Barclays Bank vs Dhanlaxmi 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. Dhanlaxmi Bank offers the Dhanam Genius Savings Account in addition to its generic savings account for children.

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 Dhanlaxmi Bank

Dhanlaxmi Bank offers a specific savings account for children called Dhanam Genius Savings Account. In addition, its Regular Savings Account can also be opened on behalf of minors.

Dhanam Genius Savings Account

The Dhanam Genius Savings Account is available for children in the age bracket of 10 to 23 years.

Features

  • The account only needs a minimum balance of Rs. 500
  • Comes with an auto sweep facility that puts any amount in multiples of Rs. 1,000 in a fixed deposit for 30 days when the balance crosses Rs. 5,000. Nonetheless, accountholders can withdraw the amount at any point of time
  • The Dhanam Genius Savings Account allows up to Rs. 5,000 in ATM withdrawals or POS transactions
  • The bank offers complimentary ATM card and up to 2 NEFT or RTGS transactions as well as demand drafts or postal orders per month. Accountholders can get a personalised photo on the card for a payment of Rs. 200

Regular Savings Account

The standard savings account from the bank comes with the following features.

Features

  • Needs an average monthly balance of Rs. 1,000
  • Comes with a free chequebook and unlimited non-cash (POS, etc.) transactions
  • The bank offers a doorstep banking service with this account

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)
  • Dhanlaxmi Bank Website: www.dhanbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 0487 661 3000