Citibank vs Fincare Small Finance Bank: Children’s Savings Accounts

Citibank offers a single dedicated children’s savings account called Citibank Junior Account. However, 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 Citibank

Citibank offers the Citibank Junior Account as a children’s savings account.

Citibank Junior Account

The account is available for all children below the age of 18 years.

Features

  • Need at least two accountholders of whom the first is the minor and the second the parent or guardian
  • Comes with Systematic Investment Plans that helps the parent plan the child’s future
  • Children above the age of 15 years also get a debit card
  • The Citibank Junior Account comes with two insurance plan options – BSLI Classic Child Plan and Dream Child Plan – that allow the parent to plan for the child’s education. The bank offers 10 different investment funds under the Classic Child Plan
  • Accountholders can open their children’s Investment Services Accounts with the bank. They get online access to the investments and also get comprehensive reports on financial markets

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.

Features

  • 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

Priority Account

The priority account is a step above the Smart Saver Account.

Features

  • 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

Reference Facts

  • Citibank Website: www.online.citibank.co.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 210 2484, +91 22 4955 2484 (from outside India)
  • Fincare Small Finance Bank Website: www.fincarebank.com
  • Headquarters: Bangalore, Karnataka
  • Call Centre Number: 1800 3010 0111