Bank of Maharashtra vs Jammu & Kashmir Bank
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. Jammu & Kashmir Bank does not have a specific account for minors and instead provides its savings accounts for minors above the age of 10 years.
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 Jammu & Kashmir Bank Limited
Jammu & Kashmir Bank does not have a specific account for minors and provides its savings accounts for minors above the age of 10 years.
General Savings Account
This is the standard savings account of the bank and can be opened by individuals singly or jointly, by HUFs and by minors aged 10 years or above. Even organisations approved by RBI can open an account.
- Accountholders who have a chequebook need to maintain Rs. 2,000 as average monthly balance while those without chequebooks only need to have Rs. 1,000 as average monthly balance
- Minors get their own ATM-debit card
- The bank offers up to 30 free over the counter cash withdrawals for accountholders every 6 months
- The international debit card comes with a limit of Rs. 40,000 for ATM withdrawals and Rs. 1 lakh for POS (card swipe) transactions
- Jammu & Kashmir Bank offers complimentary online and mobile banking facilities for the General Savings Account
- The bank offers a free chequebook of 20 leaves in a year. The number of leaves for senior citizens is 25
Deluxe Savings Account
This is a premium savings account offering from the bank and as with the general account can be opened by individuals, whether singly or jointly, by HUFs, by minors who are 10 years or above in age and by organisations approved by RBI to open a savings account.
- The account requires an average monthly balance of Rs. 5,000
- As with the General account, the Deluxe account provides up to 30 free over the counter cash withdrawals for accountholders every six months
- The debit card comes with a slightly higher ATM withdrawal limit of Rs. 1 lakh and POS (card swipe) transaction limit of Rs. 1.5 lakh
- The Deluxe Savings Account comes with free online and mobile banking facilities
- As with the General Savings Account, the Deluxe account comes with a complimentary chequebook of 20 leaves every year for regular users and of 25 leaves for senior citizens
General Small Account
This account is a type of savings account created to bring the unbanked population into the fold of the banking sector. Literate minors above the age of 10 years can open the account.
- The bank only needs a deposit of Rs. 50 to open the account though
- The General Small Account has a maximum balance limit, however, of Rs. 50,000
- It also comes with a cap on the maximum amount that can be credited in a year. It currently stands at Rs. 1 lakh
- There is limit on number and amount of withdrawals and transfers each month (4 withdrawals and up to Rs. 10,000 in terms of amount)
- The bank offers a chequebook if one maintains a balance of Rs.1,000 per month for at least 6 months
- 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
- Jammu & Kashmir Bank Website: www.jkbank.com
- Headquarters: Srinagar, Jammu and Kashmir
- Call Centre Number: 1800 1800 234, 1800 1800 234 (E-Banking)