Barclays Bank vs North East 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, North East Small Finance Bank does not offer a dedicated savings bank account for minors. However, its standard and premium savings accounts may be available to minors, possibly jointly and to be operated by the 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 North East Small Finance Bank

North East Small Finance Bank does not offer a dedicated savings bank account for minors though its standard and premium savings accounts may be available to minors, possibly jointly and to be operated by the parent or guardian.

Regular Savings Account

This is the standard savings account of the bank.

Features

  • The account has a minimum balance requirement of Rs. 500 in rural areas, Rs. 1,000 in semi-urban and Rs. 2,000 in urban areas
  • Accountholders get access to personalised debit cards
  • The bank offers doorstep banking facilities
  • The Regular Savings Account comes with free passbooks
  • Accountholders can manage and access their account details through the SMS facility or through online banking

Premium Savings Account

This savings account is one step up from the regular savings account.

Features

  • The account has a minimum average quarterly balance requirement of Rs. 25,000
  • Accountholders can get five demand drafts made in a month without any charge
  • The bank also offers two free NEFT, RTGS or IMPS transactions per month
  • Like the standard account, the Premium Savings Account also offers free passbooks, an SMS facility and online banking options

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)
  • North East Small Finance Bank Website: www.nesfb.com
  • Headquarters: Guwahati, Assam
  • Call Centre Number: 1800 121 1905