Dhanlaxmi Bank vs Suryoday Small Finance Bank
Dhanlaxmi Bank offers the Dhanam Genius Savings Account in addition to its generic savings account for children. Suryoday Small Finance Bank does not offer a dedicated children’s account but instead offers minors the option to open a standard savings account as a minor 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 Suryoday Small Finance Bank
Suryoday Small Finance Bank does not offer a dedicated children’s account and offers minors the option to open a standard savings account as a minor account. All of the bank’s savings accounts can be opened by a minor under a parent or a guardian. We take a look at the two base variants of the bank’s savings account line-up.
The account is the most basic of the savings accounts offered by Suryoday.
- The average monthly balance requirement is Rs. 2,000, though anyone choosing to open an account has to start with an initial deposit of Rs. 3,000
- Accountholders can choose to keep a fixed deposit of Rs. 10,000 in lieu of the minimum balance
- The bank offers a higher rate of interest than most other banks for similar slabs of balance. Accounts with balance up to Rs. 1 lakh earn 6.25% per annum and those with balance between Rs. lakh and Rs. 10 lakh earn 7.25%. This is as of March 2019
- The Savings Ujjwal account comes with a RuPay Classic Secure Chip Debit Card
- The daily ATM and POS limits is restricted to Rs. 20,000
- Online money transfers such as RTGS, NEFT, IMPS are chargeable after 3 transactions
- The bank offers a personal accident insurance cover of Rs. 1 lakh with the account
This savings account is ranked one step up the Savings Ujjwal.
- The account has a minimum average monthly balance of Rs. 5,000 and needs Rs. 7,500 to open the account
- Accountholders can create and keep an FD of Rs. 25,000 if they want to forego the minimum balance requirements
- The Savings Aditya account also comes with a RuPay Classic Secure Chip Debit Card
- The limit on daily ATM and POS transaction is pegged at Rs. 40,000
- Accountholders get 10 free ATM transactions on the bank’s own ATMs and up to 5 on other bank ATMs
- The accountholder can access up to 10 free RTGS, NEFT or IMPS payment transfers
- Like with the Ujjwal account, the Aditya offers a higher rate of interest
Note: Suryoday in its savings account page/tabs for each account clearly mentions that all bank’s savings accounts from Ujjwal to Savings Supreme can be opened on behalf of a minor
- Dhanlaxmi Bank Website: www.dhanbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Number: 0487 661 3000
- Suryoday Small Finance Bank Website: www.suryodaybank.com
- Headquarters: Navi Mumbai, Maharashtra
- Call Centre Number: 1800 266 7711