Central Bank of India vs Punjab National Bank
Central Bank of India has the Cent Balbhavishya deposit account for kids. This is a deposit account and the bank offers its standard savings account to children for regular transactions. In addition, Central Bank offers recurring and fixed deposits for children. Punjab National Bank offers dedicated accounts for kids such as PNB Junior SF Account and the PNB Vidyarthi SF Account.
Children’s Savings Accounts from Central Bank of India
The bank has a children-only deposit account called Cent Balbhavishya and a standard savings account that can be opened jointly with an adult or in their own name by kids above 12 years of age. It also offers its standard recurring and fixed deposits for children through joint accounts.
The deposit account was conceived with the intention of cultivating saving habits among children.
- Any child up to the age of 12 years can open the account jointly with a parent or a guardian
- The minimum deposit needed to open the account is Rs. 50 for rural and semi-urban areas and Rs. 100 for urban areas and metros
- The bank requires at least one deposit in the account every month with total amount in account for each half-year being at least Rs. 500 (rural and semi-urban) or Rs. 1,000 (urban and metros)
- No withdrawals are permitted until the child reaches the age of 18 years, unless it is to make a fixed deposit
- Accordingly, cheque books are issued only when the child reaches 18 years
- Any excess amount in the account above Rs, 10,000 may be put into a fixed deposit for a period of 6 months to 10 years
- As of July 2018, the Central Bank of India will pay an additional interest of 0.5% on any fixed deposit for the child that is created from the funds in the Cent Balbhavishya account. The standard rates will apply from the time the child attains the age of majority
Home Saving Safe Accounts
This is the standard savings account of the bank.
- It can be opened by a minor jointly with an adult if she is below 12 years of age or by the minor herself if she is over 12 years and can read and write and operate the account
- The minimum amount needed to open the Home Saving Safe Account is Rs. 250 for rural branches, Rs. 500 for semi-urban branches and Rs. 1,000 for urban and metro branches
- The bank website mentions that a birth certificate from the Gram Panchayat, Notified Area Committee or Municipal Corporation will suffice as ID proof, though it is likely that with the spread of Aadhaar, an Aadhaar card or an Aadhaar enrolment number may be required
Children’s Savings Accounts from Punjab National Bank
PNB is the second largest bank in India after SBI and offers specific accounts for children such as the PNB Junior SF Account and the PNB Vidyarthi SF Account.
PNB Junior SF Account
The account can be opened by a child through her parent or guardian or she can open and operate it herself if she has crossed 10 years of age.
- As mentioned, any child of any age can open the PNB Junior SF Account through her parent or guardian. Children over 10 years of age can open and operate the account under their own name
- There is no minimum deposit needed to open the account. Plus, there is no need for any minimum balance either
- The child can get a free cheque book of 20 leaves per six months, i.e. two chequebooks of 40 leaves per year
- Demand drafts made out to pay school or college fees are free of cost
- The bank, however, has put a limit of Rs. 5,000 on debit card use per day, be that through ATM withdrawals, POS transactions at shops (card swipe in case you are wondering) or online payments
- Kids or their parents can have a view of the account balance and transactions through both online and mobiles but transactions are not allowed
PNB Vidyarthi SF Account
The account as the name suggests is for children studying in recognised educational institutions.
- The account is available for children up to 21 years of age. Once they reach adulthood, the account becomes a standard savings account with all its perks and limitations
- Like the PNB Junior SF Account, there are no minimum balance requirements for initial deposit and average quarterly balance in the PNB Vidyarthi SF Account
- All demand drafts made out for any type of fees are free of cost
- Like the children’s account, the child is eligible to receive two chequebooks of 20 leaves each per year
- Most fees and charges in the account have been waived off by the bank through there is an annual maintenance charge for the debit card
- Central Bank of India Website: www.centralbankofindia.co.in andwww.centralbank.net.in (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll Free Number (24 hours): 1800 22 1911
- Punjab National Bank Website: www.pnbindia.in and www.netpnb.com (net banking)
- Headquarters: New Delhi, Delhi
- Call Centre Number: 1800 180 2222, 1800 103 2222