Andhra Bank vs Central Bank of India: Children’s Savings Accounts
Andhra Bank offers three children’s savings accounts called AB Kiddy Bank, AB Little Stars and AB Teens while Central Bank of India has the Cent Balbhavishya deposit account for kids specifically. This is a deposit account and the bank offers its standard savings account to children for regular transactions. In addition, Central Bank offers recurring and fixed deposits for children as joint accounts
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.
- 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 Central Bank of India
The bank has a children-only deposit account called Cent Balbhavishya and a standard savings account that can be opened jointly with an adult or in their own name by kids above 12 years of age. It also offers its standard recurring and fixed deposits for children through joint accounts.
The deposit account was conceived with the intention of cultivating saving habits among children.
- Any child up to the age of 12 years can open the account jointly with a parent or a guardian
- The minimum deposit needed to open the account is Rs. 50 for rural and semi-urban areas and Rs. 100 for urban areas and metros
- The bank requires at least one deposit in the account every month with total amount in account for each half-year being at least Rs. 500 (rural and semi-urban) or Rs. 1,000 (urban and metros)
- No withdrawals are permitted until the child reaches the age of 18 years, unless it is to make a fixed deposit
- Accordingly, cheque books are issued only when the child reaches 18 years
- Any excess amount in the account above Rs, 10,000 may be put into a fixed deposit for a period of 6 months to 10 years
- Central Bank of India will pay an additional interest of 0.5% on any fixed deposit for the child that is created from the funds in the Cent Balbhavishya account. The standard rates will apply from the time the child attains the age of majority
Home Saving Safe Accounts
This is the standard savings account of the bank.
- It can be opened by a minor jointly with an adult if she is below 12 years of age or by the minor herself if she is over 12 years and can read and write and operate the account
- The minimum amount needed to open the Home Saving Safe Account is Rs. 250 for rural branches, Rs. 500 for semi-urban branches and Rs. 1,000 for urban and metro branches
- The bank website mentions that a birth certificate from the Gram Panchayat, Notified Area Committee or Municipal Corporation will suffice as ID proof, though it is likely that with the spread of Aadhaar, an Aadhaar card or an Aadhaar enrolment number may be required
- 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
- Central Bank of India Website: www.centralbankofindia.co.in and www.centralbank.net.in (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number (24 hours): 1800 22 1911