Bank of Maharashtra vs ESAF 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. ESAF Small Finance Bank does not offer a dedicated children’s account, even though it has special accounts for students as well as senior citizens and women.
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 ESAF Small Finance Bank Limited
ESAF Small Finance Bank does not offer a dedicated children’s account, though it has special accounts for students, senior citizens and women. Its regular and premium accounts are likely available for minors also under the guidance of parents or guardians.
Regular Savings Account
The account is the standard savings account of the bank and comes with its set of benefits and restrictions. The minimum age of the accountholder has to be 18 years but it is very likely that this account will be also available to minors.
- The account can be opened with a minimum payment of Rs. 1,000, though the minimum average quarterly balance has to be Rs. 2,000
- The bank limits the amount of cash one can withdraw or deposit at non-base branches (i.e. a non-home branch) to Rs. 50,000
- The ATM withdrawal limit is pegged at Rs. 30,000 per day and POS transactions are limited to Rs. 2,000 at Tier II to Tier IV locations and Rs. 1,000 in Tier I to II locations
- Accountholders of the Regular Savings Account can ask for and receive a chequebook of 10 leaves every 6 months
- The customer can access the account through all modes such as online, mobile and phone banking
Premium Savings Account
The premium savings account from ESAF also warrants a minimum age limit of 18 years to become an accountholder.
- The account needs a minimum initial payment of Rs. 5,000 and the minimum average quarterly balance is Rs. 10,000
- Unlike the standard account, there are no limits on withdrawals or deposits at non-base (i.e. non-home) branches
- The ATM withdrawal limit is Rs. 50,000 per day for all ATMs – the bank’s own and other bank ATMs. POS limit stays the same as the standard account at Rs. 2,000 for Tier II to Tier IV locations and Rs. 1,000 for Tier I to II locations
- Premium Savings Account holders can request and receive a chequebook of 50 leaves every 6 months
- The account has an auto-sweep facility for fixed deposits
- Access to the account is available through online, mobile and phone banking channels as with standard accounts
- 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
- ESAF Small Finance Bank Website: www.esafbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Number: 1800 103 3723