City Union Bank vs Tamilnad Mercantile Bank

City Union Bank vs Tamilnad Mercantile Bank

City Union Bank offers a dedicated savings account called Junior India for children. Tamilnad Mercantile Bank provides a dedicated savings account for children called the Little Super Star 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.

Junior India

The account can be opened for children with ages ranging from 1 day to 18 years

Features

  • 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 Tamilnad Mercantile Bank

Tamilnad Mercantile Bank provides a dedicated savings account for children called the Little Super Star Savings Account.

Little Super Star Savings Account

Meant exclusively for kids in the 10-18 years age group, the account has been designed to habituate children to saving money.

Features

  • Accountholders can withdraw up to Rs. 5,000 per day through ATMs. Guardians are given the right to lower this amount up to Rs. 1,000 if she so deems fit. The POS limit is capped at Rs. 2,500
  • Tamilnad Mercantile Bank offers up to 10 complimentary ATM withdrawals and charges Rs. 10 for each withdrawal thereafter
  • The maximum amount that can be put in the account or taken out per month is limited to Rs. 1 lakh
  • The account needs a minimum average balance of Rs. 250. The bank limits the number of facilities it provides if this minimum balance is not maintained
  • The ATM-debit card is offered free with the account
  • Accountholders get complimentary personalised chequebook of 10 leaves every year
  • One of the unique features of this account is that the bank has allowed both internet banking and mobile banking though the limit has been capped at Rs. 2,500
  • The minor has to change the Little Super Star Savings Account into any of the standard accounts offered by the bank after she attains majority
  • Kids with the account are allowed to be a part of the bank’s Happy Family Banking Account scheme if their other family members also bank with Tamilnad Mercantile Bank

Reference Facts

  • City Union Bank Website: www.cityunionbank.com
  • Headquarters: Kumbakonam, Tamil Nadu
  • Call Centre Number: 044 7122 5000
  • Tamilnad Mercantile Bank Website: www.tmb.in
  • Headquarters: Tuticorin, Tamil Nadu
  • Call Centre Number: 1800 425 0426

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