City Union Bank vs IDFC First Bank: Children’s Savings Accounts
City Union Bank offers a dedicated savings account called Junior India for children. IDFC First Bank offers a dedicated savings bank product for children called the Minor’s Savings Account.
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 IDFC First Bank
IDFC First Bank offers a dedicated savings bank product for children called the Minor’s Savings Account.
Minor’s Savings Account
The account is available to all children below 18 years of age provided the parent or guardian has an account with the bank.
- Children accountholders above 10 years of age can open and operate the account in their own name
- The bank requires a minimum deposit of Rs. 25,000 at the time of opening the account
- There is no obligation to keep a minimum balance but there is a mandatory stipulation under which a sum of Rs. 2,000 per month must be transferred for a period of 2 years from the parent’s account to the child’s account
- A debit card is only provided if it is opted for. Plus, the Minor’s Savings Account comes with specific limits of Rs. 10,000 each at domestic ATMs and POS sales
- The account comes with a sweep facility under which when the account balance crosses Rs. 15,000, the balance over and above Rs. 10,000 is transferred into a fixed deposit with a tenure of one year and one day
- City Union Bank Website: www.cityunionbank.com
- Headquarters: Kumbakonam, Tamil Nadu
- Call Centre Number: 044 7122 5000
- IDFC First Bank Website: www.idfcfirstbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 419 4332