Bandhan Bank vs Suryoday Small Finance 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. Suryoday Small Finance Bank does not offer a dedicated children’s account but instead offers minors the option to open a standard savings account as a minor account.
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 Suryoday Small Finance Bank
Suryoday Small Finance Bank does not offer a dedicated children’s account and offers minors the option to open a standard savings account as a minor account. All of the bank’s savings accounts can be opened by a minor under a parent or a guardian. We take a look at the two base variants of the bank’s savings account line-up.
The account is the most basic of the savings accounts offered by Suryoday.
- The average monthly balance requirement is Rs. 2,000, though anyone choosing to open an account has to start with an initial deposit of Rs. 3,000
- Accountholders can choose to keep a fixed deposit of Rs. 10,000 in lieu of the minimum balance
- The bank offers a higher rate of interest than most other banks for similar slabs of balance. Accounts with balance up to Rs. 1 lakh earn 6.25% per annum and those with balance between Rs. lakh and Rs. 10 lakh earn 7.25%. This is as of March 2019
- The Savings Ujjwal account comes with a RuPay Classic Secure Chip Debit Card
- The daily ATM and POS limits is restricted to Rs. 20,000
- Online money transfers such as RTGS, NEFT, IMPS are chargeable after 3 transactions
- The bank offers a personal accident insurance cover of Rs. 1 lakh with the account
This savings account is ranked one step up the Savings Ujjwal.
- The account has a minimum average monthly balance of Rs. 5,000 and needs Rs. 7,500 to open the account
- Accountholders can create and keep an FD of Rs. 25,000 if they want to forego the minimum balance requirements
- The Savings Aditya account also comes with a RuPay Classic Secure Chip Debit Card
- The limit on daily ATM and POS transaction is pegged at Rs. 40,000
- Accountholders get 10 free ATM transactions on the bank’s own ATMs and up to 5 on other bank ATMs
- The accountholder can access up to 10 free RTGS, NEFT or IMPS payment transfers
- Like with the Ujjwal account, the Aditya offers a higher rate of interest
Note: Suryoday in its savings account page/tabs for each account clearly mentions that all bank’s savings accounts from Ujjwal to Savings Supreme can be opened on behalf of a minor
- Bandhan Bank Website: www.bandhanbank.com
- Headquarters: Kolkata, West Bengal
- Call Centre Number: 1800 258 8181
- Suryoday Small Finance Bank Website: www.suryodaybank.com
- Headquarters: Navi Mumbai, Maharashtra
- Call Centre Number: 1800 266 7711