Andhra Bank vs Nainital Bank: Children’s Savings Accounts
Andhra Bank offers three children’s savings accounts called AB Kiddy Bank, AB Little Stars and AB Teens while Nainital Bank allows minors to open a Regular Saving Account through 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.
- 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 Nainital Bank Limited
Nainital Bank does not offer a dedicated children’s savings bank account though its Regular Saving Account can be opened by a minor.
Regular Saving Account
The standard savings account from the bank, the account can be opened on behalf of minors by the guardian.
- The account is meant to cater to the savings needs of the people by providing a safe place to keep their money
- The bank has made it easy to operate the account without too much of a fuss
- The minimum balance for accounts with chequebooks is Rs 500 for rural and semi-urban branches and Rs. 1,000 for urban and metro branches. For non-chequebook accounts, the balance is Rs. 200 (rural), Rs. 300 (semi-urban), Rs. 400 (urban) and Rs. 500 (urban) locations. Details of whether the same balance requirements apply on the Regular Saving Account for minors is not available on the website as of November 2018
- 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
- Nainital Bank Website: www.nainitalbank.co.in
- Headquarters: Nainital, Uttarakhand
- Call Centre Number: +91 120 240 1083