Federal Bank vs Ujjivan Small Finance Bank

Federal Bank vs Ujjivan Small Finance Bank

Federal Bank offers two savings accounts called Young Champ and YuvaMitra for children and young adults. Ujjivan Small Finance Bank offers a dedicated kid’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.

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 Ujjivan Small Finance Bank

Ujjivan Small Finance Bank offers a dedicated savings account for minors.

Minor Account

The account can be opened jointly with a parent or guardian.

Features

  • There is no minimum balance requirement on the account, and consequently no charges on non-maintenance of the said balance
  • The account is operated by the parent or guardian until the child reaches the age of majority. The minor cannot operate the account independently
  • Minor accountholders get a personalised RuPay Classic Debit Card on request once they cross the age of 10 years
  • The Minor Account is converted into a regular savings account once the child reaches the age of maturity
  • The bank offers a free SMS facility on the guardian’s or the accountholder’s registered mobile number
  • Accountholders also get access to NEFT, RTGS and IMPS

Reference Facts

  • Federal Bank Website: www.federalbank.co.in
  • Headquarters: Aluva (Kochi), Kerala
  • Call Centre Number: 1800 425 1199
  • Ujjivan Small Finance Bank Website: www.ujjivansfb.in
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 208 2121