Allahabad Bank

Does not have a children-focussed savings account per se though it offers its standard savings account to minors.

Savings Account Features

  • The initial deposit has to be paid in cash
  • A sum of minimum Rs. 500 is needed for rural and semi-urban areas if you need a chequebook with the account or Rs. 100 if you can do without one. The amounts for other areas (urban, metros, etc.) is Rs. 1,000 and Rs. 500 respectively
  • You get 20 free cheque leaves each year

Premium Savings: The bank also offers a Premium Savings Bank Account with a minimum balance requirement of Rs. 5,000 for rural areas and Rs. 10,000 for urban areas. People who want to have a children’s account with more facilities than a standard account can ask the bank if they can open this account on behalf of their children.

Other Accounts: Allahabad Bank also has a 3-in-1 account in partnership with Aditya Birla Money that offers an online trading account and a Savi Fix account that allows savings bank account holders who are individuals to opt for a Multiple Option Deposit to increase the returns on their savings.

Important point: The bank website does not specifically specify if it offers the 3-in-1 account or Savi Fix account for children except clarifying that it is open to savings account holders. If you bank with Allahabad Bank, you can ask the branch if you can open these accounts (premium savings, 3-in-1 account or Savi Fix account) for children, after opening a savings bank account for your kid.

Deposits: In terms of other savings options (deposits, not accounts), the bank offers the Sishu Mangal Deposit Scheme for children in the 1-15 years of age category. You can ask the bank about this scheme and see if it suits you better than say, a premium savings, 3-in-1 or Savi Fix account.

Reference Facts

  • Allahabad Bank Website: www.allahabadbank.in
  • Headquarters: Kolkata, West Bengal
  • Call Centre Toll Free Number: 1800220363 (ATM / Other Delivery channels), 1800226061 (Internet, Mobile, and SMS Banking)