Bank of Maharashtra vs Tamilnad Mercantile 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. Tamilnad Mercantile Bank provides a dedicated savings account for children called the Little Super Star Savings 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.
- 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 Tamilnad Mercantile Bank Limited
Tamilnad Mercantile Bank provides a dedicated savings account for children called the Little Super Star Savings Account.
Little Super Star Savings Account
Meant exclusively for kids in the 10-18 years age group, the account has been designed to habituate children to saving money.
- Accountholders can withdraw up to Rs. 5,000 per day through ATMs. Guardians are given the right to lower this amount up to Rs. 1,000 if she so deems fit. The POS limit is capped at Rs. 2,500
- Tamilnad Mercantile Bank offers up to 10 complimentary ATM withdrawals and charges Rs. 10 for each withdrawal thereafter
- The maximum amount that can be put in the account or taken out per month is limited to Rs. 1 lakh
- The account needs a minimum average balance of Rs. 250. The bank limits the number of facilities it provides if this minimum balance is not maintained
- The ATM-debit card is offered free with the account
- Accountholders get complimentary personalised chequebook of 10 leaves every year
- One of the unique features of this account is that the bank has allowed both internet banking and mobile banking though the limit has been capped at Rs. 2,500
- The minor has to change the Little Super Star Savings Account into any of the standard accounts offered by the bank after she attains majority
- Kids with the account are allowed to be a part of the bank’s Happy Family Banking Account scheme if their other family members also bank with Tamilnad Mercantile Bank
- 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
- Tamilnad Mercantile Bank Website: www.tmb.in
- Headquarters: Tuticorin, Tamil Nadu
- Call Centre Number: 1800 425 0426