IDBI Bank vs Fincare Small Finance Bank: Children’s Savings Accounts
IDBI Bank offers two accounts called Power Kidz Account and Being Me while Fincare Small Finance Bank does not offer a dedicated children’s account though it is likely to offer its Smart Saver or Priority Accounts to minors as a joint account with a parent or guardian.
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 Fincare Small Finance Bank Limited
Fincare Small Finance Bank does not offer a dedicated children’s account but it is likely that it allows guardians to open a minor account under its Smart Saver or Priority Accounts.
Smart Saver Account
This is the standard savings account of the bank.
- Needs an average monthly balance of Rs. 1,000
- Fincare Bank offers a RuPay Silver debit card to account holders
- The card entitles the shareholder to a personal insurance cover of Rs. 1 lakh
- Smart Saver accountholders also get access to 5 free transactions at non-metro ATMs and 3 complimentary transactions in metros
The priority account is a step above the Smart Saver Account.
- The account needs an average monthly balance of Rs. 10,000 or at least Rs. 1 lakh in fixed deposit
- There are no mentions in the website of whether the Priority account can be opened by a minor or on behalf of a minor but considering the standard procedure in other banks, it is likely that any minor account that has a minimum balance of Rs. 10,000 as balance would qualify as a Priority Savings Account
- IDBI Bank Website: www.idbi.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 200 1947, 1800 221 070
- Fincare Small Finance Bank Website: www.fincarebank.com
- Headquarters: Bangalore, Karnataka
- Call Centre Number: 1800 3010 0111