Dhanlaxmi Bank vs YES Bank
Dhanlaxmi Bank offers the Dhanam Genius Savings Account in addition to its generic savings account for children. YES Bank provides one dedicated children savings account called My First YES 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 YES Bank
YES Bank offers a dedicated savings account for children called My First YES Account.
My First YES Account
The account is available for all children, from 1 day old to up to 18 years of age.
- The account has a minimum balance requirement of Rs. 2,500. However, accounts that are linked to a fixed Deposit of Rs. 25,000 do not have to maintain any minimum balance. Otherwise, the bank charges a fee of Rs. 250 per month if the minimum balance is not maintained
- Cash withdrawals at the branch are free while cash deposits per month are limited to Rs. 5 lakh or up to five transactions, whichever is less
- Children above 10 years of age get a complimentary ATM-debit card with customisable withdrawal limits of Rs. 1,000, Rs. 2,000 or Rs. 5,000 that can be defined by the guardian
- The bank offers a free personalised chequebook
- Demand drafts are issued free of charge up to defined limits
- The bank offers accountholders to view the balance online and through mobile banking
- The guardian has to have an account with YES Bank for the child to be able to open a My First YES Account
- Dhanlaxmi Bank Website: www.dhanbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Number: 0487 661 3000
- YES Bank Website: www.yesbank.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 1200