Bank of Maharashtra vs Ujjivan Small Finance Bank Limited

Bank of Maharashtra vs Ujjivan 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. Ujjivan Small Finance Bank offers a dedicated kid’s 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.

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 Ujjivan Small Finance Bank Limited

Ujjivan Small Finance Bank offers a dedicated savings account for minors.

Minor Account

The account can be opened jointly with a parent or guardian.

Features

  • There is no minimum balance requirement on the account, and consequently no charges on non-maintenance of the said balance
  • The account is operated by the parent or guardian until the child reaches the age of majority. The minor cannot operate the account independently
  • Minor accountholders get a personalised RuPay Classic Debit Card on request once they cross the age of 10 years
  • The Minor Account is converted into a regular savings account once the child reaches the age of maturity
  • The bank offers a free SMS facility on the guardian’s or the accountholder’s registered mobile number
  • Accountholders also get access to NEFT, RTGS and IMPS

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
  • Ujjivan Small Finance Bank Website: www.ujjivansfb.in
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 208 2121