IDBI Bank vs Karnataka Bank

IDBI Bank vs Karnataka Bank: Children’s Savings Accounts

IDBI Bank offers two accounts called Power Kidz Account and Being Me while Karnataka Bank offers a dedicated children’s account called KBL Kishore.

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

Karnataka Bank, one of the older banking institutions in the country, offers a dedicated children’s account called KBL Kishore.

KBL Kishore

The children’s account is available to kids over the age of 10 years and up to 18 years.

Features

The account comes without any minimum balance requirements
The bank offers a free debit card with 24-hour cash withdrawal limit of Rs. 10,000 and POS limit of Rs. 5,000
KBL Kishore allows parents or guardians to transfer up to Rs. 50,000 per month from their account to the child’s account
The kids and their parents can keep a track of the account through the bank’s mobile app

Reference Facts