City Union Bank vs Lakshmi Vilas Bank
City Union Bank offers a dedicated savings account called Junior India for children. Lakshmi Vilas Bank does not have an account dedicated to children below 12 years of age, to whom it offers its general savings account called Savings Bank 301 through a parent or guardian. It does have an account for kids who have crossed 12 years of age called Savings Youth Power.
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 Lakshmi Vilas Bank
Lakshmi Vilas Bank does not have an account dedicated to children below 12 years of age. It offers minors below that age its general savings account called Savings Bank 301 through a guardian. It does have an account for kids who have crossed 12 years of age called Savings Youth Power.
Savings Youth Power
This account is designed for kids in the 12-24 years age group.
- The account comes with a minimum balance of Rs. 100
- There are no cash withdrawals at the home branch but at the same time, these withdrawals are not allowed at the non-home branches
- Cash remittances are free at the home branch for all amounts but not for amounts over Rs. 5,000 at non-home branch
- Demand draft or postal order charges are waived off for educational payments but are charged at standard rates for DDs made for other reasons
- The bank does not provide any chequebook for kids up to 17 years of age. The same age criteria exist for internet banking also. Mobile banking is free
- The Savings Youth Power Account, however, does offer an international debit card powered by Visa with a daily withdrawal limit of Rs. 5,000 per day. The card is free for the first year and a fee of Rs. 100 is charged from the second year
Savings Bank 301
The primary savings account of the bank. The standard features of the account are listed below and are likely to be different for minor accounts. (We suggest readers interested in opening this account for their child to discuss the specifics with the bank.)
- It allows guardians to open accounts for minors below 12 years while kids above 12 years can open and operate the account under their own name
- The minimum deposit is Rs. 1,000 for rural, Rs. 3,000 for semi-urban and Rs. 5,000 for urban branches
- The Savings Bank 301 Account does not have any restrictions on deposit or withdrawals
- City Union Bank Website: www.cityunionbank.com
- Headquarters: Kumbakonam, Tamil Nadu
- Call Centre Number: 044 7122 5000
- Lakshmi Vilas Bank Website: www.lvbank.com
- Headquarters: Chennai, Tamil Nadu
- Call Centre Number: 1800 425 2233