Bank of Baroda vs Equitas Small Finance Bank: Children’s Savings Accounts

Bank of Baroda (BoB) has the Baroda Champ Savings Account. The bank is also supposed to have a Gen-Next Junior account which seems to be offered only in the Gen-Next Pune branch of the bank. Equitas Small Finance Bank does not have a children’s savings account but it is likely that its standard savings accounts are available to minors like other banks.

Children’s Savings Accounts from Bank of Baroda

Note: There is limited information on BoB accounts for minors and it seems it did not offer a dedicated children’s account before the Champ and Gen-Next accounts. Possibly, minors could open a standard savings account through a parent or guardian.

Baroda Champ Savings Account

This account is meant for children in the 10-18 years age category. The account was launched in the run-up to the FIFA Under-17 World Cup 2017 that was hosted in India.


  • Minors can open the Baroda Champ Savings Account with a minimum deposit of Rs. 1,000
  • The maximum balance in the account is capped at Rs. 1 lakh
  • BoB allows up to 50 free withdrawals per year. Accountholders can withdraw another 50 times from the account but the bank charges Rs. 15 per transaction
  • Children (or parents) can withdraw money from the account using withdrawal slips and cheques. The bank allows withdrawals as low as Rs. 25 in rural and semi-urban areas and Rs. 50 in urban locations
  • The debit card for the account is issued in the name of the parent or guardian for kids in the 10-15 years age group. For children over 15 years, it will be in their own name
  • The transaction limit is restricted to Rs. 3,000 per day through ATM banking, mobile banking, POS and e-commerce though the overall limit is kept at Rs. 5,000 per day. This means you can go to the branch and withdraw Rs. 2,000 even if you have used up Rs. 3,000 limit
  • The bank offers a free passbook for accountholders and cheque book facility with up to 45 free leaves
  • Free ATM transactions at other bank ATMs is capped at 3 for 6 Tier I metros (Delhi, Mumbai, Chennai, Kolkata, Bangalore and Hyderabad) and at 5 for other cities

Gen-Next Junior

From the bank’s website, it seems the account is only offered the Gen-Next branch in Pune, Maharashtra.


  • Minors up to 18 years can open this Gen-Next Junior account
  • The average quarterly balance required is Rs. 500 and the bank charges Rs. 50 per quarter if the balance falls below this limit
  • Children below 10 years can open the account jointly with parents or guardians; those above 10 years can have an account in their own name provided they are literate
  • There is a ceiling on of Rs. 1,00,000 as balance outstanding on any day if the minor holds the account in her own name. In case the account is held jointly by a minor of 14 years or above and the parent or guardian, then there is no such limit
  • Debit cards will have the parent’s or guardian’s name if the child is below 15 years; if above, then the kid’s name will be on the card
  • The rules for a standard savings account will apply for this account also

Bank of Baroda Savings Account

The standard savings account of the bank.


  • The bank has a put an upper limit of Rs. 1,00,000 as the maximum limit outstanding on any day if a minor, aged 10-14 years, operates the account on her own
  • The minimum balance requirement is Rs. 500 for rural and semi-urban areas and Rs. 1,000 for urban areas and metros

Note: We are not getting into details here about the savings account. If you wish to know more of the features, you can visit the specific page of the bank website here.

Children’s Savings Accounts from Equitas Small Finance Bank Limited

Equitas Small Finance Bank does not have a children’s savings account but it is likely that its standard savings accounts are available to minors like other banks.

My Savings Account

The account has been designed for people to save and earn interest on their money.


  • There is no average quarterly balance requirements for the account
  • The accountholder does not get a cheque book with the account
  • The interest rates on the account are better than that for larger banks with the minimum interest starting at 5.5% for balance up to Rs. 1 lakh
  • The bank however charges a fee for outward remittances on the My Savings Account. NEFT and RTGS are charged on a slab system while IMPS payments are charged a flat fee of Rs. 5 per transaction

Standard Savings Account

The account requires a minimum average quarterly balance or a minimum fixed deposit amount or a minimum level of debit card usage for purchases. Customers can also group the account with family members to tide over these restrictions.


  • The minimum average quarterly balance for the account is Rs. 5,000
  • Customers can choose to keep a fixed deposit of at least a year of Rs. 50,000 instead of the balance in the account
  • The bank also offers the alternative to have the customer spend Rs. 4,999 using the debit card online or at POS transactions instead of the bank balance or a fixed deposit
  • The account can be grouped with family members having a savings account or business having a current account of higher value. The minimum balance requirements can be avoided this way
  • Accountholders get a Platinum or Signature debit card
  • Standard Savings Account holders get a complimentary chequebook of 25 leaves every half year
  • The bank offers 5 free transactions across RTGS, NEFT, IMPS, demand drafts, cash or cheques

Regular Savings Account

The Regular Savings Account from Equitas Small Finance Bank is a step up from the Standard Savings Account


  • The minimum average quarterly balance for this account is Rs. 10,000
  • Like the Standard Account, customers can choose to keep a Rs. 50,000 fixed deposit for at least a year instead of the average quarterly balance in the account
  • The minimum debit card spend limit if one chooses to not keep the minimum balance or have an FD with the bank is Rs. 9,999. The limit considers both online and POS transactions
  • Like the standard savings account, this one also can be grouped with family members or a business to avoid minimum balance requirements. With family members, the other savings account should have a higher value. With a business, the current account should have at least similar value
  • Customers get a Platinum debit card with the account
  • Regular Savings Account holders are given a free 25 leaves chequebook every quarter
  • The bank offers 8 free transactions across RTGS, NEFT, IMPS, demand drafts, cash or cheques

Reference Facts

  • Bank of Baroda Website: and (net banking)
  • Headquarters: Baroda (Vadodara), Gujarat
  • Call Centre Toll-Free Number: 1800 223 344, 1800 102 4455
  • Equitas Small Finance Bank Website:
  • Headquarters: Chennai, Tamil Nadu
  • Call Centre Number: 1800 103 1222