Catholic Syrian Bank vs Union Bank of India: 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. Union Bank of India does not offer dedicated children’s account but instead offers minors the chance to have an account through its Regular Savings Account and Union Family Savings Scheme products.
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 Union Bank of India
Union Bank does not offer a dedicated children’s account. However, minors can have accounts under its Regular Savings Account and Union Family Savings Scheme products. From a reading of the website, it seems minors can also open an account through parent or guardian under the Union Flexi Savings Deposit and Union Flexi Plus Savings Deposit schemes.
Regular Savings Account
The standard savings account from the bank.
- Can be opened by an individual for her child
- Just like adults, the child is entitled to receive a free chequebook of 20 leaves every year
- Allows students to keep the account with zero balance
Union Family Savings Scheme
A savings scheme under which up to 6 family members can open accounts.
- The average quarterly balance for the entire group is Rs. 1 lakh
- Each account holder gets up to 2 chequebooks per account
- They also can make up to Rs. 20,000 in pay orders or demand drafts each month
- Each account holder can make ATM withdrawal or POS transaction of Rs. 25,000 each per day
- Family members who can be included in the account are parents, grandparents, spouse, sibling and children
Union Flexi Account and Union Flexi Plus Savings Deposit
These two are higher end savings accounts, which also come with sweep facilities to put the excess money in a fixed deposit once the transaction limit crosses a specified limit. Though the Union Bank website does not specifically mention that the accounts are available for minors, it does say that individuals can open the account.
- Catholic Syrian Bank Website: www.csb.co.in
- Headquarters: Thrissur, Kerala
- Call Centre Number: 1800 266 9090
- Union Bank of India Website: www.unionbankofindia.co.in and www.unionbankonline.co.in (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 208 2244, 1800 22 2244