City Union Bank vs IndusInd Bank: Children’s Savings Accounts
City Union Bank offers a dedicated savings account called Junior India for children. IndusInd Bank offers a dedicated children’s account called the Indus Young Saver 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 IndusInd Bank
IndusInd Bank, originally a bank focussed on the non-resident Indian community, has now become one of the leading private sector banks in India. It offers a dedicated children’s account called the Indus Young Saver account.
Indus Young Saver Account
The account helps parents get an optimal mix of savings and investment options for their children.
- Can be opened under the parent’s name as a guardian account or under the child’s name if she has crossed the 12 years age limit
- The account needs an average monthly balance of Rs. 5,000, which can be waived off if it is linked to a privilege account of the parent or there is a recurring deposit of at least Rs. 2,500 every month
- Children with an Indus Young Saver Account get a personalised debit card if they are over 12 years of age
- Even the chequebook can have the child’s name
- City Union Bank Website: www.cityunionbank.com
- Headquarters: Kumbakonam, Tamil Nadu
- Call Centre Number: 044 7122 5000
- IndusInd Bank Website: www.indusind.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 500 5004, 1860 267 7777 (Credit Cards)