Bank of Maharashtra vs Suryoday Small Finance Bank Limited

Bank of Maharashtra vs Suryoday Small Finance 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. Suryoday Small Finance Bank does not offer a dedicated children’s account but instead offers minors the option to open a standard savings account as a minor account.

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.

Features

  • 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

Savings Account

The bank also allows parents and guardians to open a savings account jointly with a minor child.

Features

  • 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 Suryoday Small Finance Bank Limited

Suryoday Small Finance Bank does not offer a dedicated children’s account and offers minors the option to open a standard savings account as a minor account. All of the bank’s savings accounts can be opened by a minor under a parent or a guardian. We take a look at the two base variants of the bank’s savings account line-up.

Savings Ujjwal

The account is the most basic of the savings accounts offered by Suryoday.

Features

  • The average monthly balance requirement is Rs. 2,000, though anyone choosing to open an account has to start with an initial deposit of Rs. 3,000
  • Accountholders can choose to keep a fixed deposit of Rs. 10,000 in lieu of the minimum balance
  • The bank offers a higher rate of interest than most other banks for similar slabs of balance. Accounts with balance up to Rs. 1 lakh earn 6.25% per annum and those with balance between Rs. lakh and Rs. 10 lakh earn 7.25%. This is as of March 2019
  • The Savings Ujjwal account comes with a RuPay Classic Secure Chip Debit Card
  • The daily ATM and POS limits is restricted to Rs. 20,000
  • Online money transfers such as RTGS, NEFT, IMPS are chargeable after 3 transactions
  • The bank offers a personal accident insurance cover of Rs. 1 lakh with the account

Savings Aditya

This savings account is ranked one step up the Savings Ujjwal.

Features

  • The account has a minimum average monthly balance of Rs. 5,000 and needs Rs. 7,500 to open the account
  • Accountholders can create and keep an FD of Rs. 25,000 if they want to forego the minimum balance requirements
  • The Savings Aditya account also comes with a RuPay Classic Secure Chip Debit Card
  • The limit on daily ATM and POS transaction is pegged at Rs. 40,000
  • Accountholders get 10 free ATM transactions on the bank’s own ATMs and up to 5 on other bank ATMs
  • The accountholder can access up to 10 free RTGS, NEFT or IMPS payment transfers
  • Like with the Ujjwal account, the Aditya offers a higher rate of interest

Note: Suryoday in its savings account page/tabs for each account clearly mentions that all bank’s savings accounts from Ujjwal to Savings Supreme can be opened on behalf of a minor

Reference Facts

  • 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
  • Suryoday Small Finance Bank Website: www.suryodaybank.com
  • Headquarters: Navi Mumbai, Maharashtra
  • Call Centre Number: 1800 266 7711