Indian Bank vs Equitas Small Finance Bank: Children’s Savings Accounts

Indian Bank vs Equitas Small Finance 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. Equitas Small Finance Bank does not have a children’s savings account but it is likely that its standard savings accounts are available to minors like other banks.

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 Equitas Small Finance Bank Limited

Equitas Small Finance Bank does not have a children’s savings account but it is likely that its standard savings accounts are available to minors like other banks.

My Savings Account

The account has been designed for people to save and earn interest on their money.

Features

  • There is no average quarterly balance requirements for the account
  • The accountholder does not get a cheque book with the account
  • The interest rates on the account are better than that for larger banks with the minimum interest starting at 5.5% for balance up to Rs. 1 lakh
  • The bank however charges a fee for outward remittances on the My Savings Account. NEFT and RTGS are charged on a slab system while IMPS payments are charged a flat fee of Rs. 5 per transaction

Standard Savings Account

The account requires a minimum average quarterly balance or a minimum fixed deposit amount or a minimum level of debit card usage for purchases. Customers can also group the account with family members to tide over these restrictions.

Features

  • The minimum average quarterly balance for the account is Rs. 5,000
  • Customers can choose to keep a fixed deposit of at least a year of Rs. 50,000 instead of the balance in the account
  • The bank also offers the alternative to have the customer spend Rs. 4,999 using the debit card online or at POS transactions instead of the bank balance or a fixed deposit
  • The account can be grouped with family members having a savings account or business having a current account of higher value. The minimum balance requirements can be avoided this way
  • Accountholders get a Platinum or Signature debit card
  • Standard Savings Account holders get a complimentary chequebook of 25 leaves every half year
  • The bank offers 5 free transactions across RTGS, NEFT, IMPS, demand drafts, cash or cheques

Regular Savings Account

The Regular Savings Account from Equitas Small Finance Bank is a step up from the Standard Savings Account

Features

  • The minimum average quarterly balance for this account is Rs. 10,000
  • Like the Standard Account, customers can choose to keep a Rs. 50,000 fixed deposit for at least a year instead of the average quarterly balance in the account
  • The minimum debit card spend limit if one chooses to not keep the minimum balance or have an FD with the bank is Rs. 9,999. The limit considers both online and POS transactions
  • Like the standard savings account, this one also can be grouped with family members or a business to avoid minimum balance requirements. With family members, the other savings account should have a higher value. With a business, the current account should have at least similar value
  • Customers get a Platinum debit card with the account
  • Regular Savings Account holders are given a free 25 leaves chequebook every quarter
  • The bank offers 8 free transactions across RTGS, NEFT, IMPS, demand drafts, cash or cheques

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
  • Equitas Small Finance Bank Website: www.equitasbank.com
  • Headquarters: Chennai, Tamil Nadu
  • Call Centre Number: 1800 103 1222