Bank of India vs IDBI Bank: Children’s Savings Accounts
Bank of India has a youth-oriented account called BOI Star Yuva Account while IDBI Bank offers two accounts called Power Kidz Account and Being Me.
Children’s Savings Accounts from Bank of India
Bank of India does not have a specific children’s savings account, though it does have an account for the youth called BOI Star Yuva Account. Minors can open a standard savings account.
BOI Star Yuva Account
The account was conceptualised to inculcate saving habits among the youth. The website does not specifically provide a minimum age for account opening but from reading of the features it seems to be young adults aged 18 years or above.
- The minimum quarterly balance requirement is Rs. 2,500 in rural and semi-urban areas and Rs. 5,000 in urban areas and metros
- BOI offers a complimentary insurance of Rs. 50,000 for account holders in the 18-21 years age category and of Rs. 5,00,000 (Rs. 5 lakh) for account holders above 21 years
- The bank also offers reward points for every time the account debit card is used for cash withdrawals in its ATMs. 20 reward points are given at BOI Star Yuva Account opening
Savings Bank Ordinary Account
The account is the standard savings account that can be opened for a minor, usually under joint names.
- Being a nationalised bank, BOI is able to offer its Savings Bank Ordinary Account with considerable low balance requirements. The initial deposit and average quarterly balance is Rs. 500 if the minor / guardian needs a chequebook and Rs. 100 if the account is operated without a chequebook
- The bank offers certain benefits to customers of the savings account. For instance, an online income tax filing facility, free payment of utility bills and a BOI-National Swasthya Bima Policy floater mediclaim policy in collaboration with National Insurance at a low premium. A point to note is that kids usually do not need these services
Children’s Savings Accounts from IDBI Bank Limited
IDBI Bank offers the Power Kidz Account for children. It also has a savings account targeted at the youth called the IDBI Being Me Account.
Power Kidz Account
From a reading of the website, it seems the account is not meant for kids below 10 years of age.
- Can be opened by a minor in her own name if she is over 10 years of age, or by the parent or guardian in case she is below that age
- The minimum average balance in the account is Rs. 500 but there are no charges if the minimum balance criterion is not met
- Kids above 10 years who have opened the Power Kidz Account in their own name will get an exclusively designed debit card with their name
- The bank gives a personalised chequebook to the child
- The ATM withdrawal or POS transaction limit is Rs. 2,000
- The bank offers up to 5 free transactions at non-IDBI Bank ATMs in non-metro locations
Being Me Account
A savings account designed to help the youth cultivate financial common sense.
- There are no details on the site on minimum or maximum age to open and operate the account
- A minimum amount of Rs. 2,500 is needed to open the account
- The daily limit for ATM transactions and merchant (POS) purchases is Rs. 25,000 for the Being Me Account
- The bank offers preferential rates on educational loans and gives preference to account holders to take up educational project work at the bank, provided there are seats available
- It even gives discounts on opening share trading accounts with IDBI Capital Markets & Securities
- Bank of India Website: www.bankofindia.co.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 220 229, 1800 103 1906
- IDBI Bank Website: www.idbi.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 200 1947, 1800 221 070