Axis Bank vs Dhanlaxmi Bank: Children’s Savings Accounts

Axis Bank offers an account called the Future Stars Savings Account. Dhanlaxmi Bank offers the Dhanam Genius Savings Account in addition to its generic savings account for children.

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.

Features

  • 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 Dhanlaxmi Bank

Dhanlaxmi Bank offers a specific savings account for children called Dhanam Genius Savings Account. In addition, its Regular Savings Account can also be opened on behalf of minors.

Dhanam Genius Savings Account

The Dhanam Genius Savings Account is available for children in the age bracket of 10 to 23 years.

Features

  • The account only needs a minimum balance of Rs. 500
  • Comes with an auto sweep facility that puts any amount in multiples of Rs. 1,000 in a fixed deposit for 30 days when the balance crosses Rs. 5,000. Nonetheless, accountholders can withdraw the amount at any point of time
  • The Dhanam Genius Savings Account allows up to Rs. 5,000 in ATM withdrawals or POS transactions
  • The bank offers complimentary ATM card and up to 2 NEFT or RTGS transactions as well as demand drafts or postal orders per month. Accountholders can get a personalised photo on the card for a payment of Rs. 200

Regular Savings Account

The standard savings account from the bank comes with the following features.

Features

  • Needs an average monthly balance of Rs. 1,000
  • Comes with a free chequebook and unlimited non-cash (POS, etc.) transactions
  • The bank offers a doorstep banking service with this account

Reference Facts

  • Axis Bank Website: www.axisbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 419 5959,1800419 6969
  • Dhanlaxmi Bank Website: www.dhanbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 0487 661 3000