HDFC Bank vs Jammu & Kashmir Bank: Children’s Savings Accounts

HDFC Bank offers a dedicated children’s savings account called Kids Advantage Account. 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 HDFC Bank

HDFC Bank, the largest private sector bank in the country in terms of market capitalisation, 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 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

  • HDFC Bank Website: www.hdfcbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 258 3838
  • Jammu & Kashmir Bank Website: www.jkbank.com
  • Headquarters: Srinagar, Jammu and Kashmir
  • Call Centre Number: 1800 1800 234, 1800 1800 234 (E-Banking)