Axis Bank vs Tamilnad Mercantile Bank: Children’s Savings Accounts

Axis Bank vs Tamilnad Mercantile Bank: Children’s Savings Accounts

Axis Bank offers an account called the Future Stars Savings Account. Tamilnad Mercantile Bank provides a dedicated savings account for children called the Little Super Star 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 Tamilnad Mercantile Bank

Tamilnad Mercantile Bank provides a dedicated savings account for children called the Little Super Star Savings Account.

Little Super Star Savings Account

Meant exclusively for kids in the 10-18 years age group, the account has been designed to habituate children to saving money.

Features

  • Accountholders can withdraw up to Rs. 5,000 per day through ATMs. Guardians are given the right to lower this amount up to Rs. 1,000 if she so deems fit. The POS limit is capped at Rs. 2,500
  • Tamilnad Mercantile Bank offers up to 10 complimentary ATM withdrawals and charges Rs. 10 for each withdrawal thereafter
  • The maximum amount that can be put in the account or taken out per month is limited to Rs. 1 lakh
  • The account needs a minimum average balance of Rs. 250. The bank limits the number of facilities it provides if this minimum balance is not maintained
  • The ATM-debit card is offered free with the account
  • Accountholders get complimentary personalised chequebook of 10 leaves every year
  • One of the unique features of this account is that the bank has allowed both internet banking and mobile banking though the limit has been capped at Rs. 2,500
  • The minor has to change the Little Super Star Savings Account into any of the standard accounts offered by the bank after she attains majority
  • Kids with the account are allowed to be a part of the bank’s Happy Family Banking Account scheme if their other family members also bank with Tamilnad Mercantile Bank

Reference Facts

  • Axis Bank Website: www.axisbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 419 5959,1800419 6969
  • Tamilnad Mercantile Bank Website: www.tmb.in
  • Headquarters: Tuticorin, Tamil Nadu
  • Call Centre Number: 1800 425 0426