Bandhan Bank vs ESAF Small Finance Bank
Bandhan Bank does not offer a dedicated children’s savings account but it does offer its standard savings account to minors. ESAF Small Finance Bank does not offer a dedicated children’s account, even though it has special accounts for students as well as senior citizens and women.
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.
- 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 ESAF Small Finance Bank
ESAF Small Finance Bank does not offer a dedicated children’s account, though it has special accounts for students, senior citizens and women. Its regular and premium accounts are likely available for minors also under the guidance of parents or guardians.
Regular Savings Account
The account is the standard savings account of the bank and comes with its set of benefits and restrictions. The minimum age of the accountholder has to be 18 years but it is very likely that this account will be also available to minors.
- The account can be opened with a minimum payment of Rs. 1,000, though the minimum average quarterly balance has to be Rs. 2,000
- The bank limits the amount of cash one can withdraw or deposit at non-base branches (i.e. a non-home branch) to Rs. 50,000
- The ATM withdrawal limit is pegged at Rs. 30,000 per day and POS transactions are limited to Rs. 2,000 at Tier II to Tier IV locations and Rs. 1,000 in Tier I to II locations
- Accountholders of the Regular Savings Account can ask for and receive a chequebook of 10 leaves every 6 months
- The customer can access the account through all modes such as online, mobile and phone banking
Premium Savings Account
The premium savings account from ESAF also warrants a minimum age limit of 18 years to become an accountholder.
- The account needs a minimum initial payment of Rs. 5,000 and the minimum average quarterly balance is Rs. 10,000
- Unlike the standard account, there are no limits on withdrawals or deposits at non-base (i.e. non-home) branches
- The ATM withdrawal limit is Rs. 50,000 per day for all ATMs – the bank’s own and other bank ATMs. POS limit stays the same as the standard account at Rs. 2,000 for Tier II to Tier IV locations and Rs. 1,000 for Tier I to II locations
- Premium Savings Account holders can request and receive a chequebook of 50 leaves every 6 months
- The account has an auto-sweep facility for fixed deposits
- Access to the account is available through online, mobile and phone banking channels as with standard accounts
- Bandhan Bank Website: www.bandhanbank.com
- Headquarters: Kolkata, West Bengal
- Call Centre Number: 1800 258 8181
- ESAF Small Finance Bank Website: www.esafbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Number: 1800 103 3723