IDBI Bank vs Karnataka Bank Limited

IDBI Bank vs Karnataka Bank

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

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 Karnataka Bank Limited

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

  • IDBI Bank Website: www.idbi.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 200 1947, 1800 221 070
  • Karnataka Bank Website: https://karnatakabank.com
  • Headquarters: Mangaluru, Karnataka
  • Call Centre Number: 1800 425 1444