Bandhan Bank vs Ujjivan 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. Ujjivan Small Finance Bank offers a dedicated kid’s savings 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 Ujjivan Small Finance Bank
Ujjivan Small Finance Bank offers a dedicated savings account for minors.
The account can be opened jointly with a parent or guardian.
- There is no minimum balance requirement on the account, and consequently no charges on non-maintenance of the said balance
- The account is operated by the parent or guardian until the child reaches the age of majority. The minor cannot operate the account independently
- Minor accountholders get a personalised RuPay Classic Debit Card on request once they cross the age of 10 years
- The Minor Account is converted into a regular savings account once the child reaches the age of maturity
- The bank offers a free SMS facility on the guardian’s or the accountholder’s registered mobile number
- Accountholders also get access to NEFT, RTGS and IMPS
- Bandhan Bank Website: www.bandhanbank.com
- Headquarters: Kolkata, West Bengal
- Call Centre Number: 1800 258 8181
- Ujjivan Small Finance Bank Website: www.ujjivansfb.in
- Headquarters: Bengaluru, Karnataka
- Call Centre Number: 1800 208 2121