RBL Bank vs Kotak Mahindra Bank: Children’s Savings Accounts

RBL Bank vs Kotak Mahindra Bank: Children’s Savings Accounts

RBL Bank does not offer a dedicated children’s savings bank account but instead may offer its generic savings account under guardianship of a parent or guardian. Meanwhile, Kotak Mahindra Bank offers a dedicated account called Junior – The Savings Account for Kids.

Children’s Savings Accounts from RBL Bank

RBL Bank does not offer a dedicated children’s savings bank account. We look at it standard savings account that like other banks that do not offer a specific children’s account is likely to be offered to minors through a parent or guardian.

Prime Savings Account

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

Features

  • The prime savings account is the standard savings account of the bank and comes with a minimum balance requirement of Rs. 5,000. Whether the same balance is required for minor account is not available on the site
  • The minor account is closed on the child attaining majority and she has to submit KYC documents along with an account opening form to open a new account
  • The account offers unlimited free transactions at RBL Bank ATMs and up to five complimentary transactions at other bank ATMs
  • The account offers some of the best fixed deposit rates for banks in India
  • RBL Bank offers wealth management options for its Prime Savings Account customers and it is likely to offer wealth growth options for its minor customers also

Note: The RBL Bank site has been designed for the mobile users and information is kept limited to perhaps enhance mobile user experience. It is suggested that you call the bank at the number below or visit the nearest branch if you are looking for more information on children’s or other accounts.

Children’s Savings Accounts from Kotak Mahindra Bank

Kotak Mahindra Bank offers a children-focussed account called Junior – The Savings Account for Kids. Here is a look at some features of the account.

Junior – The Savings Account for Kids

The account comes in two variants, the standalone account and a bundle pack that includes the Junior Savings Account and a Guardian Savings Account.

Features

  • The account offers one of the higher interest rates for children’s accounts at 5% (as of November 2018)
  • Bundled plan accountholders get access to a Recurring Deposit (RD) or a Systematic Investment Plan (SIP). The RD starts from as little as Rs. 2,000 and tenures that start from 36 months, while in the case of SIP the guardian can choose the amount and tenure
  • The standalone Junior Account comes in different variants such as Platina, Ace, Pro, Classic, Edge and Nova. The distinction between these is the minimum balance required in the account and the customer segment to which the account is offered. For instance, the Platina account is a continuation of a portfolio of plans that Kotak Mahindra Bank acquired from its purchase of ING Vysya, while the Classic account is targeted at semi-urban and rural areas, and so on
  • There is no minimum balance requirement for bundled Nova accounts provided they have an RD or a SIP in place. Otherwise, an average monthly balance of Rs. 5,000 is needed for Junior accounts. For non-junior accounts, the average monthly balance required is Rs. 5,000 (Nova), Rs. 10,000 (Edge and Classic), Rs. 50,000 (Ace) and Rs. 1 lakh (Platina)
  • The charges for non-maintenance of the average balance ranges from Rs. 150 to Rs. 600 per month depending on the balance and the type of account.
  • The Junior Savings Account offers personalised debit cards with daily withdrawal limits of Rs. 5,000 for kids above 10 years of age
  • The bank offers certain children-centric privileges such as Junior Foodie, Junior Day Out, Junior Shopper, Junior Learner and Junior Angel

Reference Facts

  • RBL Bank Website: www.rblbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 123 8040
  • Kotak Mahindra Bank Website: www.kotak.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860-266-2666, 1860-266-0811 (for 811 Digital Bank Customers)