DCB Bank vs Equitas Small Finance Bank
DCB Bank does not offer a dedicated children’s account but instead offers its Classic savings account for children through parents or guardians. Equitas Small Finance Bank does not have a children’s savings account but it is likely that its standard savings accounts are available to minors like other banks.
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.
- 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 Equitas Small Finance Bank
Equitas Small Finance Bank does not have a children’s savings account but it is likely that its standard savings accounts are available to minors like other banks.
My Savings Account
The account has been designed for people to save and earn interest on their money.
- There is no average quarterly balance requirements for the account
- The accountholder does not get a cheque book with the account
- The interest rates on the account are better than that for larger banks with the minimum interest starting at 5.5% for balance up to Rs. 1 lakh
- The bank however charges a fee for outward remittances on the My Savings Account. NEFT and RTGS are charged on a slab system while IMPS payments are charged a flat fee of Rs. 5 per transaction
Standard Savings Account
The account requires a minimum average quarterly balance or a minimum fixed deposit amount or a minimum level of debit card usage for purchases. Customers can also group the account with family members to tide over these restrictions.
- The minimum average quarterly balance for the account is Rs. 5,000
- Customers can choose to keep a fixed deposit of at least a year of Rs. 50,000 instead of the balance in the account
- The bank also offers the alternative to have the customer spend Rs. 4,999 using the debit card online or at POS transactions instead of the bank balance or a fixed deposit
- The account can be grouped with family members having a savings account or business having a current account of higher value. The minimum balance requirements can be avoided this way
- Accountholders get a Platinum or Signature debit card
- Standard Savings Account holders get a complimentary chequebook of 25 leaves every half year
- The bank offers 5 free transactions across RTGS, NEFT, IMPS, demand drafts, cash or cheques
Regular Savings Account
The Regular Savings Account from Equitas Small Finance Bank is a step up from the Standard Savings Account
- The minimum average quarterly balance for this account is Rs. 10,000
- Like the Standard Account, customers can choose to keep a Rs. 50,000 fixed deposit for at least a year instead of the average quarterly balance in the account
- The minimum debit card spend limit if one chooses to not keep the minimum balance or have an FD with the bank is Rs. 9,999. The limit considers both online and POS transactions
- Like the standard savings account, this one also can be grouped with family members or a business to avoid minimum balance requirements. With family members, the other savings account should have a higher value. With a business, the current account should have at least similar value
- Customers get a Platinum debit card with the account
- Regular Savings Account holders are given a free 25 leaves chequebook every quarter
- The bank offers 8 free transactions across RTGS, NEFT, IMPS, demand drafts, cash or cheques
- DCB Bank Website: www.dcbbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 209 5363, 1800 123 5363
- Equitas Small Finance Bank Website: www.equitasbank.com
- Headquarters: Chennai, Tamil Nadu
- Call Centre Number: 1800 103 1222