DCB Bank vs Capital Small Finance Bank: Children’s Savings Accounts
DCB Bank does not offer a dedicated children’s account but instead offers its Classic savings account for children through parents or guardians. Capital Small Finance Bank allows kids to open its standard savings account called Normal Savings Account under guardianship.
Children’s Savings Accounts from DCB Bank
DCB Bank, known previously as Development Credit Bank, does not offer a dedicated children’s account though its Classic account may be available for children through their parents or guardian.
Classic Savings Bank Account
This is the standard savings bank account from the bank.
Features
- Accountholders need to maintain a minimum balance of Rs. 5,000 for Tier I branches and Rs. 2,500 for Tier 2 branches. This amount may be less for accounts opened on behalf of minors. Details of the same are not provided clearly on the bank website and as with such instances it may be a good idea to call and ask customer care at the numbers below
- The Classic Savings Bank Account offers payable at par cheque book
- Accountholders also get unlimited free access to all the bank’s ATMs and Visa ATMs in India, provided the account has an average monthly balance of Rs. 10,000
- One of the key features seems to be free unlimited use of online transfers through RTGS and NEFT
- Account holders also get complimentary internet, phone and mobile banking facilities, through the access is likely to be limited for the child directly unless they have reached a certain age, as happens with most banks
Children’s Savings Accounts from Capital Small Finance Bank
Capital Small Finance Bank allows a parent or guardian to open its standard savings account – Normal Savings Account – on behalf of a child.
Normal Savings Account
This is the standard savings account of the bank. We list the features below if you want to open a children’s account with the bank.
Features
- The Normal Savings Account of Capital Small Finance Bank can be opened on behalf of minors by their parent or guardian. Other accountholders have to reach the age of 18 years before they can open an account. So, in all effect, the account opened for minors can be classified as a minor’s account with different set of services than standard accounts
- The minimum balance needed is Rs. 100 in rural areas but without chequebooks. In case a chequebook is needed, the minimum balance needed is Rs. 300. In urban or semi-urban areas it is Rs. 300 without chequebook and Rs. 500 with one
- All other factors are similar to standard savings account
Note: Information on the savings accounts is sketchy and it will be best if you approach the bank to open a minor account. Being a Jalandhar headquartered bank, it may be a good idea to open an account with this bank if you stay in the city or adjoining areas. The bank has a very strong growth strategy and intends to reach over 220 branches by 2021.
Reference Facts
- DCB Bank Website: www.dcbbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 209 5363, 1800 123 5363
- Capital Small Finance Bank Website: www.capitalbank.co.in
- Headquarters: Jalandhar, Punjab
- Call Centre Number: 1800 120 1600 (8 am ? 8 pm)