DCB Bank vs Tamilnad Mercantile Bank

DCB Bank vs Tamilnad Mercantile Bank

DCB Bank does not offer a dedicated children’s account but instead offers its Classic savings account for children through parents or guardians. Tamilnad Mercantile Bank provides a dedicated savings account for children called the Little Super Star Savings Account.

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 Tamilnad Mercantile Bank

Tamilnad Mercantile Bank provides a dedicated savings account for children called the Little Super Star Savings Account.

Little Super Star Savings Account

Meant exclusively for kids in the 10-18 years age group, the account has been designed to habituate children to saving money.

Features

  • Accountholders can withdraw up to Rs. 5,000 per day through ATMs. Guardians are given the right to lower this amount up to Rs. 1,000 if she so deems fit. The POS limit is capped at Rs. 2,500
  • Tamilnad Mercantile Bank offers up to 10 complimentary ATM withdrawals and charges Rs. 10 for each withdrawal thereafter
  • The maximum amount that can be put in the account or taken out per month is limited to Rs. 1 lakh
  • The account needs a minimum average balance of Rs. 250. The bank limits the number of facilities it provides if this minimum balance is not maintained
  • The ATM-debit card is offered free with the account
  • Accountholders get complimentary personalised chequebook of 10 leaves every year
  • One of the unique features of this account is that the bank has allowed both internet banking and mobile banking though the limit has been capped at Rs. 2,500
  • The minor has to change the Little Super Star Savings Account into any of the standard accounts offered by the bank after she attains majority
  • Kids with the account are allowed to be a part of the bank’s Happy Family Banking Account scheme if their other family members also bank with Tamilnad Mercantile Bank

Reference Facts

  • DCB Bank Website: www.dcbbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 209 5363, 1800 123 5363
  • Tamilnad Mercantile Bank Website: www.tmb.in
  • Headquarters: Tuticorin, Tamil Nadu
  • Call Centre Number: 1800 425 0426