Capital Small Finance Bank Children’s Savings Accounts
Capital Small Finance Bank became the first savings small finance savings bank in the country when it got the license from RBI in 2016. The bank currently has a small savings account portfolio and does not offer a dedicated savings account for children. From a reading of the website, it seems the standard savings account of the bank called the Normal Savings Account can be opened on behalf of a child by a parent or guardian.
Normal Savings Account
This is the standard savings account of the bank. We list the features below if you want to open a children’s account with the bank.
Features
- The Normal Savings Account of Capital Small Finance Bank can be opened on behalf of minors by their parent or guardian. Other accountholders have to reach the age of 18 years before they can open an account. So, in all effect, the account opened for minors can be classified as a minor’s account with different set of services than standard accounts
- The minimum balance needed is Rs. 100 in rural areas but without chequebooks. In case a chequebook is needed, the minimum balance needed is Rs. 300. In urban or semi-urban areas it is Rs. 300 without chequebook and Rs. 500 with one
- All other factors are similar to standard savings account
Note: Information on the savings accounts are sketchy and it will be best if you approach the bank to open a minor account. Being a Jalandhar headquartered bank, it may be a good idea to open an account with this bank if you stay in the city or adjoining areas. The bank has a very strong growth strategy and intends to reach over 220 branches by 2021.
Reference Facts
- Capital Small Finance Bank Website: www.capitalbank.co.in
- Headquarters: Jalandhar, Punjab
- Call Centre Number: 1800 120 1600 (8 am – 8 pm)