Bank of Baroda vs Lakshmi Vilas 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. Lakshmi Vilas Bank does not have an account dedicated to children below 12 years of age, to whom it offers its general savings account called Savings Bank 301 through a parent or guardian. It does have an account for kids who have crossed 12 years of age called Savings Youth Power.
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
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 Lakshmi Vilas Bank Limited
Lakshmi Vilas Bank does not have an account dedicated to children below 12 years of age. It offers minors below that age its general savings account called Savings Bank 301 through a guardian. It does have an account for kids who have crossed 12 years of age called Savings Youth Power.
Savings Youth Power
This account is designed for kids in the 12-24 years age group.
- The account comes with a minimum balance of Rs. 100
- There are no cash withdrawals at the home branch but at the same time, these withdrawals are not allowed at the non-home branches
- Cash remittances are free at the home branch for all amounts but not for amounts over Rs. 5,000 at non-home branch
- Demand draft or postal order charges are waived off for educational payments but are charged at standard rates for DDs made for other reasons
- The bank does not provide any chequebook for kids up to 17 years of age. The same age criteria exist for internet banking also. Mobile banking is free
- The Savings Youth Power Account, however, does offer an international debit card powered by Visa with a daily withdrawal limit of Rs. 5,000 per day. The card is free for the first year and a fee of Rs. 100 is charged from the second year
Savings Bank 301
The primary savings account of the bank. The standard features of the account are listed below and are likely to be different for minor accounts. (We suggest readers interested in opening this account for their child to discuss the specifics with the bank.)
- It allows guardians to open accounts for minors below 12 years while kids above 12 years can open and operate the account under their own name
- The minimum deposit is Rs. 1,000 for rural, Rs. 3,000 for semi-urban and Rs. 5,000 for urban branches
- The Savings Bank 301 Account does not have any restrictions on deposit or withdrawals
- Bank of Baroda Website: www.bankofbaroda.com and www.bobibanking.com (net banking)
- Headquarters: Baroda (Vadodara), Gujarat
- Call Centre Toll-Free Number: 1800 223 344, 1800 102 4455
- Lakshmi Vilas Bank Website: www.lvbank.com
- Headquarters: Chennai, Tamil Nadu
- Call Centre Number: 1800 425 2233