Bandhan Bank vs AU Small Finance Bank

Bandhan Bank vs AU Small Finance Bank

Bandhan Bank does not offer a dedicated children’s savings account but it does offer its standard savings account to minors. AU Small Finance Bank offers a specific kid’s savings account called BACHPAN, in addition to specific and general savings accounts.

Children’s Savings Accounts from Bandhan Bank

Bandhan Bank is one of the most promising upcoming banks in India but it does not provide a dedicated children’s savings account. However, from a perusal of the account opening form, it appears the bank allows individuals to open and operate minor accounts. It also offers the option for minors above 10 years of age to open and maintain the account under their own name.

Standard Savings Account

Since it does not offer a dedicated children’s account (from a reading of the accounts in the bank’s website), here is a look at some features of the bank’s standard savings account.

Features

  • The account holder needs a monthly average balance of Rs. 5,000
  • One can deposit up to Rs. 5 lakh for free per month
  • Offers chequebook of 20 leaves per month for free which is more than the usual practice of offering one every quarter by most banks
  • Offers 5 free withdrawals at ATMs of other banks

Children’s Savings Accounts from AU Small Finance Bank

AU Small Finance Bank offers savings accounts that focus on specific segments of customers. For children it offers a specific kid’s savings account called BACHPAN, in addition to specific and general savings accounts.

BACHPAN Savings Account

The savings account from AU Small Finance Bank comes under its Value service offerings and is specially meant for young children.

Features

  • The account needs a minimum average balance of Rs. 500 but there are no charges if the balance dips below this minimum amount
  • Interest rates offered are supposed to be better than standard savings accounts
  • The bank offers a VISA Gold Bachpan Debit Card with customisable benefits for kids aged 10 years and above. The card also has various insurance benefits such as education insurance and so on
  • The BACHPAN Savings Account comes with its own special features such as Sweep-in, Locker, and Cash Deposit facilities
  • Accountholders or their guardians can access the account through mobile banking, phone banking and internet banking
  • Customers also benefit from the bank’s extended working hours
  • The bank offers free transactions at its ATMs while the limit is kept at 10 transactions per month for other bank ATMs. The bank has ATMs in 10 states according to the company’s website as of February 2019

Reference Facts

  • Bandhan Bank Website: www.bandhanbank.com
  • Headquarters: Kolkata, West Bengal
  • Call Centre Number: 1800 258 8181
  • AU Small Finance Bank Website: www.aubank.in
  • Headquarters: Jaipur, Rajasthan
  • Call Centre Number: 1800 1200 1200