Barclays Bank vs Federal 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. Federal Bank offers two savings accounts called Young Champ and YuvaMitra for children and young adults.
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.
- 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 Federal Bank
Federal Bank offers two savings accounts called Young Champ and YuvaMitra for children. Details of whether its standard savings accounts can be opened for children are not available on the website.
The account is for all children up to the age of 18 years whether resident in India or abroad.
- The account needs an average monthly balance of Rs. 1,000
- Children below 10 years can only open the account if the parent or guardian acts as the authorised signatory while kids above that age can open the account in their own name and operate it independently
- The child also gets a specially designed debit card with a daily ATM or POS transaction limit of Rs. 2,500 with the Young Champ account
- Charges on demand drafts for educational purposes are waived off up to a sum of Rs. 50,000
- The bank offers reward points if the account holder or her parent or guardian opens a recurring deposit
- Internet banking comes with a view-only facility
- The accountholder also gets free email and mobile alerts and free standing instructions to debit account of parent and transfer the same to that of the child
- The account cannot be opened online and the child, parent or guardian has to visit the branch
The account can be opened by any kid after they have passed class 10 and up to the time they have attained their professional degree or diploma.
- There is no minimum balance requirement for the account
- The young adult gets a chequebook of 20 leaves a year and a debit card
- The daily cash withdrawal and POS limits are both Rs. 50,000 for the YuvaMitra account
- Accountholders get free internet banking, mobile banking and email alerts
- 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)
- Federal Bank Website: www.federalbank.co.in
- Headquarters: Aluva (Kochi), Kerala
- Call Centre Number: 1800 425 1199