Barclays Bank vs AU Small Finance Bank: Children’s Savings Accounts

Barclays Bank does not offer a dedicated children’s savings account, even though it is likely that the standard savings accounts can be opened for children jointly with a parent or guardian. However, AU Small Finance Bank offers a specific kid’s savings account called BACHPAN, in addition to specific and general savings accounts.

Children’s Savings Accounts from Barclays Bank

Barclays Bank does not focus on the retail segment and as such does not offer any specific children’s savings or any other account. The only option for someone who wishes to open a children’s account may be through the savings account. The bank offers 2 types of savings accounts, the Barclays Savings Account and the Basic Savings Bank Deposit Account.

Barclays Savings Account

The account needs an average quarterly balance of Rs. 1 lakh.

Features

  • Customer get Classic Debit Card and a chequebook
  • The customer can use the debit card for any number of transactions in all VISA ATMs of all banks
  • The bank offers free demand drafts that are payable at its branches in the country
  • Customer also have a free SMS facility and online banking facilities with their Barclays Savings Account

Children’s Savings Accounts from AU Small Finance Bank

AU Small Finance Bank offers savings accounts that focus on specific segments of customers. For children it offers a specific kid’s savings account called BACHPAN, in addition to specific and general savings accounts.

BACHPAN Savings Account

The savings account from AU Small Finance Bank comes under its Value service offerings and is specially meant for young children.

Features

  • The account needs a minimum average balance of Rs. 500 but there are no charges if the balance dips below this minimum amount
  • Interest rates offered are supposed to be better than standard savings accounts
  • The bank offers a VISA Gold Bachpan Debit Card with customisable benefits for kids aged 10 years and above. The card also has various insurance benefits such as education insurance and so on
  • The BACHPAN Savings Account comes with its own special features such as Sweep-in, Locker, and Cash Deposit facilities
  • Accountholders or their guardians can access the account through mobile banking, phone banking and internet banking
  • Customers also benefit from the bank’s extended working hours
  • The bank offers free transactions at its ATMs while the limit is kept at 10 transactions per month for other bank ATMs. The bank has ATMs in 10 states according to the company’s website as of February 2019

Reference Facts

  • Barclays Bank Website: www.barclays.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: +91 22 6000 1550 (Corporate Banking), +91 22 6000 7888 (Debit Card Lost/Stolen/Damaged)
  • AU Small Finance Bank Website: www.aubank.in
  • Headquarters: Jaipur, Rajasthan
  • Call Centre Number: 1800 1200 1200