Federal Bank vs ESAF Small Finance Bank

Federal Bank vs ESAF Small Finance Bank

Federal Bank offers two savings accounts called Young Champ and YuvaMitra for children and young adults. ESAF Small Finance Bank does not offer a dedicated children’s account, even though it has special accounts for students as well as senior citizens and women.

Children’s Savings Accounts from Federal Bank

Federal Bank offers two savings accounts called Young Champ and YuvaMitra for children. Details of whether its standard savings accounts can be opened for children are not available on the website.

Young Champ

The account is for all children up to the age of 18 years whether resident in India or abroad.

Features

  • The account needs an average monthly balance of Rs. 1,000
  • Children below 10 years can only open the account if the parent or guardian acts as the authorised signatory while kids above that age can open the account in their own name and operate it independently
  • The child also gets a specially designed debit card with a daily ATM or POS transaction limit of Rs. 2,500 with the Young Champ account
  • Charges on demand drafts for educational purposes are waived off up to a sum of Rs. 50,000
  • The bank offers reward points if the account holder or her parent or guardian opens a recurring deposit
  • Internet banking comes with a view-only facility
  • The accountholder also gets free email and mobile alerts and free standing instructions to debit account of parent and transfer the same to that of the child
  • The account cannot be opened online and the child, parent or guardian has to visit the branch

YuvaMitra

The account can be opened by any kid after they have passed class 10 and up to the time they have attained their professional degree or diploma.

Features

  • There is no minimum balance requirement for the account
  • The young adult gets a chequebook of 20 leaves a year and a debit card
  • The daily cash withdrawal and POS limits are both Rs. 50,000 for the YuvaMitra account
  • Accountholders get free internet banking, mobile banking and email alerts

Children’s Savings Accounts from ESAF Small Finance Bank

ESAF Small Finance Bank does not offer a dedicated children’s account, though it has special accounts for students, senior citizens and women. Its regular and premium accounts are likely available for minors also under the guidance of parents or guardians.

Regular Savings Account

The account is the standard savings account of the bank and comes with its set of benefits and restrictions. The minimum age of the accountholder has to be 18 years but it is very likely that this account will be also available to minors.

Features

  • The account can be opened with a minimum payment of Rs. 1,000, though the minimum average quarterly balance has to be Rs. 2,000
  • The bank limits the amount of cash one can withdraw or deposit at non-base branches (i.e. a non-home branch) to Rs. 50,000
  • The ATM withdrawal limit is pegged at Rs. 30,000 per day and POS transactions are limited to Rs. 2,000 at Tier II to Tier IV locations and Rs. 1,000 in Tier I to II locations
  • Accountholders of the Regular Savings Account can ask for and receive a chequebook of 10 leaves every 6 months
  • The customer can access the account through all modes such as online, mobile and phone banking

Premium Savings Account

The premium savings account from ESAF also warrants a minimum age limit of 18 years to become an accountholder.

Features

  • The account needs a minimum initial payment of Rs. 5,000 and the minimum average quarterly balance is Rs. 10,000
  • Unlike the standard account, there are no limits on withdrawals or deposits at non-base (i.e. non-home) branches
  • The ATM withdrawal limit is Rs. 50,000 per day for all ATMs – the bank’s own and other bank ATMs. POS limit stays the same as the standard account at Rs. 2,000 for Tier II to Tier IV locations and Rs. 1,000 for Tier I to II locations
  • Premium Savings Account holders can request and receive a chequebook of 50 leaves every 6 months
  • The account has an auto-sweep facility for fixed deposits
  • Access to the account is available through online, mobile and phone banking channels as with standard accounts

Reference Facts

  • Federal Bank Website: www.federalbank.co.in
  • Headquarters: Aluva (Kochi), Kerala
  • Call Centre Number: 1800 425 1199
  • ESAF Small Finance Bank Website: www.esafbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 1800 103 3723