Andhra Bank vs Jana Small Finance Bank Limited

Andhra Bank vs Jana Small Finance Bank

Andhra Bank offers three children’s savings accounts called AB Kiddy Bank, AB Little Stars and AB Teens while Jana Small Finance Bank does not offer a dedicated minor savings account even though the standard savings account can be opened by a minor jointly with a parent or guardian.

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 Jana Small Finance Bank Limited

Jana Small Finance Bank does not offer a dedicated minor savings account and though it does not mention clearly on its website if the regular savings account is open for minors, reading of the Terms and Conditions of the service charges file shows that the account can be opened by or on behalf of minors.

Regular Savings Account

This is the standard savings account of the bank.

Features

  • The bank needs an average monthly balance of Rs. 2,500
  • The Regular Savings Account comes with a RuPay Debit Card
  • The bank has not put a cap on the number of withdrawals the accountholder can make though the bank’s ATMs, except for minors where it has been pegged at Rs. 10,000 per month
  • The bank has put a limit on the amount that can be withdrawn from the ATM or be spent at POS transaction for minor accounts. The cash withdrawal limit is Rs. 5,000 and the POS limit is Rs. 10,000 per day
  • The bank accountholder gets 3 complimentary cash transactions at other bank ATMs in metro locations and 5 at non-metro locations
  • Accountholders get one complimentary chequebook for each quarter
  • The company offers the customer the option of getting an SMS alert facility on payment of Rs. 15 per quarter

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
  • Jana Small Finance Bank Website: www.janabank.com
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 2080, 1800 4200