Federal Bank vs Jammu & Kashmir Bank

Federal Bank vs Jammu & Kashmir Bank

Federal Bank offers two savings accounts called Young Champ and YuvaMitra for children and young adults. Jammu & Kashmir Bank does not have a specific account for minors and instead provides its savings accounts for minors above the age of 10 years.

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 Jammu & Kashmir Bank

Jammu & Kashmir Bank does not have a specific account for minors and provides its savings accounts for minors above the age of 10 years.

General Savings Account

This is the standard savings account of the bank and can be opened by individuals singly or jointly, by HUFs and by minors aged 10 years or above. Even organisations approved by RBI can open an account.

Features

  • Accountholders who have a chequebook need to maintain Rs. 2,000 as average monthly balance while those without chequebooks only need to have Rs. 1,000 as average monthly balance
  • Minors get their own ATM-debit card
  • The bank offers up to 30 free over the counter cash withdrawals for accountholders every 6 months
  • The international debit card comes with a limit of Rs. 40,000 for ATM withdrawals and Rs. 1 lakh for POS (card swipe) transactions
  • Jammu & Kashmir Bank offers complimentary online and mobile banking facilities for the General Savings Account
  • The bank offers a free chequebook of 20 leaves in a year. The number of leaves for senior citizens is 25

Deluxe Savings Account

This is a premium savings account offering from the bank and as with the general account can be opened by individuals, whether singly or jointly, by HUFs, by minors who are 10 years or above in age and by organisations approved by RBI to open a savings account.

Features

  • The account requires an average monthly balance of Rs. 5,000
  • As with the General account, the Deluxe account provides up to 30 free over the counter cash withdrawals for accountholders every six months
  • The debit card comes with a slightly higher ATM withdrawal limit of Rs. 1 lakh and POS (card swipe) transaction limit of Rs. 1.5 lakh
  • The Deluxe Savings Account comes with free online and mobile banking facilities
  • As with the General Savings Account, the Deluxe account comes with a complimentary chequebook of 20 leaves every year for regular users and of 25 leaves for senior citizens

General Small Account

This account is a type of savings account created to bring the unbanked population into the fold of the banking sector. Literate minors above the age of 10 years can open the account.

Features

  • The bank only needs a deposit of Rs. 50 to open the account though
  • The General Small Account has a maximum balance limit, however, of Rs. 50,000
  • It also comes with a cap on the maximum amount that can be credited in a year. It currently stands at Rs. 1 lakh
  • There is limit on number and amount of withdrawals and transfers each month (4 withdrawals and up to Rs. 10,000 in terms of amount)
  • The bank offers a chequebook if one maintains a balance of Rs.1,000 per month for at least 6 months

Reference Facts

  • Federal Bank Website: www.federalbank.co.in
  • Headquarters: Aluva (Kochi), Kerala
  • Call Centre Number: 1800 425 1199
  • Jammu & Kashmir Bank Website: www.jkbank.com
  • Headquarters: Srinagar, Jammu and Kashmir
  • Call Centre Number: 1800 1800 234, 1800 1800 234 (E-Banking)