Catholic Syrian Bank vs South Indian 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. South Indian Bank offers a dedicated account for students called the Junior Savings Account.
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 Orange 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 South Indian Bank
South Indian Bank offers children and youth-centric accounts as well as savings accounts for women and senior citizens in addition to general savings accounts.
Junior Savings Account
This account is primarily meant for students.
- Children above the age of 10 years can open the account
- All they need is an introduction from the principal, head of department (for college) and a photo ID card. Other standard introduction measures also work
- The minimum amount needed to open this account is Rs. 10 though the minimum balance needed is Rs. 150. The bank gives a time of three months to take the balance to this level
- Chequebooks and online banking are made available when the child reaches the age of 18 years and keeps an average balance of Rs. 1,000
- The bank offers a complimentary ATM-debit card to kids having the Junior Savings Account
- Children with this account are eligible to apply for education loans from South Indian Bank
- Catholic Syrian Bank Website: www.csb.co.in
- Headquarters: Thrissur, Kerala
- Call Centre Number: 1800 266 9090
- South Indian Bank Website: www.southindianbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Number: 1800 425 1809, 1800 102 9408