IDBI Bank vs Jana Small Finance Bank Limited

IDBI Bank vs Jana Small Finance Bank

IDBI Bank offers two accounts called Power Kidz Account and Being Me while Jana Small Finance Bank does not offer a dedicated minor savings account even though the standard savings account can be opened by a minor jointly 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.

Features

  • 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.

Features

  • 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 Jana Small Finance Bank Limited

Jana Small Finance Bank does not offer a dedicated minor savings account and though it does not mention clearly on its website if the regular savings account is open for minors, reading of the Terms and Conditions of the service charges file shows that the account can be opened by or on behalf of minors.

Regular Savings Account

This is the standard savings account of the bank.

Features

  • The bank needs an average monthly balance of Rs. 2,500
  • The Regular Savings Account comes with a RuPay Debit Card
  • The bank has not put a cap on the number of withdrawals the accountholder can make though the bank’s ATMs, except for minors where it has been pegged at Rs. 10,000 per month
  • The bank has put a limit on the amount that can be withdrawn from the ATM or be spent at POS transaction for minor accounts. The cash withdrawal limit is Rs. 5,000 and the POS limit is Rs. 10,000 per day
  • The bank accountholder gets 3 complimentary cash transactions at other bank ATMs in metro locations and 5 at non-metro locations
  • Accountholders get one complimentary chequebook for each quarter
  • The company offers the customer the option of getting an SMS alert facility on payment of Rs. 15 per quarter

Reference Facts

  • IDBI Bank Website: www.idbi.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 200 1947, 1800 221 070
  • Jana Small Finance Bank Website: www.janabank.com
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 2080, 1800 4200