Bank of India vs Punjab National Bank: Children’s Savings Accounts
Bank of India has a youth-oriented account called BOI Star Yuva Account while Punjab National Bank offers dedicated accounts for kids such as PNB Junior SF Account and the PNB Vidyarthi SF 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.
- 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 Punjab National Bank
PNB is the second largest bank in India after SBI and offers specific accounts for children such as the PNB Junior SF Account and the PNB Vidyarthi SF Account.
PNB Junior SF Account
The account can be opened by a child through her parent or guardian or she can open and operate it herself if she has crossed 10 years of age.
- As mentioned, any child of any age can open the PNB Junior SF Account through her parent or guardian. Children over 10 years of age can open and operate the account under their own name
- There is no minimum deposit needed to open the account. Plus, there is no need for any minimum balance either
- The child can get a free cheque book of 20 leaves per six months, i.e. two chequebooks of 40 leaves per year
- Demand drafts made out to pay school or college fees are free of cost
- The bank, however, has put a limit of Rs. 5,000 on debit card use per day, be that through ATM withdrawals, POS transactions at shops (card swipe in case you are wondering) or online payments
- Kids or their parents can have a view of the account balance and transactions through both online and mobiles but transactions are not allowed
PNB Vidyarthi SF Account
The account as the name suggests is for children studying in recognised educational institutions.
- The account is available for children up to 21 years of age. Once they reach adulthood, the account becomes a standard savings account with all its perks and limitations
- Like the PNB Junior SF Account, there are no minimum balance requirements for initial deposit and average quarterly balance in the PNB Vidyarthi SF Account
- All demand drafts made out for any type of fees are free of cost
- Like the children’s account, the child is eligible to receive two chequebooks of 20 leaves each per year
- Most fees and charges in the account have been waived off by the bank through there is an annual maintenance charge for the debit card
- Bank of India Website: www.bankofindia.co.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 220 229, 1800 103 1906
- Punjab National Bank Website: www.pnbindia.in and www.netpnb.com (net banking)
- Headquarters: New Delhi, Delhi
- Call Centre Number: 1800 180 2222, 1800 103 2222