Bank of India vs IDFC First Bank Limited

Bank of India vs IDFC First Bank

Bank of India has a youth-oriented account called BOI Star Yuva Account while IDFC First Bank offers a dedicated savings bank product for children called the Minor’s Savings Account.

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.

Features

  • 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.

Features

  • 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 IDFC First Bank Limited

IDFC First Bank offers a dedicated savings bank product for children called the Minor’s Savings Account.

Minor’s Savings Account

The account is available to all children below 18 years of age provided the parent or guardian has an account with the bank.

Features

  • Children accountholders above 10 years of age can open and operate the account in their own name
  • The bank requires a minimum deposit of Rs. 25,000 at the time of opening the account
  • There is no obligation to keep a minimum balance but there is a mandatory stipulation under which a sum of Rs. 2,000 per month must be transferred for a period of 2 years from the parent’s account to the child’s account
  • A debit card is only provided if it is opted for. Plus, the Minor’s Savings Account comes with specific limits of Rs. 10,000 each at domestic ATMs and POS sales
  • The account comes with a sweep facility under which when the account balance crosses Rs. 15,000, the balance over and above Rs. 10,000 is transferred into a fixed deposit with a tenure of one year and one day

Reference Facts

  • Bank of India Website: www.bankofindia.co.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll Free Number: 1800 220 229, 1800 103 1906
  • IDFC Bank Website: www.idfcbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 419 4332