Andhra Bank vs Axis Bank: Children’s Savings Accounts
Andhra Bank offers three children’s savings accounts called AB Kiddy Bank, AB Little Stars and AB Teens while Axis Bank offers an account called the Future Stars Savings Account.
Children’s Savings Accounts from Andhra Bank
AB Kiddy Bank
This is the standard savings account for children and is available for all minors below the age of 18 years.
- AB Kiddy Bank account can be opened by any minor up to the age of 18 years
- Kids above the age of 10 years (and below 18) can open and operate the account without the need for an adult guardian if they can produce proof of their date of birth
- Children receive a piggy bank doll on opening the account. This doll can be unlocked only at the branch where the account is held ensuring the money remains safe in the doll
- This AB Kiddy Bank account can be opened with a minimum deposit of Rs. 100
AB Little Stars
This account is meant for children in the 10-15 years age group.
- The account can only be operated by the parent or guardian
- The minimum balance requirement is Rs. 250 for rural and semi-urban branches and Rs. 500 for urban and metropolitan branches
- Andhra Bank issues a passbook with a photo and a special withdrawal booklet with the AB Little Stars account. The parent or guardian can withdraw money for the child on production of the savings banks passbook or any other ID proof
- No NEFT or RTGS withdrawals can be made from the account
This account is for teenagers in the 15-18 years age category. Most features are similar to the Little Stars account.
- The AB Teens account can only be operated by the child provided he or she can sign for the account
- The minimum balance requirement is same as Little Stars, i.e. Rs. 250 for rural and semi-urban branches and Rs. 500 for urban and metropolitan ones
- Account holders get the passbook (with photo) and the special withdrawal booklet as with the Little Stars account
- Again, no NEFT or RTGS withdrawals can be made from the account
- The account holder gets a Rupay ATM card with her photo and internet and mobile banking facilities
Children’s Savings Accounts from Axis Bank Limited
The third largest private sector bank in India, Axis Bank, offers a specific children’s account called Future Stars Savings Account. It also offered an account targeted at the youth called the YOUth Account but the bank has stopped opening these accounts (existing accounts will continue to work).
Future Stars Savings Account
An account meant for children up to 18 years of age.
- The initial account opening deposit and minimum monthly balance requirement are both Rs. 2,500 in metros. There is no monthly balance requirement if there is a fixed deposit of Rs. 25,000 for six months or a recurring deposit of Rs. 2,000 for a year
- Can be opened by a child on her own if she has crossed the age of 10 years. Otherwise, it needs to be operated by the parent or guardian
- The child gets four cheque books every year in her own name if she is over 10 years of age. In case she is younger than 10 years, the cheque book is in the name of the parent or guardian
- Accountholders get a Visa Classic Debit Card for an issuance fee of Rs. 200 and annual fee of Rs. 100. The fee is for metro and urban areas only
- The card comes with a personalised image of the child if she is above 10 years
- The bank offers a daily withdrawal limit of Rs. 1,500 under the Future Stars Savings Account
- The first five transactions at an Axis Bank ATM and the first three or five (depending on whether metro or non-metro location) at non-Axis Bank ATMs are free
- The account comes with a personal accident cover of Rs. 2 lakh and liability from fraudulent transactions of up to Rs. 50,000
- The bank offers reward points on various transactions such as opening an Axis Direct (trading) account, keeping Rs. 25,000 as minimum monthly balance and so on
- Andhra Bank Website: www.andhrabank.in and www.onlineandhrabank.net.in (net banking works only from the main site’s internet login link)
- Headquarters: Hyderabad, Telangana
- Call Centre Toll-Free Number: 1800 425 1515
- Axis Bank Website: www.axisbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 419 5959,1800419 6969