DCB Bank vs Fincare 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. Fincare Small Finance Bank does not offer a dedicated children’s account though it is likely to offer its Smart Saver or Priority Accounts to minors as a joint account with a parent or guardian.

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 Fincare Small Finance Bank

Fincare Small Finance Bank does not offer a dedicated children’s account but it is likely that it allows guardians to open a minor account under its Smart Saver or Priority Accounts.

Smart Saver Account

This is the standard savings account of the bank.

Features

  • Needs an average monthly balance of Rs. 1,000
  • Fincare Bank offers a RuPay Silver debit card to account holders
  • The card entitles the shareholder to a personal insurance cover of Rs. 1 lakh
  • Smart Saver accountholders also get access to 5 free transactions at non-metro ATMs and 3 complimentary transactions in metros

Priority Account

The priority account is a step above the Smart Saver Account.

Features

  • The account needs an average monthly balance of Rs. 10,000 or at least Rs. 1 lakh in fixed deposit
  • There are no mentions in the website of whether the Priority account can be opened by a minor or on behalf of a minor but considering the standard procedure in other banks, it is likely that any minor account that has a minimum balance of Rs. 10,000 as balance would qualify as a Priority Savings Account

Reference Facts

  • DCB Bank Website: www.dcbbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 209 5363, 1800 123 5363
  • Fincare Small Finance Bank Website: www.fincarebank.com
  • Headquarters: Bangalore, Karnataka
  • Call Centre Number: 1800 3010 0111