Indian Bank vs South Indian Bank: Children’s Savings Accounts

Indian Bank vs South Indian Bank: Children’s Savings Accounts

Indian Bank provides the IB Smart Kid SB Account for children and probably its standard savings account jointly with a parent or guardian. South Indian Bank offers a dedicated account for students called the Junior Savings Account.

Children’s Savings Accounts from 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

Children’s Savings Accounts from South Indian Bank Limited

South Indian Bank offers children and youth-centric accounts as well as savings accounts for women and senior citizens in addition to general savings accounts.

Junior Savings Account

This account is primarily meant for students.

Features

  • Children above the age of 10 years can open the account
  • All they need is an introduction from the principal, head of department (for college) and a photo ID card. Other standard introduction measures also work
  • The minimum amount needed to open this account is Rs. 10 though the minimum balance needed is Rs. 150. The bank gives a time of three months to take the balance to this level
  • Chequebooks and online banking are made available when the child reaches the age of 18 years and keeps an average balance of Rs. 1,000
  • The bank offers a complimentary ATM-debit card to kids having the Junior Savings Account
  • Children with this account are eligible to apply for education loans from South Indian Bank

Reference Facts

  • Indian Bank Website: www.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
  • South Indian Bank Website: www.southindianbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 1800 425 1809, 1800 102 9408