Dhanlaxmi Bank vs Fincare Small Finance Bank: Children’s Savings Accounts

Dhanlaxmi Bank vs Fincare Small Finance Bank: Children’s Savings Accounts

Dhanlaxmi Bank offers the Dhanam Genius Savings Account in addition to its generic savings account for children. Fincare Small Finance Bank does not offer a dedicated children’s account though it is likely to offer its Smart Saver or Priority Accounts to minors as a joint account with a parent or guardian.

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.

Features

  • 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.

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 Fincare Small Finance Bank

Fincare Small Finance Bank does not offer a dedicated children’s account but it is likely that it allows guardians to open a minor account under its Smart Saver or Priority Accounts.

Smart Saver Account

This is the standard savings account of the bank.

Features

  • Needs an average monthly balance of Rs. 1,000
  • Fincare Bank offers a RuPay Silver debit card to account holders
  • The card entitles the shareholder to a personal insurance cover of Rs. 1 lakh
  • Smart Saver accountholders also get access to 5 free transactions at non-metro ATMs and 3 complimentary transactions in metros

Priority Account

The priority account is a step above the Smart Saver Account.

Features

  • The account needs an average monthly balance of Rs. 10,000 or at least Rs. 1 lakh in fixed deposit
  • There are no mentions in the website of whether the Priority account can be opened by a minor or on behalf of a minor but considering the standard procedure in other banks, it is likely that any minor account that has a minimum balance of Rs. 10,000 as balance would qualify as a Priority Savings Account

Reference Facts

  • Dhanlaxmi Bank Website: www.dhanbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 0487 661 3000
  • Fincare Small Finance Bank Website: www.fincarebank.com
  • Headquarters: Bangalore, Karnataka
  • Call Centre Number: 1800 3010 0111