Bank of India vs YES Bank: Children’s Savings Accounts

Bank of India has a youth-oriented account called BOI Star Yuva Account while YES Bank provides one dedicated children savings account called My First YES 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 YES Bank Limited

YES Bank offers a dedicated savings account for children called My First YES Account.

My First YES Account

The account is available for all children, from 1 day old to up to 18 years of age.

Features

  • The account has a minimum balance requirement of Rs. 2,500. However, accounts that are linked to a fixed Deposit of Rs. 25,000 do not have to maintain any minimum balance. Otherwise, the bank charges a fee of Rs. 250 per month if the minimum balance is not maintained
  • Cash withdrawals at the branch are free while cash deposits per month are limited to Rs. 5 lakh or up to five transactions, whichever is less
  • Children above 10 years of age get a complimentary ATM-debit card with customisable withdrawal limits of Rs. 1,000, Rs. 2,000 or Rs. 5,000 that can be defined by the guardian
  • The bank offers a free personalised chequebook
  • Demand drafts are issued free of charge up to defined limits
  • The bank offers accountholders to view the balance online and through mobile banking
  • The guardian has to have an account with YES Bank for the child to be able to open a My First YES Account

Reference Facts

  • Bank of India Website: www.bankofindia.co.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 220 229, 1800 103 1906
  • YES Bank Website: www.yesbank.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 1200