Bank of India vs South Indian Bank: Children’s Savings Accounts
Bank of India has a youth-oriented account called BOI Star Yuva Account while South Indian Bank offers a dedicated account for students called the Junior 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.
- 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 South Indian Bank Limited
South Indian Bank offers children and youth-centric accounts as well as savings accounts for women and senior citizens in addition to general savings accounts.
Junior Savings Account
This account is primarily meant for students.
- Children above the age of 10 years can open the account
- All they need is an introduction from the principal, head of department (for college) and a photo ID card. Other standard introduction measures also work
- The minimum amount needed to open this account is Rs. 10 though the minimum balance needed is Rs. 150. The bank gives a time of three months to take the balance to this level
- Chequebooks and online banking are made available when the child reaches the age of 18 years and keeps an average balance of Rs. 1,000
- The bank offers a complimentary ATM-debit card to kids having the Junior Savings Account
- Children with this account are eligible to apply for education loans from South Indian Bank
- Bank of India Website: www.bankofindia.co.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 220 229, 1800 103 1906
- South Indian Bank Website: www.southindianbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Number: 1800 425 1809, 1800 102 9408