Andhra Bank vs ICICI Bank Limited

Andhra Bank vs ICICI Bank

Andhra Bank offers three children’s savings accounts called AB Kiddy Bank, AB Little Stars and AB Teens. ICICI Bank also has two dedicated children’s accounts called the Young Stars Account and Smart Star Savings Account.

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 Teensaccount 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 ICICI Bank Limited

India’s second largest private sector bank offers two dedicated children’s accounts called the Young Stars Account and Smart Star Savings Account.

Young Stars Account

The account can be opened by a parent or guardian for the child who is between the ages of 1 day old and 18 years

Features

  • The children get a debit card with per day limit of 2,500 for ATM and POS transactions (A caveat here: the wording on the site is not clear if the limit is Rs. 2,500 or Rs. 5,000 but the FAQs section of the account puts the limit as Rs. 2,500 (for withdrawal and spends?)
  • The Young Star – Minor Under Guardianship Account has no transaction limit
  • The card has a Zero Liability feature that protects against unauthorised transactions if the card is lost or misplaced provided the same is communicated to the bank within 15 days
  • Kids can earn 1 reward point for every Rs. 200 spent on the card
  • The minimum monthly average balance needed for the Young Stars Account is Rs. 2,500. The charges in case of non-maintenance of this minimum amount is 5% of the shortfall
  • Parents can put in standing instructions to debit money directly from their account to the kid’s account
  • The account has a Money Multiplier facility or the sweep in-sweep out option to put the money in a fixed deposit if the amount crosses a certain limit

Smart Star Savings Account

The account is available for kids above 10 years and up to 18 years of age to open and operate independently on their own. It comes in two options. More on the second point in the features below. Most of the features and fees and charges are same as the Young Stars Account

Features

  • The account comes in two variants – with guardian consent and without guardian consent. In the former case, the account will have a limit of Rs. 2 lakh on debit transaction every fiscal. If the account does not have guardian consent, this limit is Rs. 50,000
  • Accountholders get a debit card with per day limit of 5,000 each for ATM and POS transactions
  • As with Young Stars Account, the card for Smart Star Savings Account has the Zero Liability feature that insures against unauthorised transactions if the card is lost, stolen or misplaced if the bank is told of the same within 15 days
  • Even here, the child earns 1 reward point for every Rs. 200 spent through the card
  • The minimum monthly average balance is also same at Rs. 2,500 and so are the fees for non-maintenance of this minimum amount

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
  • ICICI Bank Website: www.icicibank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 200 3344, 1800-103-8181 (Private Banking). Has specific number for different cities