Bank of Maharashtra vs AU Small Finance Bank: Children’s Savings Accounts

Bank of Maharashtra vs AU Small Finance Bank: Children’s Savings Accounts

Bank of Maharashtra has Mahabank – Yuva Yojana for children in the 10-18 years age group. This is a savings cum investment account as a child can open a savings account and invest in recurring deposits and fixed deposits. AU Small Finance Bank offers a specific kid’s savings account called BACHPAN, in addition to specific and general savings accounts.

Children’s Savings Accounts from Bank of Maharashtra

Mahabank – Yuva Yojana

Bank of Maharashtra offers the Mahabank – Yuva Yojana as a comprehensive solution to take care of the savings needs and expenses of young children.

Features

  • Under this, children can open savings accounts and invest in recurring deposits and fixed deposits
  • The savings account has no minimum balance requirements and can be opened with only Rs. 10
  • Children do not get any chequebook until they are over 18 years, but by then the account becomes a standard savings account with minimum balance requirements and other terms and conditions that apply to the standard account
  • The Mahabank – Yuva Yojana account comes with a free debit card but with specified spending limits
  • Account holders can put in standing instructions to transfer money from their accounts to their recurring deposit. In addition, parents can put in standing instructions to put in money from their account to the child’s account
  • Bank of Maharashtra also sanctions education loans to deserving students at the time to admission if they have held the account for over 6 months

Savings Account

The bank also allows parents and guardians to open a savings account jointly with a minor child.

Features

  • The minimum average balance requirements for the Mahabank – Savings Bank Scheme are calculated on a monthly basis. Service charges are applicable if the balance is less
  • The documents needed to open the account (besides the application, of course) are an ID proof, an address proof, two passport-sized photographs and the PAN card or Form 60/61
  • Interest is calculated on the daily balance on a quarterly basis

Children’s Savings Accounts from AU Small Finance Bank Limited

AU Small Finance Bank offers savings accounts that focus on specific segments of customers. For children it offers a specific kid’s savings account called BACHPAN, in addition to specific and general savings accounts.

BACHPAN Savings Account

The savings account from AU Small Finance Bank comes under its Value service offerings and is specially meant for young children.

Features

  • The account needs a minimum average balance of Rs. 500 but there are no charges if the balance dips below this minimum amount
  • Interest rates offered are supposed to be better than standard savings accounts
  • The bank offers a VISA Gold Bachpan Debit Card with customisable benefits for kids aged 10 years and above. The card also has various insurance benefits such as education insurance and so on
  • The BACHPAN Savings Account comes with its own special features such as Sweep-in, Locker, and Cash Deposit facilities
  • Accountholders or their guardians can access the account through mobile banking, phone banking and internet banking
  • Customers also benefit from the bank’s extended working hours
  • The bank offers free transactions at its ATMs while the limit is kept at 10 transactions per month for other bank ATMs. The bank has ATMs in 10 states according to the company’s website as of February 2019

Reference Facts

  • Bank of Maharashtra Website: www.bankofmaharashtra.in and https://www.mahaconnect.in/jsp/index.html (net banking)
  • Headquarters: Pune, Maharashtra
  • Call Centre Toll-Free Number: 1800 233 4526, 1800 102 2636
  • AU Small Finance Bank Website: www.aubank.in
  • Headquarters: Jaipur, Rajasthan
  • Call Centre Number: 1800 1200 1200