DCB Bank vs Union Bank of India

DCB Bank vs Union Bank of India

DCB Bank does not offer a dedicated children’s account but instead offers its Classic savings account for children through parents or guardians. Union Bank of India does not offer dedicated children’s accounts but instead offers minors the chance to have an account through its Regular Savings Account and Union Family Savings Scheme products.

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 Union Bank of India

Union Bank does not offer a dedicated children’s account. However, minors can have accounts under its Regular Savings Account and Union Family Savings Scheme products. From a reading of the website, it seems minors can also open an account through parent or guardian under the Union Flexi Savings Deposit and Union Flexi Plus Savings Deposit schemes.

Regular Savings Account

The standard savings account from the bank.

Features

  • Can be opened by an individual for her child
  • Just like adults, the child is entitled to receive a free chequebook of 20 leaves every year
  • Allows students to keep the account with zero balance

Union Family Savings Scheme

A savings scheme under which up to 6 family members can open accounts.

Features

  • The average quarterly balance for the entire group is Rs. 1 lakh
  • Each account holder gets up to 2 chequebooks per account
  • They also can make up to Rs. 20,000 in pay orders or demand drafts each month
  • Each account holder can make ATM withdrawal or POS transaction of Rs. 25,000 each per day
  • Family members who can be included in the account are parents, grandparents, spouse, sibling and children

Union Flexi Account and Union Flexi Plus Savings Deposit

These two are higher end savings accounts, which also come with sweep facilities to put the excess money in a fixed deposit once the transaction limit crosses a specified limit. Though the Union Bank website does not specifically mention that the accounts are available for minors, it does say that individuals can open the account.

Reference Facts

  • DCB Bank Website: www.dcbbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 209 5363, 1800 123 5363
  • Union Bank of India Website: www.unionbankofindia.co.in and www.unionbankonline.co.in (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 208 2244, 1800 22 2244