Andhra Bank vs Corporation Bank: Children’s Savings Accounts
Andhra Bank offers three children’s savings accounts called AB Kiddy Bank, AB Little Stars and AB Teens while Corporation Bank has Corp NewGen Account and Corp Saral Savings Account for children.
Let us look at each of these accounts. But first a note.
Note: The Indian Banking Industry is going through a phase of mergers and amalgamations. Nationalised banks are being combined to make bigger entities. Corporation Bank and Andhra Bank will merge with Union Bank of India with the surviving entity operating under the Union Bank name. So, even though it is likely that what the bank currently provides will remain same for some time, chances of accounts with similar objectives but of different banks being combined under a new scheme is highly probable after the dust settles.
Now back to topic.
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 Corporation Bank
The bank provides the Corp NewGen Account for students above 10 years of age and the standard Corp Saral Savings Account for minors to be opened jointly with a parent or guardian.
Corp NewGen Account
Targeted at young students.
- The account can be opened by any minor who is a student and over 10 years
- Can be opened with a minimum deposit of Rs. 100. The average quarterly balance is also Rs. 100
- Kids who open the Corp NewGen Account get a debit card, SMS and net banking facility, ability to make up to 5 drafts or postal orders a month and cheque collection facility for up to 2 cheques
Corp Saral Savings Account
The standard savings account available in the bank that can be opened by a representative of a minor.
- Parents or guardians can open the account on behalf of minors
- The average quarterly balance needed is Rs. 1,000
- As of July 2018, the bank offers an interest rate of 3.5% for a balance of less than Rs. 50 lakh and 4% for above that amount
- Some facilities that come with the Corp Saral Savings Account include chequebook, SMS, internet and mobile banking, online funds transfer facility, 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
- Corporation Bank Website: www.corpbank.com
- Headquarters: Mangalore, Karnataka
- Call Centre Number: 1800 425 2407