City Union Bank vs Bank of India: Children’s Savings Accounts

City Union Bank vs Bank of India: Children’s Savings Accounts

City Union Bank offers a dedicated savings account called Junior India for children. Bank of India has a youth-oriented account called BOI Star Yuva Account.

Let us look at each of these accounts.

Children’s Savings Accounts from City Union Bank

Tamil Nadu-headquartered City Union Bank is the oldest private sector bank in the country having been established in 1904. It offers a dedicated savings account for children called Junior India. It also offers an account for young adults between the ages of 18 and 25 years called Young India.

Junior India

The account can be opened for children with ages ranging from 1 day to 18 years

Features

  • The account is operated by the parent or guardian
  • Children above the age of 12 years can undertake transactions at the bank or through ATMs on their own
  • Account holders above 12 years also get access to internet banking (CUB Net) and mobile banking (CUB Mobile) facilities
  • School and college fees can be made free of cost under the Junior India account
  • Online transfer to other City Union Bank accounts through NEFT, RTGS or IMPS is free too
  • The standard KYC documents and proofs are needed for both the child and the parent or guardian to open the account

Children’s Savings Accounts from Bank of India

Bank of India does not have a specific children’s savings account, though it does have an account for the youth called BOI Star Yuva Account. Minors can open a standard savings account.

BOI Star Yuva Account

The account was conceptualised to inculcate saving habits among the youth. The website does not specifically provide a minimum age for account opening but from reading of the features it seems to be young adults aged 18 years or above.

Features

  • The minimum quarterly balance requirement is Rs. 2,500 in rural and semi-urban areas and Rs. 5,000 in urban areas and metros
  • BOI offers a complimentary insurance of Rs. 50,000 for account holders in the 18-21 years age category and of Rs. 5,00,000 (Rs. 5 lakh) for account holders above 21 years
  • The bank also offers reward points for every time the account debit card is used for cash withdrawals in its ATMs. 20 reward points are given at BOI Star Yuva Account opening

Savings Bank Ordinary Account

The account is the standard savings account that can be opened for a minor, usually under joint names.

Features

  • Being a nationalised bank, BOI is able to offer its Savings Bank Ordinary Account with considerable low balance requirements. The initial deposit and average quarterly balance is Rs. 500 if the minor / guardian needs a chequebook and Rs. 100 if the account is operated without a chequebook
  • The bank offers certain benefits to customers of the savings account. For instance, an online income tax filing facility, free payment of utility bills and a BOI-National Swasthya Bima Policy floater mediclaim policy in collaboration with National Insurance at a low premium. A point to note is that kids usually do not need these services

Reference Facts

  • City Union Bank Website: www.cityunionbank.com
  • Headquarters: Kumbakonam, Tamil Nadu
  • Call Centre Number: 044 7122 5000
  • Bank of India Website: www.bankofindia.co.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 220 229, 1800 103 1906