Axis Bank vs Fincare Small Finance Bank: Children’s Savings Accounts
Axis Bank offers an account called the Future Stars Savings Account. Fincare Small Finance Bank does not offer a dedicated children’s account though it is likely to offer its Smart Saver or Priority Accounts to minors as a joint account with a parent or guardian.
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 Fincare Small Finance Bank
Fincare Small Finance Bank does not offer a dedicated children’s account but it is likely that it allows guardians to open a minor account under its Smart Saver or Priority Accounts.
Smart Saver Account
This is the standard savings account of the bank.
- Needs an average monthly balance of Rs. 1,000
- Fincare Bank offers a RuPay Silver debit card to account holders
- The card entitles the shareholder to a personal insurance cover of Rs. 1 lakh
- Smart Saver accountholders also get access to 5 free transactions at non-metro ATMs and 3 complimentary transactions in metros
The priority account is a step above the Smart Saver Account.
- The account needs an average monthly balance of Rs. 10,000 or at least Rs. 1 lakh in fixed deposit
- There are no mentions in the website of whether the Priority account can be opened by a minor or on behalf of a minor but considering the standard procedure in other banks, it is likely that any minor account that has a minimum balance of Rs. 10,000 as balance would qualify as a Priority Savings Account
- Axis Bank Website: www.axisbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 419 5959,1800419 6969
- Fincare Small Finance Bank Website: www.fincarebank.com
- Headquarters: Bangalore, Karnataka
- Call Centre Number: 1800 3010 0111