City Union Bank vs YES Bank: Children’s Savings Accounts
City Union Bank offers a dedicated savings account called Junior India for children. YES Bank provides one dedicated children savings account called My First YES 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 YES Bank
YES Bank offers a dedicated savings account for children called My First YES Account.
My First YES Account
The account is available for all children, from 1 day old to up to 18 years of age.
- The account has a minimum balance requirement of Rs. 2,500. However, accounts that are linked to a fixed Deposit of Rs. 25,000 do not have to maintain any minimum balance. Otherwise, the bank charges a fee of Rs. 250 per month if the minimum balance is not maintained
- Cash withdrawals at the branch are free while cash deposits per month are limited to Rs. 5 lakh or up to five transactions, whichever is less
- Children above 10 years of age get a complimentary ATM-debit card with customisable withdrawal limits of Rs. 1,000, Rs. 2,000 or Rs. 5,000 that can be defined by the guardian
- The bank offers a free personalised chequebook
- Demand drafts are issued free of charge up to defined limits
- The bank offers accountholders to view the balance online and through mobile banking
- The guardian has to have an account with YES Bank for the child to be able to open a My First YES Account
- City Union Bank Website: www.cityunionbank.com
- Headquarters: Kumbakonam, Tamil Nadu
- Call Centre Number: 044 7122 5000
- YES Bank Website: www.yesbank.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 1200