Dhanlaxmi Bank vs Nainital Bank

Dhanlaxmi Bank vs Nainital Bank

Dhanlaxmi Bank offers the Dhanam Genius Savings Account in addition to its generic savings account for children. Nainital Bank allows minors to open a Regular Saving Account through 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 Nainital Bank

Nainital Bank does not offer a dedicated children’s savings bank account though its Regular Saving Account can be opened by a minor.

Regular Saving Account

The standard savings account from the bank, the account can be opened on behalf of minors by the guardian.

Features

  • The account is meant to cater to the savings needs of the people by providing a safe place to keep their money
  • The bank has made it easy to operate the account without too much of a fuss
  • The minimum balance for accounts with chequebooks is Rs 500 for rural and semi-urban branches and Rs. 1,000 for urban and metro branches. For non-chequebook accounts, the balance is Rs. 200 (rural), Rs. 300 (semi-urban), Rs. 400 (urban) and Rs. 500 (urban) locations. Details of whether the same balance requirements apply on the Regular Saving Account for minors is not available on the website as of November 2018

Reference Facts

  • Dhanlaxmi Bank Website: www.dhanbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 0487 661 3000
  • Nainital Bank Website: www.nainitalbank.co.in
  • Headquarters: Nainital, Uttarakhand
  • Call Centre Number: +91 120 240 1083