City Union Bank vs DCB Bank
City Union Bank offers a dedicated savings account called Junior India for children. DCB Bank does not offer a dedicated children’s account but instead offers its Classic savings account for children through parents or guardians.
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.
The account can be opened for children with ages ranging from 1 day to 18 years
- 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 DCB Bank
DCB Bank, known previously as Development Credit Bank, does not offer a dedicated children’s account though its Classic account may be available for children through their parents or guardian.
Classic Savings Bank Account
This is the standard savings bank account from the bank.
- Accountholders need to maintain a minimum balance of Rs. 5,000 for Tier I branches and Rs. 2,500 for Tier 2 branches. This amount may be less for accounts opened on behalf of minors. Details of the same are not provided clearly on the bank website and as with such instances it may be a good idea to call and ask customer care at the numbers below
- The Classic Savings Bank Account offers payable at par cheque book
- Accountholders also get unlimited free access to all the bank’s ATMs and Visa ATMs in India, provided the account has an average monthly balance of Rs.10,000
- One of the key features seems to be free unlimited use of online transfers through RTGS and NEFT
- Account holders also get complimentary internet, phone and mobile banking facilities, through the access is likely to be limited for the child directly unless they have reached a certain age, as happens with most banks
- City Union Bank Website: www.cityunionbank.com
- Headquarters: Kumbakonam, Tamil Nadu
- Call Centre Number: 044 7122 5000
- DCB Bank Website: www.dcbbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 209 5363, 1800 123 5363