Bank of India vs Karnataka Bank: Children’s Savings Accounts
Bank of India has a youth-oriented account called BOI Star Yuva Account while Karnataka Bank offers a dedicated children’s account called KBL Kishore.
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 Karnataka Bank Limited
Karnataka Bank, one of the older banking institutions in the country, offers a dedicated children’s account called KBL Kishore.
The children’s account is available to kids over the age of 10 years and up to 18 years.
- The account comes without any minimum balance requirements
- The bank offers a free debit card with 24-hour cash withdrawal limit of Rs. 10,000 and POS limit of Rs. 5,000
- KBL Kishore allows parents or guardians to transfer up to Rs. 50,000 per month from their account to the child’s account
- The kids and their parents can keep a track of the account through the bank’s mobile app
- Bank of India Website: www.bankofindia.co.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 220 229, 1800 103 1906
- Karnataka Bank Website: https://karnatakabank.com
- Headquarters: Mangaluru, Karnataka
- Call Centre Number: 1800 425 1444