Citibank vs Karnataka Bank: Children’s Savings Accounts

Citibank offers a single dedicated children’s savings account called Citibank Junior Account. Likewise, Karnataka Bank offers a dedicated children’s account called KBL Kishore.

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 Karnataka Bank

Karnataka Bank, one of the older banking institutions in the country, offers a dedicated children’s account called KBL Kishore.

KBL Kishore

The children’s account is available to kids over the age of 10 years and up to 18 years.

Features

  • The account comes without any minimum balance requirements
  • The bank offers a free debit card with 24-hour cash withdrawal limit of Rs. 10,000 and POS limit of Rs. 5,000
  • KBL Kishore allows parents or guardians to transfer up to Rs. 50,000 per month from their account to the child’s account
  • The kids and their parents can keep a track of the account through the bank’s mobile app

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)
  • Karnataka Bank Website: https://karnatakabank.com
  • Headquarters: Mangaluru, Karnataka
  • Call Centre Number: 1800 425 1444