Axis Bank vs IDFC First Bank

Axis Bank vs IDFC First Bank

Axis Bank offers an account called the Future Stars Savings Account. IDFC First Bank offers a dedicated savings bank product for children called the Minor’s Savings Account.

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 IDFC First Bank

IDFC First Bank offers a dedicated savings bank product for children called the Minor’s Savings Account.

Minor’s Savings Account

The account is available to all children below 18 years of age provided the parent or guardian has an account with the bank.

Features

  • Children accountholders above 10 years of age can open and operate the account in their own name
  • The bank requires a minimum deposit of Rs. 25,000 at the time of opening the account
  • There is no obligation to keep a minimum balance but there is a mandatory stipulation under which a sum of Rs. 2,000 per month must be transferred for a period of 2 years from the parent’s account to the child’s account
  • A debit card is only provided if it is opted for. Plus, the Minor’s Savings Account comes with specific limits of Rs. 10,000 each at domestic ATMs and POS sales
  • The account comes with a sweep facility under which when the account balance crosses Rs. 15,000, the balance over and above Rs. 10,000 is transferred into a fixed deposit with a tenure of one year and one day

Reference Facts

  • Axis Bank Website: www.axisbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 419 5959,1800419 6969
  • IDFC First Bank Website: www.idfcfirstbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 419 4332