Central Bank of India vs YES Bank Limited

Central Bank of India vs YES 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. YES Bank provides one dedicated children savings account called My First YES 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.

Cent Balbhavishya

The deposit account was conceived with the intention of cultivating saving habits among children.

Features

  • 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.

Features

  • 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 YES Bank Limited

YES Bank offers a dedicated savings account for children called My First YES Account.

My First YES Account

The account is available for all children, from 1 day old to up to 18 years of age.

Features

  • The account has a minimum balance requirement of Rs. 2,500. However, accounts that are linked to a fixed Deposit of Rs. 25,000 do not have to maintain any minimum balance. Otherwise, the bank charges a fee of Rs. 250 per month if the minimum balance is not maintained
  • Cash withdrawals at the branch are free while cash deposits per month are limited to Rs. 5 lakh or up to five transactions, whichever is less
  • Children above 10 years of age get a complimentary ATM-debit card with customisable withdrawal limits of Rs. 1,000, Rs. 2,000 or Rs. 5,000 that can be defined by the guardian
  • The bank offers a free personalised chequebook
  • Demand drafts are issued free of charge up to defined limits
  • The bank offers accountholders to view the balance online and through mobile banking
  • The guardian has to have an account with YES Bank for the child to be able to open a My First YES Account

Reference Facts

  • 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
  • YES Bank Website: www.yesbank.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 1200