DCB Bank vs RBL 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. RBL Bank does not offer a dedicated children’s savings bank account but instead may offer its generic savings account under guardianship of 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 RBL Bank

RBL Bank does not offer a dedicated children’s savings bank account. We look at it standard savings account that like other banks that do not offer a specific children’s account is likely to be offered to minors through a parent or guardian.

Prime Savings Account

The prime savings account is the standard savings account of the bank and can be opened on behalf of a minor by the parent or guardian.

Features

  • The prime savings account is the standard savings account of the bank and comes with a minimum balance requirement of Rs. 5,000. Whether the same balance is required for minor account is not available on the site
  • The minor account is closed on the child attaining majority and she has to submit KYC documents along with an account opening form to open a new account
  • The account offers unlimited free transactions at RBL Bank ATMs and up to five complimentary transactions at other bank ATMs
  • The account offers some of the best fixed deposit rates for banks in India
  • RBL Bank offers wealth management options for its Prime Savings Account customers and it is likely to offer wealth growth options for its minor customers also

Note: The RBL Bank site has been designed for the mobile users and information is kept limited to perhaps enhance mobile user experience. It is suggested that you call the bank at the number below or visit the nearest branch if you are looking for more information on children’s or other accounts.

Reference Facts

  • DCB Bank Website: www.dcbbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 209 5363, 1800 123 5363
  • RBL Bank Website: www.rblbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 123 8040