Barclays Bank vs Suryoday 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, Suryoday Small Finance Bank does not offer a dedicated children’s account but instead offers minors the option to open a standard savings account as a minor account.
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 Suryoday Small Finance Bank
Suryoday Small Finance Bank does not offer a dedicated children’s account and offers minors the option to open a standard savings account as a minor account. All of the bank’s savings accounts can be opened by a minor under a parent or a guardian. We take a look at the two base variants of the bank’s savings account line-up.
The account is the most basic of the savings accounts offered by Suryoday.
- The average monthly balance requirement is Rs. 2,000, though anyone choosing to open an account has to start with an initial deposit of Rs. 3,000
- Accountholders can choose to keep a fixed deposit of Rs. 10,000 in lieu of the minimum balance
- The bank offers a higher rate of interest than most other banks for similar slabs of balance. Accounts with balance up to Rs. 1 lakh earn 6.25% per annum and those with balance between Rs. lakh and Rs. 10 lakh earn 7.25%. This is as of March 2019
- The Savings Ujjwal account comes with a RuPay Classic Secure Chip Debit Card
- The daily ATM and POS limits is restricted to Rs. 20,000
- Online money transfers such as RTGS, NEFT, IMPS are chargeable after 3 transactions
- The bank offers a personal accident insurance cover of Rs. 1 lakh with the account
This savings account is ranked one step up the Savings Ujjwal.
- The account has a minimum average monthly balance of Rs. 5,000 and needs Rs. 7,500 to open the account
- Accountholders can create and keep an FD of Rs. 25,000 if they want to forego the minimum balance requirements
- The Savings Aditya account also comes with a RuPay Classic Secure Chip Debit Card
- The limit on daily ATM and POS transaction is pegged at Rs. 40,000
- Accountholders get 10 free ATM transactions on the bank’s own ATMs and up to 5 on other bank ATMs
- The accountholder can access up to 10 free RTGS, NEFT or IMPS payment transfers
- Like with the Ujjwal account, the Aditya offers a higher rate of interest
Note: Suryoday in its savings account page/tabs for each account clearly mentions that all bank’s savings accounts from Ujjwal to Savings Supreme can be opened on behalf of a minor
- 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)
- Suryoday Small Finance Bank Website: www.suryodaybank.com
- Headquarters: Navi Mumbai, Maharashtra
- Call Centre Number: 1800 266 7711