Catholic Syrian Bank vs Fincare Small Finance Bank: Children’s Savings Accounts
Catholic Syrian Bank allows parents and guardians to open its various savings accounts – Blue, Silver, Gold and Platinum – on behalf of minors. Fincare Small Finance Bank does not offer a dedicated children’s account though it is likely to offer its Smart Saver or Priority Accounts to minors as a joint account with a parent or guardian.
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 Blue, Silver, Gold and Platinum savings accounts can be opened on behalf of minors by their parents or guardian.
Blue 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.
- Offers up to 5 free use of other bank ATMs
- Allows up to Rs. 40,000 in withdrawals from ATMs per day
- The Blue 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 Blue Savings Account and comes with the following 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.
- 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.
- 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 Fincare Small Finance Bank
Fincare Small Finance Bank does not offer a dedicated children’s account but it is likely that it allows guardians to open a minor account under its Smart Saver or Priority Accounts.
Smart Saver Account
This is the standard savings account of the bank.
- Needs an average monthly balance of Rs. 1,000
- Fincare Bank offers a RuPay Silver debit card to account holders
- The card entitles the shareholder to a personal insurance cover of Rs. 1 lakh
- Smart Saver accountholders also get access to 5 free transactions at non-metro ATMs and 3 complimentary transactions in metros
The priority account is a step above the Smart Saver Account.
- The account needs an average monthly balance of Rs. 10,000 or at least Rs. 1 lakh in fixed deposit
- There are no mentions in the website of whether the Priority account can be opened by a minor or on behalf of a minor but considering the standard procedure in other banks, it is likely that any minor account that has a minimum balance of Rs. 10,000 as balance would qualify as a Priority Savings Account
- Catholic Syrian Bank Website: www.csb.co.in
- Headquarters: Thrissur, Kerala
- Call Centre Number: 1800 266 9090
- Fincare Small Finance Bank Website: www.fincarebank.com
- Headquarters: Bangalore, Karnataka
- Call Centre Number: 1800 3010 0111