Andhra Bank vs Bandhan Bank: Children’s Savings Accounts
Andhra Bank offers three children’s savings accounts called AB Kiddy Bank, AB Little Stars and AB Teens while Bandhan Bank does not offer a dedicated children’s savings account but it does offer its standard savings account to minors.
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 Bandhan Bank Limited
Bandhan Bank is one of the most promising upcoming banks in India but it does not provide a dedicated children’s savings account. However, from a perusal of the account opening form, it appears the bank allows individuals to open and operate minor accounts. It also offers the option for minors above 10 years of age to open and maintain the account under their own name.
Standard Savings Account
Since it does not offer a dedicated children’s account (from a reading of the accounts in the bank’s website), here is a look at some features of the bank’s standard savings account.
- The account holder needs a monthly average balance of Rs. 5,000
- One can deposit up to Rs. 5 lakh for free per month
- Offers chequebook of 20 leaves per month for free which is more than the usual practice of offering one every quarter by most banks
- Offers 5 free withdrawals at ATMs of other banks
- 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
- Bandhan Bank Website: www.bandhanbank.com
- Headquarters: Kolkata, West Bengal
- Call Centre Number: 1800 258 8181