Federal Bank vs IDFC First Bank: Children’s Savings Accounts
Federal Bank offers two savings accounts called Young Champ and YuvaMitra for children and young adults. IDFC First Bank offers a dedicated savings bank product for children called the Minor’s Savings Account.
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.
The account is for all children up to the age of 18 years whether resident in India or abroad.
- 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
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.
- 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 IDFC First Bank
IDFC First Bank offers a dedicated savings bank product for children called the Minor’s Savings Account.
Minor’s Savings Account
The account is available to all children below 18 years of age provided the parent or guardian has an account with the bank.
- Children accountholders above 10 years of age can open and operate the account in their own name
- The bank requires a minimum deposit of Rs. 25,000 at the time of opening the account
- There is no obligation to keep a minimum balance but there is a mandatory stipulation under which a sum of Rs. 2,000 per month must be transferred for a period of 2 years from the parent’s account to the child’s account
- A debit card is only provided if it is opted for. Plus, the Minor’s Savings Account comes with specific limits of Rs. 10,000 each at domestic ATMs and POS sales
- The account comes with a sweep facility under which when the account balance crosses Rs. 15,000, the balance over and above Rs. 10,000 is transferred into a fixed deposit with a tenure of one year and one day
- Federal Bank Website: www.federalbank.co.in
- Headquarters: Aluva (Kochi), Kerala
- Call Centre Number: 1800 425 1199
- IDFC First Bank Website: www.idfcfirstbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 419 4332