Dhanlaxmi Bank vs City Union Bank: Children’s Savings Accounts
Dhanlaxmi Bank offers the Dhanam Genius Savings Account in addition to its generic savings account for children. City Union Bank offers a dedicated savings account called Junior India for children.
Children’s Savings Accounts from Dhanlaxmi Bank
Dhanlaxmi Bank offers a specific savings account for children called Dhanam Genius Savings Account. In addition, its Regular Savings Account can also be opened on behalf of minors.
Dhanam Genius Savings Account
The Dhanam Genius Savings Account is available for children in the age bracket of 10 to 23 years.
- The account only needs a minimum balance of Rs. 500
- Comes with an auto sweep facility that puts any amount in multiples of Rs. 1,000 in a fixed deposit for 30 days when the balance crosses Rs. 5,000. Nonetheless, accountholders can withdraw the amount at any point of time
- The Dhanam Genius Savings Account allows up to Rs. 5,000 in ATM withdrawals or POS transactions
- The bank offers complimentary ATM card and up to 2 NEFT or RTGS transactions as well as demand drafts or postal orders per month. Accountholders can get a personalised photo on the card for a payment of Rs. 200
Regular Savings Account
The standard savings account from the bank comes with the following features.
- Needs an average monthly balance of Rs. 1,000
- Comes with a free chequebook and unlimited non-cash (POS, etc.) transactions
- The bank offers a doorstep banking service with this account
Children’s Savings Accounts from City Union Bank
Tamil Nadu-headquartered City Union Bank is the oldest private sector bank in the country having been established in 1904. It offers a dedicated savings account for children called Junior India. It also offers an account for young adults between the ages of 18 and 25 years called Young India.
The account can be opened for children with ages ranging from 1 day to 18 years
- The account is operated by the parent or guardian
- Children above the age of 12 years can undertake transactions at the bank or through ATMs on their own
- Account holders above 12 years also get access to internet banking (CUB Net) and mobile banking (CUB Mobile) facilities
- School and college fees can be made free of cost under the Junior India account
- Online transfer to other City Union Bank accounts through NEFT, RTGS or IMPS is free too
- The standard KYC documents and proofs are needed for both the child and the parent or guardian to open the account
- Dhanlaxmi Bank Website: www.dhanbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Number: 0487 661 3000
- City Union Bank Website: www.cityunionbank.com
- Headquarters: Kumbakonam, Tamil Nadu
- Call Centre Number: 044 7122 5000