balance requirement in the account without the chequebook facility is Rs. 50 for rural branches and Rs. 100 for urban branches and Rs. 500 across all branches with chequebook facility
  • The aforementioned minimum balance does not apply if the mother or a female guardian operates the savings bank account on behalf of the minor. In such cases, the minimum balance requirement is zero

Reference Facts

  • United Bank of India Website: unitedbankofindia.com
  • Headquarters: Kolkata, West Bengal
  • Call Centre Number: 1800 345 0345, 1800 103 3470

 

Vijaya Bank

Vijaya Bank provides two dedicated accounts for children – V Genuth Savings Bank Account and V Balika Savings Bank Account. The bank also offers its standard savings account for minors under guardianship as well as on an independent basis once the child has crossed the age of 12 years.

V Genuth Savings Bank Account

The account is available for all children with age ranging from 1-day old newborns to up to 18 years of age.

Features

  • Vijaya Bank only needs Rs. 10 as account opening balance. In addition, there is no minimum balance requirement
  • Kids above 12 years can operate open the account in the own name
  • If the account was opened before the child was 12 years of age, then the parent can authorise her to operate the account on her own after she crosses that age. The bank sets a daily limit of Rs. 10,000 for withdrawal or deposit in such  cases
  • The 12 years plus account holders (whether their parents authorised them to operate the account after they crossed the age limit or the account was opened after they reached 12 years) get their own chequebook. They also get a credit card and an ATM card if the bank receives an authorisation for the same from the parents
  • Children also get access to internet banking facility
  • The account comes with an auto-sweep facility under which any balance in excess of Rs. 10,000 is transferred to a term deposit in multiples of Rs. 5,000
  • The bank offers free collection of cheques or demand drafts gifted to the child up to an amount of Rs. 25,000
  • There is no charge for fee payments made to schools or colleges
  • The bank also offers a concession of 0.5% on the education loan interest rate to the V Genuth Savings Bank Account holders

V Balika Savings Bank Account

Vijaya Bank started offering this account under the government’s incentive scheme for girls to continue with their secondary education.

Features

  • A girl child who is below 16 years of age can open the account provided she meets certain criteria such as:
    • She has passed class 8 and is from an SC or ST group
    • She has passed class 8 from Kasturba Gandhi Balika Vidyalaya
    • She has enrolled for class 9 in a government or local body aided school
    • She is not married
  • The account does not need any minimum opening balance
  • The specified authorities will deposit Rs. 3,000 in this account if the kid meets all the relevant education and marital status criteria
  • The V Balika Savings Bank Account comes with a V-Balika Term Deposit Account scheme under which the incentive is transferred to the deposit scheme until the child reaches the age of 18 years

Savings Bank Account

The standard savings bank account can be opened on behalf of a minor by a parent or guardian.

Features

  • As mentioned, the account can be opened by a parent or guardian on behalf of the child or it can be opened by the child on her own if she is over 12 years of age
  • If the account is operated by a child on her own, then the maximum balance on the account shall not cross Rs. 10,000
  • The account needs a balance of Rs. 1,000 in rural and semi-urban areas and Rs. 2,000 in metros and urban areas. However, the bank offers a concession for students keeping the minimum balance at Rs. 500

Reference Facts

  • Vijaya Bank Website: vijayabank.com and www.vijayabankonline.in (net banking)
  • Headquarters: Bangalore, Karnataka
  • Call Centre Number: 1800 425 5885 , 1800 425 9992, 1800 425 4066

 

More to come…..