HDFC Bank vs UCO Bank
HDFC Bank offers a dedicated children’s savings account called Kids Advantage Account. UCO Bank offers its UCO Smart Kids Savings Bank Scheme for children above 10 years of age.
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 UCO Bank
The bank offers the UCO Smart Kids Savings Bank Scheme for children above the age of 10 years.
UCO Smart Kids Savings Bank Scheme
The account allows kids to open and run a savings account without any need for joint ownership with parents or guardians.
- Any literate child above the age of 10 years can open and operate the account
- There is no minimum balance requirement
- The kids get two chequebooks a year
- The ATM card is personalised with a photograph. Kids also get a good looking passbook
- Children can withdraw up to Rs. 3,000 per day subject to a limit of Rs. 15,000 per month through ATMs or net banking
- A key benefit of this UCO Smart Kids Savings Bank Scheme is the ability for children to undertake transactions through net banking after a certain period of time
- The bank also offers concessions for education loans
- HDFC Bank Website: www.hdfcbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 258 3838
- UCO Bank Website: www.ucobank.com and www.ucoebanking.com (net banking)
- Headquarters: Kolkata, West Bengal
- Call Centre Number: 1800 274 0123