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

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

City Union Bank offers a dedicated savings account called Junior India for children. South Indian Bank offers a dedicated account for students called the Junior Savings Account.

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 South Indian Bank

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

  • City Union Bank Website: www.cityunionbank.com
  • Headquarters: Kumbakonam, Tamil Nadu
  • Call Centre Number: 044 7122 5000
  • South Indian Bank Website: www.southindianbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 1800 425 1809, 1800 102 9408