Federal Bank vs North East Small Finance Bank
Federal Bank offers two savings accounts called Young Champ and YuvaMitra for children and young adults. North East Small Finance does not offer a dedicated savings bank account for minors. However, its standard and premium savings accounts may be available to minors, possibly jointly and to be operated by the parent or guardian.
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 North East Small Finance Bank
North East Small Finance Bank does not offer a dedicated savings bank account for minors though its standard and premium savings accounts may be available to minors, possibly jointly and to be operated by the parent or guardian.
Regular Savings Account
This is the standard savings account of the bank.
- The account has a minimum balance requirement of Rs. 500 in rural areas, Rs. 1,000 in semi-urban and Rs. 2,000 in urban areas
- Accountholders get access to personalised debit cards
- The bank offers doorstep banking facilities
- The Regular Savings Account comes with free passbooks
- Accountholders can manage and access their account details through the SMS facility or through online banking
Premium Savings Account
This savings account is one step up from the regular savings account.
- The account has a minimum average quarterly balance requirement of Rs. 25,000
- Accountholders can get five demand drafts made in a month without any charge
- The bank also offers two free NEFT, RTGS or IMPS transactions per month
- Like the standard account, the Premium Savings Account also offers free passbooks, an SMS facility and online banking options
- Federal Bank Website: www.federalbank.co.in
- Headquarters: Aluva (Kochi), Kerala
- Call Centre Number: 1800 425 1199
- North East Small Finance Bank Website: www.nesfb.com
- Headquarters: Guwahati, Assam
- Call Centre Number: 1800 121 1905