Bandhan Bank vs Jana Small Finance Bank

Bandhan Bank vs Jana Small Finance Bank

Bandhan Bank does not offer a dedicated children’s savings account but it does offer its standard savings account to minors. Jana Small Finance Bank does not offer a dedicated minor savings account even though the standard savings account can be opened by a minor jointly with a parent or guardian.

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 Jana Small Finance Bank

Jana Small Finance Bank does not offer a dedicated minor savings account and though it does not mention clearly on its website if the regular savings account is open for minors, reading of the Terms and Conditions of the service charges file shows that the account can be opened by or on behalf of minors.

Regular Savings Account

This is the standard savings account of the bank.

Features

  • The bank needs an average monthly balance of Rs. 2,500
  • The Regular Savings Account comes with a RuPay Debit Card
  • The bank has not put a cap on the number of withdrawals the accountholder can make though the bank’s ATMs, except for minors where it has been pegged at Rs. 10,000 per month
  • The bank has put a limit on the amount that can be withdrawn from the ATM or be spent at POS transaction for minor accounts. The cash withdrawal limit is Rs. 5,000 and the POS limit is Rs. 10,000 per day
  • The bank accountholder gets 3 complimentary cash transactions at other bank ATMs in metro locations and 5 at non-metro locations
  • Accountholders get one complimentary chequebook for each quarter
  • The company offers the customer the option of getting an SMS alert facility on payment of Rs. 15 per quarter

Reference Facts

  • Bandhan Bank Website: www.bandhanbank.com
  • Headquarters: Kolkata, West Bengal
  • Call Centre Number: 1800 258 8181
  • Jana Small Finance Bank Website: www.janabank.com
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 2080, 1800 4200