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

Citibank offers a single dedicated children’s savings account called Citibank Junior Account. However, Jana Small Finance Bank does not offer a dedicated minor savings account even though the standard savings account can be opened by a minor jointly 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 Jana Small Finance Bank

Jana Small Finance Bank does not offer a dedicated minor savings account and though it does not mention clearly on its website if the regular savings account is open for minors, reading of the Terms and Conditions of the service charges file shows that the account can be opened by or on behalf of minors.

Regular Savings Account

This is the standard savings account of the bank.

Features

  • The bank needs an average monthly balance of Rs. 2,500
  • The Regular Savings Account comes with a RuPay Debit Card
  • The bank has not put a cap on the number of withdrawals the accountholder can make though the bank’s ATMs, except for minors where it has been pegged at Rs. 10,000 per month
  • The bank has put a limit on the amount that can be withdrawn from the ATM or be spent at POS transaction for minor accounts. The cash withdrawal limit is Rs. 5,000 and the POS limit is Rs. 10,000 per day
  • The bank accountholder gets 3 complimentary cash transactions at other bank ATMs in metro locations and 5 at non-metro locations
  • Accountholders get one complimentary chequebook for each quarter
  • The company offers the customer the option of getting an SMS alert facility on payment of Rs. 15 per quarter

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)
  • Jana Small Finance Bank Website: www.janabank.com
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 2080, 1800 4200