Fincare Small Finance Bank Children’s Savings Accounts
Fincare Small Finance Bank was formed in 2007 as Disha Microfin Limited and converted into Fincare Bank after receiving its small finance bank license in 2017. The bank does not offer a dedicated children’s account but it is likely that it allows guardians to open a minor account under its Smart Saver or Priority Accounts.
Smart Saver Account
This is the standard savings account of the bank.
Features
- Needs an average monthly balance of Rs. 1,000
- Fincare Bank offers a Rupay Silver debit card to account holders
- The card entitles the shareholder to a personal insurance cover of Rs. 1 lakh
- Smart Saver accountholders also get access to 5 free transactions at non-metro ATMs and 3 complimentary transactions in metros
Priority Account
The priority account is a step above the Smart Saver Account.
Features
- The account needs an average monthly balance of Rs. 10,000 or at least Rs. 1 lakh in fixed deposit
- There are no mentions in the website of whether the Priority account can be opened by a minor or on behalf of a minor but considering the standard procedure in other banks, it is likely that any minor account that has a minimum balance of Rs. 10,000 as balance would qualify as a Priority Savings Account
Reference Facts
- Fincare Small Finance Bank Website: fincarebank.com
- Headquarters: Bangalore, Karnataka
- Call Centre Number: 1800 3010 0111