HDFC Bank vs DCB Bank: Children’s Savings Accounts

HDFC Bank vs DCB Bank: Children’s Savings Accounts

HDFC Bank offers a dedicated children’s savings account called Kids Advantage Account. DCB Bank does not offer a dedicated children’s account but instead offers its Classic savings account for children through parents or guardians.

Children’s Savings Accounts from HDFC Bank

HDFC Bank, the largest private sector bank in the country in terms of market capitalisation as of September 2019, offers a dedicated children’s savings account called Kids Advantage Account.

Kids Advantage Account

The primary aim of the account is to help build a corpus for the child for her future financial needs.

Features

  • The account is available for every child up to the age of 18 years
  • The bank mandates a minimum average monthly balance of Rs. 5,000 below which it charges service fees. The service fee is Rs. Rs. 150 in case the balance is between Rs. 2,500 and Rs. 5,000, and Rs. 300 in case the balance is less than Rs. 2,500
  • Minors above the age of 10 years can open and operate the account on their own
  • HDFC Bank requires the parent or guardian to have a savings account with the bank before they can open a Kids Advantage Account
  • The international ATM-cum-Debit card debit card comes with a Rs. 2,500 ATM withdrawal limit and Rs. 10,000 POS limit per day
  • HDFC Bank also offers an education insurance cover of Rs. 1 lakh for the child in case the parent or guardian passes away in a road, rail or air accident
  • Its MoneyMaximizer option allows the accountholder to agree to a sweep-out option. Under this when the account reaches or crosses Rs. 35,000, any sum in excess of Rs. 25,000 is automatically transferred to a fixed deposit for 1 year and 1 day
  • The accountholders get a free payable at par chequebook of 25 leaves at the time of account opening and every year thereafter
  • The account comes with free net, phone and SMS banking facilities

Children’s Savings Accounts from DCB Bank

DCB Bank, known previously as Development Credit Bank, does not offer a dedicated children’s account though its Classic account may be available for children through their parents or guardian.

Classic Savings Bank Account

This is the standard savings bank account from the bank.

Features

  • Accountholders need to maintain a minimum balance of Rs. 5,000 for Tier I branches and Rs. 2,500 for Tier 2 branches. This amount may be less for accounts opened on behalf of minors. Details of the same are not provided clearly on the bank website and as with such instances it may be a good idea to call and ask customer care at the numbers below
  • The Classic Savings Bank Account offers payable at par cheque book
  • Accountholders also get unlimited free access to all the bank’s ATMs and Visa ATMs in India, provided the account has an average monthly balance of Rs.10,000
  • One of the key features seems to be free unlimited use of online transfers through RTGS and NEFT
  • Account holders also get complimentary internet, phone and mobile banking facilities, through the access is likely to be limited for the child directly unless they have reached a certain age, as happens with most banks

Reference Facts

  • HDFC Bank Website: www.hdfcbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 258 3838
  • DCB Bank Website: www.dcbbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 209 5363, 1800 123 5363