IDBI Bank vs Karur Vysya Bank: Children’s Savings Accounts
IDBI Bank offers two accounts called Power Kidz Account and Being Me while Karur Vysya Bank meanwhile offers two dedicated accounts for children called the Jumbo Kids Savings Account and the Student Savings Account.
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 Karur Vysya Bank Limited
Karur Vysya Bank offers two dedicated accounts for children called the Jumbo Kids Savings Account and the Student Savings Account.
Jumbo Kids Savings Account
Unlike most other banks that offer children’s accounts for kids up to the age of 18 years or more, Karur Vysya offers this account for children below the age of 12 years. This by itself is something that makes this account special. Let us look at features too.
- The account is available for children up to the age of 12 years (we are repeating what we have written above but we like what the bank has done and so there)
- There is no minimum balance requirement
- The account is in the name of the child though the authorised signatory is the guardian
- All cash withdrawals are to be done through the ATM and the bank offers a Visa ATM card for that purpose
- One can send or use (remittance is the word used on the bank website) up to Rs. 50,000 per day at the branch
- Children who open a Jumbo Kids Savings Account get a Jumbo (elephant) Doll
- The account does not come with a chequebook and neither does it have online or mobile banking facilities
Student Savings Account
The second account offered by the bank for children. It is meant for kids who have go to school or college and offers facilities that are meant to help children with school fees and other education-related payments.
- The account can be opened by kids below 12 years of age through a guardian, while they can open and operate one on their own if they have reached the age of 12 years
- The maximum age limit up to which one can have the account is 29 years
- The ATM debit card can be used for cash withdrawals for free at Karur Vysya ATMs and up to 5 times for free at other ATMs of banks that belong to the National Financial Switch. There is an annual maintenance charge of Rs. 75 on the card
- The chequebook is only offered to students after they have crossed 18 years of age
- There is no limit on cash remittance at the base branch though it is capped at Rs. 10,000 at non-base branches for the Student Savings Account
- An important thing to note here is that the total number of debit transactions on the account and any other linked accounts for the same person cannot be more than 90 for every six months
- IDBI Bank Website: www.idbi.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 200 1947, 1800 221 070
- Karur Vysya Bank Website: www.kvb.co.in and www.kvbin.com (net banking)
- Headquarters: Karur, Tamil Nadu
- Call Centre Number: 1860 200 1916