Andhra Bank vs Ujjivan Small Finance Bank: Children’s Savings Accounts

Andhra Bank vs Ujjivan Small Finance Bank: Children’s Savings Accounts

Andhra Bank offers three children’s savings accounts called AB Kiddy Bank, AB Little Stars and AB Teens while Ujjivan Small Finance Bank offers a dedicated kid’s 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 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 Ujjivan Small Finance Bank Limited

Ujjivan Small Finance Bank offers a dedicated savings account for minors.

Minor Account

The account can be opened jointly with a parent or guardian.

Features

  • There is no minimum balance requirement on the account, and consequently no charges on non-maintenance of the said balance
  • The account is operated by the parent or guardian until the child reaches the age of majority. The minor cannot operate the account independently
  • Minor accountholders get a personalised RuPay Classic Debit Card on request once they cross the age of 10 years
  • The Minor Account is converted into a regular savings account once the child reaches the age of maturity
  • The bank offers a free SMS facility on the guardian’s or the accountholder’s registered mobile number
  • Accountholders also get access to NEFT, RTGS and IMPS

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
  • Ujjivan Small Finance Bank Website: www.ujjivansfb.in
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 208 2121