Bank of Baroda vs ESAF 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. ESAF Small Finance Bank does not offer a dedicated children’s account, even though it has special accounts for students as well as senior citizens and women.

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 ESAF Small Finance Bank Limited

ESAF Small Finance Bank does not offer a dedicated children’s account, though it has special accounts for students, senior citizens and women. Its regular and premium accounts are likely available for minors also under the guidance of parents or guardians.

Regular Savings Account

The account is the standard savings account of the bank and comes with its set of benefits and restrictions. The minimum age of the accountholder has to be 18 years but it is very likely that this account will be also available to minors.


  • The account can be opened with a minimum payment of Rs. 1,000, though the minimum average quarterly balance has to be Rs. 2,000
  • The bank limits the amount of cash one can withdraw or deposit at non-base branches (i.e. a non-home branch) to Rs. 50,000
  • The ATM withdrawal limit is pegged at Rs. 30,000 per day and POS transactions are limited to Rs. 2,000 at Tier II to Tier IV locations and Rs. 1,000 in Tier I to II locations
  • Accountholders of the Regular Savings Account can ask for and receive a chequebook of 10 leaves every 6 months
  • The customer can access the account through all modes such as online, mobile and phone banking

Premium Savings Account

The premium savings account from ESAF also warrants a minimum age limit of 18 years to become an accountholder.


  • The account needs a minimum initial payment of Rs. 5,000 and the minimum average quarterly balance is Rs. 10,000
  • Unlike the standard account, there are no limits on withdrawals or deposits at non-base (i.e. non-home) branches
  • The ATM withdrawal limit is Rs. 50,000 per day for all ATMs – the bank’s own and other bank ATMs. POS limit stays the same as the standard account at Rs. 2,000 for Tier II to Tier IV locations and Rs. 1,000 for Tier I to II locations
  • Premium Savings Account holders can request and receive a chequebook of 50 leaves every 6 months
  • The account has an auto-sweep facility for fixed deposits
  • Access to the account is available through online, mobile and phone banking channels as with standard accounts

Reference Facts

  • Bank of Baroda Website: and (net banking)
  • Headquarters: Baroda (Vadodara), Gujarat
  • Call Centre Toll-Free Number: 1800 223 344, 1800 102 4455
  • ESAF Small Finance Bank Website:
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 1800 103 3723