Andhra Bank vs Bank of Maharashtra: Children’s Savings Accounts

Andhra Bank vs Bank of Maharashtra: Children’s Savings Accounts

Andhra Bank offers three children’s savings accounts called AB Kiddy Bank, AB Little Stars and AB Teens while 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.

Let us look at each of these accounts.

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.

Features

  • 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.

Features

  • 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

AB Teens

This account is for teenagers in the 15-18 years age category. Most features are similar to the Little Stars account.

Features

  • 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 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

Reference Facts

  • 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
  • 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