City Union Bank vs Karur Vysya Bank
City Union Bank offers a dedicated savings account called Junior India for children. Karur Vysya Bank meanwhile offers two dedicated accounts for children called the Jumbo Kids Savings Account and the Student 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 Karur Vysya Bank
Karur Vysya Bank offers two dedicated accounts for children called the Jumbo Kids Savings Account and the Student Savings Account.
Jumbo Kids Savings Account
Unlike most other banks that offer children’s accounts for kids up to the age of 18 years or more, Karur Vysya offers this account for children below the age of 12 years. This by itself is something that makes this account special. Let us look at features too.
- The account is available for children up to the age of 12 years (we are repeating what we have written above but we like what the bank has done and so there)
- There is no minimum balance requirement
- The account is in the name of the child though the authorised signatory is the guardian
- All cash withdrawals are to be done through the ATM and the bank offers a Visa ATM card for that purpose
- One can send or use (remittance is the word used on the bank website) up to Rs. 50,000 per day at the branch
- Children who open a Jumbo Kids Savings Account get a Jumbo (elephant) Doll
- The account does not come with a chequebook and neither does it have online or mobile banking facilities
Student Savings Account
The second account offered by the bank for children. It is meant for kids who have go to school or college and offers facilities that are meant to help children with school fees and other education-related payments.
- The account can be opened by kids below 12 years of age through a guardian, while they can open and operate one on their own if they have reached the age of 12 years
- The maximum age limit up to which one can have the account is 29 years
- The ATM debit card can be used for cash withdrawals for free at Karur Vysya ATMs and up to 5 times for free at other ATMs of banks that belong to the National Financial Switch. There is an annual maintenance charge of Rs. 75 on the card
- The chequebook is only offered to students after they have crossed 18 years of age
- There is no limit on cash remittance at the base branch though it is capped at Rs. 10,000 at non-base branches for the Student Savings Account
- An important thing to note here is that the total number of debit transactions on the account and any other linked accounts for the same person cannot be more than 90 for every six months
- City Union Bank Website: www.cityunionbank.com
- Headquarters: Kumbakonam, Tamil Nadu
- Call Centre Number: 044 7122 5000
- Karur Vysya Bank Website: www.kvb.co.in and www.kvbin.com (net banking)
- Headquarters: Karur, Tamil Nadu
- Call Centre Number: 1860 200 1916