Barclays Bank vs Jana 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. Likewise, Jana Small Finance Bank does not offer a dedicated minor savings account even though the standard savings account can be opened by a minor jointly with a parent or guardian.

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 Jana Small Finance Bank

Jana Small Finance Bank does not offer a dedicated minor savings account and though it does not mention clearly on its website if the regular savings account is open for minors, reading of the Terms and Conditions of the service charges file shows that the account can be opened by or on behalf of minors.

Regular Savings Account

This is the standard savings account of the bank.

Features

  • The bank needs an average monthly balance of Rs. 2,500
  • The Regular Savings Account comes with a RuPay Debit Card
  • The bank has not put a cap on the number of withdrawals the accountholder can make though the bank’s ATMs, except for minors where it has been pegged at Rs. 10,000 per month
  • The bank has put a limit on the amount that can be withdrawn from the ATM or be spent at POS transaction for minor accounts. The cash withdrawal limit is Rs. 5,000 and the POS limit is Rs. 10,000 per day
  • The bank accountholder gets 3 complimentary cash transactions at other bank ATMs in metro locations and 5 at non-metro locations
  • Accountholders get one complimentary chequebook for each quarter
  • The company offers the customer the option of getting an SMS alert facility on payment of Rs. 15 per quarter

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)
  • Jana Small Finance Bank Website: www.janabank.com
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 2080, 1800 4200