Bandhan Bank vs Lakshmi Vilas 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. Lakshmi Vilas Bank does not have an account dedicated to children below 12 years of age, to whom it offers its general savings account called Savings Bank 301 through a parent or guardian. It does have an account for kids who have crossed 12 years of age called Savings Youth Power.
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 Lakshmi Vilas Bank
Lakshmi Vilas Bank does not have an account dedicated to children below 12 years of age. It offers minors below that age its general savings account called Savings Bank 301 through a guardian. It does have an account for kids who have crossed 12 years of age called Savings Youth Power.
Savings Youth Power
This account is designed for kids in the 12-24 years age group.
- The account comes with a minimum balance of Rs. 100
- There are no cash withdrawals at the home branch but at the same time, these withdrawals are not allowed at the non-home branches
- Cash remittances are free at the home branch for all amounts but not for amounts over Rs. 5,000 at non-home branch
- Demand draft or postal order charges are waived off for educational payments but are charged at standard rates for DDs made for other reasons
- The bank does not provide any chequebook for kids up to 17 years of age. The same age criteria exist for internet banking also. Mobile banking is free
- The Savings Youth Power Account, however, does offer an international debit card powered by Visa with a daily withdrawal limit of Rs. 5,000 per day. The card is free for the first year and a fee of Rs. 100 is charged from the second year
Savings Bank 301
The primary savings account of the bank. The standard features of the account are listed below and are likely to be different for minor accounts. (We suggest readers interested in opening this account for their child to discuss the specifics with the bank.)
- It allows guardians to open accounts for minors below 12 years while kids above 12 years can open and operate the account under their own name
- The minimum deposit is Rs. 1,000 for rural, Rs. 3,000 for semi-urban and Rs. 5,000 for urban branches
- The Savings Bank 301 Account does not have any restrictions on deposit or withdrawals
- Bandhan Bank Website: www.bandhanbank.com
- Headquarters: Kolkata, West Bengal
- Call Centre Number: 1800 258 8181
- Lakshmi Vilas Bank Website: www.lvbank.com
- Headquarters: Chennai, Tamil Nadu
- Call Centre Number: 1800 425 2233