HDFC Bank vs Punjab & Sind Bank: Children’s Savings Accounts

HDFC Bank vs Punjab & Sind Bank: Children’s Savings Accounts

HDFC Bank offers a dedicated children’s savings account called Kids Advantage Account. Punjab & Sind Bank does not offer a dedicated children’s savings account.

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 Punjab & Sind Bank

The bank does not offer any children centric savings account, though its website does say that student beneficiaries of Government schemes can open a Basic Savings Bank Deposit Account.

Basic Savings Bank Deposit Account

This account as the name suggests is a basic savings account with some minimum levels of savings account services.

Features

  • There is no minimum balance requirement
  • Students who are beneficiaries of Government schemes can open the account with an initial deposit of Rs.10 only
  • Account holders can make up to four withdrawals in a month though there is no limit on the number of deposits

Savings Bank Account

Though it is not mentioned specifically, it is likely that the bank offers its savings account for minors also jointly with a parent or guardian.

Features

  • Has a minimum balance requirement of Rs. 500 for rural branches and urban ones that do not need a chequebook. Urban account holders who need chequebooks need to keep a minimum balance of Rs. 1,000
  • Accountholders cannot make more than 50 withdrawals every half year

Reference Facts

  • HDFC Bank Website: www.hdfcbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 258 3838
  • Punjab & Sind Bank Website: www.psbindia.com
  • Headquarters: New Delhi, Delhi
  • Call Centre Number: 1800 419 8300