Dhanlaxmi Bank vs RBL Bank: Children’s Savings Accounts
Dhanlaxmi Bank offers the Dhanam Genius Savings Account in addition to its generic savings account for children. RBL Bank does not offer a dedicated children’s savings bank account but instead may offer its generic savings account under guardianship of 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.
- 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 RBL Bank
RBL Bank does not offer a dedicated children’s savings bank account. We look at it standard savings account that like other banks that do not offer a specific children’s account is likely to be offered to minors through a parent or guardian.
Prime Savings Account
The prime savings account is the standard savings account of the bank and can be opened on behalf of a minor by the parent or guardian.
- The prime savings account is the standard savings account of the bank and comes with a minimum balance requirement of Rs. 5,000. Whether the same balance is required for minor account is not available on the site
- The minor account is closed on the child attaining majority and she has to submit KYC documents along with an account opening form to open a new account
- The account offers unlimited free transactions at RBL Bank ATMs and up to five complimentary transactions at other bank ATMs
- The account offers some of the best fixed deposit rates for banks in India
- RBL Bank offers wealth management options for its Prime Savings Account customers and it is likely to offer wealth growth options for its minor customers also
Note: The RBL Bank site has been designed for the mobile users and information is kept limited to perhaps enhance mobile user experience. It is suggested that you call the bank at the number below or visit the nearest branch if you are looking for more information on children’s or other accounts.
- Dhanlaxmi Bank Website: www.dhanbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Number: 0487 661 3000
- RBL Bank Website: www.rblbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 123 8040