Dhanlaxmi Bank vs IndusInd Bank: Children’s Savings Accounts
Dhanlaxmi Bank offers the Dhanam Genius Savings Account in addition to its generic savings account for children. IndusInd Bank offers a dedicated children’s account called the Indus Young Saver account.
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 IndusInd Bank
IndusInd Bank, originally a bank focussed on the non-resident Indian community, has now become one of the leading private sector banks in India. It offers a dedicated children’s account called the Indus Young Saver account.
Indus Young Saver Account
The account helps parents get an optimal mix of savings and investment options for their children.
- Can be opened under the parent’s name as a guardian account or under the child’s name if she has crossed the 12 years age limit
- The account needs an average monthly balance of Rs. 5,000, which can be waived off if it is linked to a privilege account of the parent or there is a recurring deposit of at least Rs. 2,500 every month
- Children with an Indus Young Saver Account get a personalised debit card if they are over 12 years of age
- Even the chequebook can have the child’s name
- Dhanlaxmi Bank Website: www.dhanbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Number: 0487 661 3000
- IndusInd Bank Website: www.indusind.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 500 5004, 1860 267 7777 (Credit Cards)