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

Citibank offers a single dedicated children’s savings account called Citibank Junior Account. Likewise, Ujjivan Small Finance Bank offers a dedicated kid’s savings account.

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 Ujjivan Small Finance Bank

Ujjivan Small Finance Bank offers a dedicated savings account for minors.

Minor Account

The account can be opened jointly with a parent or guardian.

Features

  • There is no minimum balance requirement on the account, and consequently no charges on non-maintenance of the said balance
  • The account is operated by the parent or guardian until the child reaches the age of majority. The minor cannot operate the account independently
  • Minor accountholders get a personalised RuPay Classic Debit Card on request once they cross the age of 10 years
  • The Minor Account is converted into a regular savings account once the child reaches the age of maturity
  • The bank offers a free SMS facility on the guardian’s or the accountholder’s registered mobile number
  • Accountholders also get access to NEFT, RTGS and IMPS

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)
  • Ujjivan Small Finance Bank Website: www.ujjivansfb.in
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 208 2121