Axis Bank vs South Indian Bank
Axis Bank offers an account called the Future Stars Savings Account. South Indian Bank offers a dedicated account for students called the Junior 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.
- 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 South Indian Bank
South Indian Bank offers children and youth-centric accounts as well as savings accounts for women and senior citizens in addition to general savings accounts.
Junior Savings Account
This account is primarily meant for students.
- Children above the age of 10 years can open the account
- All they need is an introduction from the principal, head of department (for college) and a photo ID card. Other standard introduction measures also work
- The minimum amount needed to open this account is Rs. 10 though the minimum balance needed is Rs. 150. The bank gives a time of three months to take the balance to this level
- Chequebooks and online banking are made available when the child reaches the age of 18 years and keeps an average balance of Rs. 1,000
- The bank offers a complimentary ATM-debit card to kids having the Junior Savings Account
- Children with this account are eligible to apply for education loans from South Indian Bank
- Axis Bank Website: www.axisbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 419 5959,1800419 6969
- South Indian Bank Website: www.southindianbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Number: 1800 425 1809, 1800 102 9408