Barclays Bank vs Bank of Maharashtra: 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. 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.

Let us look at each of these 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 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

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)
  • 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