City Union Bank vs UCO Bank: Children’s Savings Accounts

City Union Bank vs UCO Bank: Children’s Savings Accounts

City Union Bank offers a dedicated savings account called Junior India for children. UCO Bank offers its UCO Smart Kids Savings Bank Scheme for children above 10 years of age.

Children’s Savings Accounts from City Union Bank

Tamil Nadu-headquartered City Union Bank is the oldest private sector bank in the country having been established in 1904. It offers a dedicated savings account for children called Junior India. It also offers an account for young adults between the ages of 18 and 25 years called Young India.

Junior India

The account can be opened for children with ages ranging from 1 day to 18 years

Features

  • The account is operated by the parent or guardian
  • Children above the age of 12 years can undertake transactions at the bank or through ATMs on their own
  • Account holders above 12 years also get access to internet banking (CUB Net) and mobile banking (CUB Mobile) facilities
  • School and college fees can be made free of cost under the Junior India account
  • Online transfer to other City Union Bank accounts through NEFT, RTGS or IMPS is free too
  • The standard KYC documents and proofs are needed for both the child and the parent or guardian to open the account

Children’s Savings Accounts from 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

  • City Union Bank Website: www.cityunionbank.com
  • Headquarters: Kumbakonam, Tamil Nadu
  • Call Centre Number: 044 7122 5000
  • UCO Bank Website: www.ucobank.com and www.ucoebanking.com (net banking)
  • Headquarters: Kolkata, West Bengal
  • Call Centre Number: 1800 274 0123