Bandhan Bank vs YES 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. YES Bank provides one dedicated children savings account called My First YES 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 YES Bank
YES Bank offers a dedicated savings account for children called My First YES Account.
My First YES Account
The account is available for all children, from 1 day old to up to 18 years of age.
- The account has a minimum balance requirement of Rs. 2,500. However, accounts that are linked to a fixed Deposit of Rs. 25,000 do not have to maintain any minimum balance. Otherwise, the bank charges a fee of Rs. 250 per month if the minimum balance is not maintained
- Cash withdrawals at the branch are free while cash deposits per month are limited to Rs. 5 lakh or up to five transactions, whichever is less
- Children above 10 years of age get a complimentary ATM-debit card with customisable withdrawal limits of Rs. 1,000, Rs. 2,000 or Rs. 5,000 that can be defined by the guardian
- The bank offers a free personalised chequebook
- Demand drafts are issued free of charge up to defined limits
- The bank offers accountholders to view the balance online and through mobile banking
- The guardian has to have an account with YES Bank for the child to be able to open a My First YES Account
- Bandhan Bank Website: www.bandhanbank.com
- Headquarters: Kolkata, West Bengal
- Call Centre Number: 1800 258 8181
- YES Bank Website: www.yesbank.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 1200