DCB Bank vs YES Bank

DCB Bank vs YES Bank

DCB Bank does not offer a dedicated children’s account but instead offers its Classic savings account for children through parents or guardians. YES Bank provides one dedicated children savings account called My First YES 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 YES Bank

YES Bank offers a dedicated savings account for children called My First YES Account.

My First YES Account

The account is available for all children, from 1 day old to up to 18 years of age.

Features

  • The account has a minimum balance requirement of Rs. 2,500. However, accounts that are linked to a fixed Deposit of Rs. 25,000 do not have to maintain any minimum balance. Otherwise, the bank charges a fee of Rs. 250 per month if the minimum balance is not maintained
  • Cash withdrawals at the branch are free while cash deposits per month are limited to Rs. 5 lakh or up to five transactions, whichever is less
  • Children above 10 years of age get a complimentary ATM-debit card with customisable withdrawal limits of Rs. 1,000, Rs. 2,000 or Rs. 5,000 that can be defined by the guardian
  • The bank offers a free personalised chequebook
  • Demand drafts are issued free of charge up to defined limits
  • The bank offers accountholders to view the balance online and through mobile banking
  • The guardian has to have an account with YES Bank for the child to be able to open a My First YES Account

Reference Facts

  • DCB Bank Website: www.dcbbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 209 5363, 1800 123 5363
  • YES Bank Website: www.yesbank.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 1200