Andhra Bank vs Union Bank of India: Children’s Savings Accounts
Andhra Bank offers three children’s savings accounts called AB Kiddy Bank, AB Little Stars and AB Teens while Union Bank of India does not offer dedicated children’s account but instead offers minors the chance to have an account through its Regular Savings Account and Union Family Savings Scheme products.
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 Union Bank of India
Union Bank does not offer a dedicated children’s account. However, minors can have accounts under its Regular Savings Account and Union Family Savings Scheme products. From a reading of the website, it seems minors can also open an account through parent or guardian under the Union Flexi Savings Deposit and Union Flexi Plus Savings Deposit schemes.
Regular Savings Account
The standard savings account from the bank.
- Can be opened by an individual for her child
- Just like adults, the child is entitled to receive a free chequebook of 20 leaves every year
- Allows students to keep the account with zero balance
Union Family Savings Scheme
A savings scheme under which up to 6 family members can open accounts.
- The average quarterly balance for the entire group is Rs. 1 lakh
- Each account holder gets up to 2 chequebooks per account
- They also can make up to Rs. 20,000 in pay orders or demand drafts each month
- Each account holder can make ATM withdrawal or POS transaction of Rs. 25,000 each per day
- Family members who can be included in the account are parents, grandparents, spouse, sibling and children
Union Flexi Account and Union Flexi Plus Savings Deposit
These two are higher end savings accounts, which also come with sweep facilities to put the excess money in a fixed deposit once the transaction limit crosses a specified limit. Though the Union Bank website does not specifically mention that the accounts are available for minors, it does say that individuals can open the account.
- 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
- Union Bank of India Website: www.unionbankofindia.co.in and www.unionbankonline.co.in (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 208 2244, 1800 22 2244