Bandhan Bank vs City Union Bank

Bandhan Bank vs City Union Bank

Bandhan Bank does not offer a dedicated children’s savings account but it does offer its standard savings account to minors. City Union Bank offers a dedicated savings account called Junior India for children.

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 City Union Bank

Tamil Nadu-headquartered City Union Bank is the oldest private sector bank in the country having been established in 1904. It offers a dedicated savings account for children called Junior India. It also offers an account for young adults between the ages of 18 and 25 years called Young India.

Junior India

The account can be opened for children with ages ranging from 1 day to 18 years

Features

  • The account is operated by the parent or guardian
  • Children above the age of 12 years can undertake transactions at the bank or through ATMs on their own
  • Account holders above 12 years also get access to internet banking (CUB Net) and mobile banking (CUB Mobile) facilities
  • School and college fees can be made free of cost under the Junior India account
  • Online transfer to other City Union Bank accounts through NEFT, RTGS or IMPS is free too
  • The standard KYC documents and proofs are needed for both the child and the parent or guardian to open the account

Reference Facts

  • Bandhan Bank Website: www.bandhanbank.com
  • Headquarters: Kolkata, West Bengal
  • Call Centre Number: 1800 258 8181
  • City Union Bank Website: www.cityunionbank.com
  • Headquarters: Kumbakonam, Tamil Nadu
  • Call Centre Number: 044 7122 5000