Axis Bank vs Equitas Small Finance Bank: Children’s Savings Accounts
Axis Bank offers an account called the Future Stars Savings Account. Equitas Small Finance Bank does not have a children’s savings account but it is likely that its standard savings accounts are available to minors like other banks.
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 Equitas Small Finance Bank
Equitas Small Finance Bank does not have a children’s savings account but it is likely that its standard savings accounts are available to minors like other banks.
My Savings Account
The account has been designed for people to save and earn interest on their money.
- There is no average quarterly balance requirements for the account
- The accountholder does not get a cheque book with the account
- The interest rates on the account are better than that for larger banks with the minimum interest starting at 5.5% for balance up to Rs. 1 lakh
- The bank however charges a fee for outward remittances on the My Savings Account. NEFT and RTGS are charged on a slab system while IMPS payments are charged a flat fee of Rs. 5 per transaction
Standard Savings Account
The account requires a minimum average quarterly balance or a minimum fixed deposit amount or a minimum level of debit card usage for purchases. Customers can also group the account with family members to tide over these restrictions.
- The minimum average quarterly balance for the account is Rs. 5,000
- Customers can choose to keep a fixed deposit of at least a year of Rs. 50,000 instead of the balance in the account
- The bank also offers the alternative to have the customer spend Rs. 4,999 using the debit card online or at POS transactions instead of the bank balance or a fixed deposit
- The account can be grouped with family members having a savings account or business having a current account of higher value. The minimum balance requirements can be avoided this way
- Accountholders get a Platinum or Signature debit card
- Standard Savings Account holders get a complimentary chequebook of 25 leaves every half year
- The bank offers 5 free transactions across RTGS, NEFT, IMPS, demand drafts, cash or cheques
Regular Savings Account
The Regular Savings Account from Equitas Small Finance Bank is a step up from the Standard Savings Account
- The minimum average quarterly balance for this account is Rs. 10,000
- Like the Standard Account, customers can choose to keep a Rs. 50,000 fixed deposit for at least a year instead of the average quarterly balance in the account
- The minimum debit card spend limit if one chooses to not keep the minimum balance or have an FD with the bank is Rs. 9,999. The limit considers both online and POS transactions
- Like the standard savings account, this one also can be grouped with family members or a business to avoid minimum balance requirements. With family members, the other savings account should have a higher value. With a business, the current account should have at least similar value
- Customers get a Platinum debit card with the account
- Regular Savings Account holders are given a free 25 leaves chequebook every quarter
- The bank offers 8 free transactions across RTGS, NEFT, IMPS, demand drafts, cash or cheques
- Axis Bank Website: www.axisbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 419 5959,1800419 6969
- Equitas Small Finance Bank Website: www.equitasbank.com
- Headquarters: Chennai, Tamil Nadu
- Call Centre Number: 1800 103 1222