DCB Bank vs Nainital 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. Nainital Bank allows minors to open a Regular Saving Account through 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.
- 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 Nainital Bank
Nainital Bank does not offer a dedicated children’s savings bank account though its Regular Saving Account can be opened by a minor.
Regular Saving Account
The standard savings account from the bank, the account can be opened on behalf of minors by the guardian.
- The account is meant to cater to the savings needs of the people by providing a safe place to keep their money
- The bank has made it easy to operate the account without too much of a fuss
- The minimum balance for accounts with chequebooks is Rs 500 for rural and semi-urban branches and Rs. 1,000 for urban and metro branches. For non-chequebook accounts, the balance is Rs. 200 (rural), Rs. 300 (semi-urban), Rs. 400 (urban) and Rs. 500 (urban) locations. Details of whether the same balance requirements apply on the Regular Saving Account for minors is not available on the website as of November 2018
- DCB Bank Website: www.dcbbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 209 5363, 1800 123 5363
- Nainital Bank Website: www.nainitalbank.co.in
- Headquarters: Nainital, Uttarakhand
- Call Centre Number: +91 120 240 1083