Andhra Bank vs Dena Bank: Children’s Savings Accounts
Note: Dena Bank along with Vijaya Bank has been merged with Bank of Baroda, effective from April 2019, and all details of products and services referred to here are for the original Dena Bank, prior to the merger.
Andhra Bank offers three children’s savings accounts called AB Kiddy Bank, AB Little Stars and AB Teens while Dena Bank offers the Dena Minor Savings Scheme for children. But since the merger, you can only access the Bank of Baroda accounts and not the Dena Bank ones.
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 Dena Bank
Originally called Devkaran Nanjee Banking Company Ltd., the bank was supposedly the first to offer a saving scheme for minors, among other things. It offers the Dena Minor Savings Scheme for children and its basic standard savings account (from a generic reading of the website).
Dena Minor Savings Scheme
The account can be opened by literate children above the age of 10 years in their own name.
- The Dena Minor Savings Scheme can be opened jointly or under the child’s own name
- No chequebook is issued and the kid has to withdraw money using withdrawal slips
Basic Saving Bank Account
From a generic reading of the web page, it seems the savings account is available to all Indian residents, which by its very definition should include minors below the age of 10 years also. There was no mention of a standard savings account in the bank’s earlier website and as a reader, one can presume that this may be the only standard savings account they offer, which in practical sense, seems highly unlikely as this account seems more like the ones opened for non-banked masses under Government directive.
- This account has no minimum balance requirements
- Customers get the facility of chequebooks and a debit card
- The bank allows only four withdrawals every month though there is no limit on the number of deposits
- If the account is opened under simplified KYC norms, then the accountholder has to show KYC documents or show application for such a document
- A person having a Basic Saving Bank Account cannot have any other savings bank deposit with the bank
- 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
- Dena Bank Website: www.bankofbaroda.in (new) and www.denabank.com (original)
- Headquarters: Baroda, Gujarat (BoB)
- Call Centre Number: 1800 258 44 55, 1800 102 44 55 (BoB)