HDFC Bank vs Karnataka Bank: Children’s Savings Accounts
HDFC Bank offers a dedicated children’s savings account called Kids Advantage Account. Karnataka Bank offers a dedicated children’s account called KBL Kishore.
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.
- 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 Karnataka Bank
Karnataka Bank, one of the older banking institutions in the country, offers a dedicated children’s account called KBL Kishore.
The children’s account is available to kids over the age of 10 years and up to 18 years.
- The account comes without any minimum balance requirements
- The bank offers a free debit card with 24-hour cash withdrawal limit of Rs. 10,000 and POS limit of Rs. 5,000
- KBL Kishore allows parents or guardians to transfer up to Rs. 50,000 per month from their account to the child’s account
- The kids and their parents can keep a track of the account through the bank’s mobile app
- HDFC Bank Website: www.hdfcbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 258 3838
- Karnataka Bank Website: https://karnatakabank.com
- Headquarters: Mangaluru, Karnataka
- Call Centre Number: 1800 425 1444