Federal Bank vs IndusInd Bank
Federal Bank offers two savings accounts called Young Champ and YuvaMitra for children and young adults. IndusInd Bank offers a dedicated children’s account called the Indus Young Saver 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.
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 IndusInd Bank
IndusInd Bank, originally a bank focussed on the non-resident Indian community, has now become one of the leading private sector banks in India. It offers a dedicated children’s account called the Indus Young Saver account.
Indus Young Saver Account
The account helps parents get an optimal mix of savings and investment options for their children.
Features
- Can be opened under the parent’s name as a guardian account or under the child’s name if she has crossed the 12 years age limit
- The account needs an average monthly balance of Rs. 5,000, which can be waived off if it is linked to a privilege account of the parent or there is a recurring deposit of at least Rs. 2,500 every month
- Children with an Indus Young Saver Account get a personalised debit card if they are over 12 years of age
- Even the chequebook can have the child’s name
Reference Facts
- Federal Bank Website: www.federalbank.co.in
- Headquarters: Aluva (Kochi), Kerala
- Call Centre Number: 1800 425 1199
- IndusInd Bank Website: www.indusind.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 500 5004, 1860 267 7777 (Credit Cards)