Axis Bank vs Capital Small Finance Bank
Axis Bank offers an account called the Future Stars Savings Account. Capital Small Finance Bank allows kids to open its standard savings account called Normal Savings Account under guardianship.
Children’s Savings Accounts from Axis Bank
The third largest private sector bank in India, Axis Bank, offers a specific children’s account called Future Stars Savings Account. It also offered an account targeted at the youth called the YOUth Account but the bank has stopped opening these accounts (existing accounts will continue to work).
Future Stars Savings Account
An account meant for children up to 18 years of age.
- The initial account opening deposit and minimum monthly balance requirement are both Rs. 2,500 in metros. There is no monthly balance requirement if there is a fixed deposit of Rs. 25,000 for six months or a recurring deposit of Rs. 2,000 for a year
- Can be opened by a child on her own if she has crossed the age of 10 years. Otherwise, it needs to be operated by the parent or guardian
- The child gets four cheque books every year in her own name if she is over 10 years of age. In case she is younger than 10 years, the cheque book is in the name of the parent or guardian
- Accountholders get a Visa Classic Debit Card for an issuance fee of Rs. 200 and annual fee of Rs. 100. The fee is for metro and urban areas only
- The card comes with a personalised image of the child if she is above 10 years
- The bank offers a daily withdrawal limit of Rs. 1,500 under the Future Stars Savings Account
- The first five transactions at an Axis Bank ATM and the first three or five (depending on whether metro or non-metro location) at non-Axis Bank ATMs are free
- The account comes with a personal accident cover of Rs. 2 lakh and liability from fraudulent transactions of up to Rs. 50,000
- The bank offers reward points on various transactions such as opening an Axis Direct (trading) account, keeping Rs. 25,000 as minimum monthly balance and so on
Children’s Savings Accounts from Capital Small Finance Bank
Capital Small Finance Bank allows a parent or guardian to open its standard savings account – Normal Savings Account – on behalf of a child.
Normal Savings Account
This is the standard savings account of the bank. We list the features below if you want to open a children’s account with the bank.
- The Normal Savings Account of Capital Small Finance Bank can be opened on behalf of minors by their parent or guardian. Other accountholders have to reach the age of 18 years before they can open an account. So, in all effect, the account opened for minors can be classified as a minor’s account with different set of services than standard accounts
- The minimum balance needed is Rs. 100 in rural areas but without chequebooks. In case a chequebook is needed, the minimum balance needed is Rs. 300. In urban or semi-urban areas it is Rs. 300 without chequebook and Rs. 500 with one
- All other factors are similar to standard savings account
Note: Information on the savings accounts is sketchy and it will be best if you approach the bank to open a minor account. Being a Jalandhar headquartered bank, it may be a good idea to open an account with this bank if you stay in the city or adjoining areas. The bank has a very strong growth strategy and intends to reach over 220 branches by 2021.
- Axis Bank Website: www.axisbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 419 5959,1800419 6969
- Capital Small Finance Bank Website: www.capitalbank.co.in
- Headquarters: Jalandhar, Punjab
- Call Centre Number: 1800 120 1600 (8 am ? 8 pm)