Bank of Maharashtra vs Capital Small Finance Bank: Children’s Savings Accounts
Bank of Maharashtra has Mahabank – Yuva Yojana for children in the 10-18 years age group. This is a savings cum investment account as a child can open a savings account and invest in recurring deposits and fixed deposits. Capital Small Finance Bank allows kids to open its standard savings account called Normal Savings Account under guardianship.
Children’s Savings Accounts from Bank of Maharashtra
Mahabank – Yuva Yojana
Bank of Maharashtra offers the Mahabank – Yuva Yojana as a comprehensive solution to take care of the savings needs and expenses of young children.
- Under this, children can open savings accounts and invest in recurring deposits and fixed deposits
- The savings account has no minimum balance requirements and can be opened with only Rs. 10
- Children do not get any chequebook until they are over 18 years, but by then the account becomes a standard savings account with minimum balance requirements and other terms and conditions that apply to the standard account
- The Mahabank – Yuva Yojana account comes with a free debit card but with specified spending limits
- Account holders can put in standing instructions to transfer money from their accounts to their recurring deposit. In addition, parents can put in standing instructions to put in money from their account to the child’s account
- Bank of Maharashtra also sanctions education loans to deserving students at the time to admission if they have held the account for over 6 months
The bank also allows parents and guardians to open a savings account jointly with a minor child.
- The minimum average balance requirements for the Mahabank – Savings Bank Scheme are calculated on a monthly basis. Service charges are applicable if the balance is less
- The documents needed to open the account (besides the application, of course) are an ID proof, an address proof, two passport-sized photographs and the PAN card or Form 60/61
- Interest is calculated on the daily balance on a quarterly basis
Children’s Savings Accounts from Capital Small Finance Bank Limited
Capital Small Finance Bank allows a parent or guardian to open its standard savings account – Normal Savings Account – on behalf of a child.
Normal Savings Account
This is the standard savings account of the bank. We list the features below if you want to open a children’s account with the bank.
- The Normal Savings Account of Capital Small Finance Bank can be opened on behalf of minors by their parent or guardian. Other accountholders have to reach the age of 18 years before they can open an account. So, in all effect, the account opened for minors can be classified as a minor’s account with different set of services than standard accounts
- The minimum balance needed is Rs. 100 in rural areas but without chequebooks. In case a chequebook is needed, the minimum balance needed is Rs. 300. In urban or semi-urban areas it is Rs. 300 without chequebook and Rs. 500 with one
- All other factors are similar to standard savings account
Note: Information on the savings accounts is sketchy and it will be best if you approach the bank to open a minor account. Being a Jalandhar headquartered bank, it may be a good idea to open an account with this bank if you stay in the city or adjoining areas. The bank has a very strong growth strategy and intends to reach over 220 branches by 2021.
- Bank of Maharashtra Website: www.bankofmaharashtra.in and https://www.mahaconnect.in/jsp/index.html (net banking)
- Headquarters: Pune, Maharashtra
- Call Centre Toll-Free Number: 1800 233 4526, 1800 102 2636
- Capital Small Finance Bank Website: www.capitalbank.co.in
- Headquarters: Jalandhar, Punjab
- Call Centre Number: 1800 120 1600 (8 am ? 8 pm)