IDBI Bank vs AU Small Finance Bank: Children’s Savings Accounts
IDBI Bank offers two accounts called Power Kidz Account and Being Me while AU Small Finance Bank offers a specific kid’s savings account called BACHPAN, in addition to specific and general savings accounts.
Children’s Savings Accounts from IDBI Bank Limited
IDBI Bank offers the Power Kidz Account for children. It also has a savings account targeted at the youth called the IDBI Being Me Account.
Power Kidz Account
From a reading of the website, it seems the account is not meant for kids below 10 years of age.
- Can be opened by a minor in her own name if she is over 10 years of age, or by the parent or guardian in case she is below that age
- The minimum average balance in the account is Rs. 500 but there are no charges if the minimum balance criterion is not met
- Kids above 10 years who have opened the Power Kidz Account in their own name will get an exclusively designed debit card with their name
- The bank gives a personalised chequebook to the child
- The ATM withdrawal or POS transaction limit is Rs. 2,000
- The bank offers up to 5 free transactions at non-IDBI Bank ATMs in non-metro locations
Being Me Account
A savings account designed to help the youth cultivate financial common sense.
- There are no details on the site on minimum or maximum age to open and operate the account
- A minimum amount of Rs. 2,500 is needed to open the account
- The daily limit for ATM transactions and merchant (POS) purchases is Rs. 25,000 for the Being Me Account
- The bank offers preferential rates on educational loans and gives preference to account holders to take up educational project work at the bank, provided there are seats available
- It even gives discounts on opening share trading accounts with IDBI Capital Markets & Securities
Children’s Savings Accounts from AU Small Finance Bank Limited
AU Small Finance Bank offers savings accounts that focus on specific segments of customers. For children it offers a specific kid’s savings account called BACHPAN, in addition to specific and general savings accounts.
BACHPAN Savings Account
The savings account from AU Small Finance Bank comes under its Value service offerings and is specially meant for young children.
- The account needs a minimum average balance of Rs. 500 but there are no charges if the balance dips below this minimum amount
- Interest rates offered are supposed to be better than standard savings accounts
- The bank offers a VISA Gold Bachpan Debit Card with customisable benefits for kids aged 10 years and above. The card also has various insurance benefits such as education insurance and so on
- The BACHPAN Savings Account comes with its own special features such as Sweep-in, Locker, and Cash Deposit facilities
- Accountholders or their guardians can access the account through mobile banking, phone banking and internet banking
- Customers also benefit from the bank’s extended working hours
- The bank offers free transactions at its ATMs while the limit is kept at 10 transactions per month for other bank ATMs. The bank has ATMs in 10 states according to the company’s website as of February 2019
- IDBI Bank Website: www.idbi.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 200 1947, 1800 221 070
- AU Small Finance Bank Website: www.aubank.in
- Headquarters: Jaipur, Rajasthan
- Call Centre Number: 1800 1200 1200