Dhanlaxmi Bank vs UCO Bank: Children’s Savings Accounts
Dhanlaxmi Bank offers the Dhanam Genius Savings Account in addition to its generic savings account for children. UCO Bank offers its UCO Smart Kids Savings Bank Scheme for children above 10 years of age.
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 UCO Bank
The bank offers the UCO Smart Kids Savings Bank Scheme for children above the age of 10 years.
UCO Smart Kids Savings Bank Scheme
The account allows kids to open and run a savings account without any need for joint ownership with parents or guardians.
- Any literate child above the age of 10 years can open and operate the account
- There is no minimum balance requirement
- The kids get two chequebooks a year
- The ATM card is personalised with a photograph. Kids also get a good looking passbook
- Children can withdraw up to Rs. 3,000 per day subject to a limit of Rs. 15,000 per month through ATMs or net banking
- A key benefit of this UCO Smart Kids Savings Bank Scheme is the ability for children to undertake transactions through net banking after a certain period of time
- The bank also offers concessions for education loans
- Dhanlaxmi Bank Website: www.dhanbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Number: 0487 661 3000
- UCO Bank Website: www.ucobank.com and www.ucoebanking.com (net banking)
- Headquarters: Kolkata, West Bengal
- Call Centre Number: 1800 274 0123