Catholic Syrian Bank vs Federal Bank

Catholic Syrian Bank vs Federal Bank

Catholic Syrian Bank allows parents and guardians to open its various savings accounts – Orange, Silver, Gold and Platinum – on behalf of minors. Federal Bank offers two savings accounts called Young Champ and YuvaMitra for children and young adults.

Children’s Savings Accounts from Catholic Syrian Bank

Catholic Syrian Bank is one of the oldest banks in the country having been established in 1920. The bank does not offer a dedicated children’s savings bank account but its Orange, Silver, Gold and Platinum savings accounts can be opened on behalf of minors by their parents or guardian.

Orange Savings Account

This savings account comes one step up the InstaDigital Savings Account but offers lesser number of features than the Gold and Platinum accounts.

Features

  • Offers up to 5 free use of other bank ATMs
  • Allows up to Rs. 40,000 in withdrawals from ATMs per day
  • The Orange Savings Account comes with the RuPay Platinum Debit Card
  • Minimum quarterly balance needed is Rs. 1,000 for urban areas and Rs. 500 for rural regions

Silver Savings Account

The Silver Savings Account is one step up the Orange Savings Account and comes with the following features.

Features

  • Unlimited free access to any ATMs in India
  • Allows up to Rs. 75,000 in withdrawals from ATMs every day
  • Users get 20% discount on locker rentals
  • The Silver Savings Account comes with the VISA Platinum Debit Card and offers all its benefits
  • Minimum quarterly balance needed is Rs. 5,000 for urban and rural areas

Gold Savings Account

The Gold savings account from Catholic Syrian falls between the Silver and Platinum accounts. Most of its benefits are similar to the Silver account.

Features

  • Unlimited free access to any bank ATM in the country
  • Allows customers to withdraw up to Rs. 75,000 from ATMs every day
  • Users get 30% discount on locker rentals
  • The Gold Savings Account comes with the VISA Platinum Debit Card
  • Minimum quarterly balance requirement is Rs. 25,000 for urban and rural areas

Platinum Savings Account

The top savings account from Catholic Syrian Bank portfolio.

Features

  • Users have unlimited free access to any ATMs in India
  • Customers can take out up to Rs. 75,000 from any ATM every 24 hours
  • The customers also get 50% discount on locker rentals
  • Platinum Savings Account comes with the VISA Platinum Debit Card like the Silver and Gold accounts
  • Minimum quarterly balance requirement is Rs. 1 lakh for both urban and rural branches

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.

Young Champ

The account is for all children up to the age of 18 years whether resident in India or abroad.

Features

  • 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

YuvaMitra

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.

Features

  • 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

Reference Facts

  • Catholic Syrian Bank Website: www.csb.co.in
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 1800 266 9090
  • Federal Bank Website: www.federalbank.co.in
  • Headquarters: Aluva (Kochi), Kerala
  • Call Centre Number: 1800 425 1199