Bandhan Bank vs Karnataka Bank: Children’s Savings Accounts
Bandhan Bank does not offer a dedicated children’s savings account but it does offer its standard savings account to minors. Karnataka Bank offers a dedicated children’s account called KBL Kishore.
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 Karnataka Bank
Karnataka Bank, one of the older banking institutions in the country, offers a dedicated children’s account called KBL Kishore.
The children’s account is available to kids over the age of 10 years and up to 18 years.
- The account comes without any minimum balance requirements
- The bank offers a free debit card with 24-hour cash withdrawal limit of Rs. 10,000 and POS limit of Rs. 5,000
- KBL Kishore allows parents or guardians to transfer up to Rs. 50,000 per month from their account to the child’s account
- The kids and their parents can keep a track of the account through the bank’s mobile app
- Bandhan Bank Website: www.bandhanbank.com
- Headquarters: Kolkata, West Bengal
- Call Centre Number: 1800 258 8181
- Karnataka Bank Website: https://karnatakabank.com
- Headquarters: Mangaluru, Karnataka
- Call Centre Number: 1800 425 1444