IDBI Bank vs Lakshmi Vilas Bank: Children’s Savings Accounts
IDBI Bank offers two accounts called Power Kidz Account and Being Me while Lakshmi Vilas Bank does not have an account dedicated to children below 12 years of age, to whom it offers its general savings account called Savings Bank 301 through a parent or guardian. It does have an account for kids who have crossed 12 years of age called Savings Youth Power.
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 Lakshmi Vilas Bank
Lakshmi Vilas Bank does not have an account dedicated to children below 12 years of age. It offers minors below that age its general savings account called Savings Bank 301 through a guardian. It does have an account for kids who have crossed 12 years of age called Savings Youth Power.
Savings Youth Power
This account is designed for kids in the 12-24 years age group.
- The account comes with a minimum balance of Rs. 100
- There are no cash withdrawals at the home branch but at the same time, these withdrawals are not allowed at the non-home branches
- Cash remittances are free at the home branch for all amounts but not for amounts over Rs. 5,000 at non-home branch
- Demand draft or postal order charges are waived off for educational payments but are charged at standard rates for DDs made for other reasons
- The bank does not provide any chequebook for kids up to 17 years of age. The same age criteria exist for internet banking also. Mobile banking is free
- The Savings Youth Power Account, however, does offer an international debit card powered by Visa with a daily withdrawal limit of Rs. 5,000 per day. The card is free for the first year and a fee of Rs. 100 is charged from the second year
Savings Bank 301
The primary savings account of the bank. The standard features of the account are listed below and are likely to be different for minor accounts. (We suggest readers interested in opening this account for their child to discuss the specifics with the bank.)
- It allows guardians to open accounts for minors below 12 years while kids above 12 years can open and operate the account under their own name
- The minimum deposit is Rs. 1,000 for rural, Rs. 3,000 for semi-urban and Rs. 5,000 for urban branches
- The Savings Bank 301 Account does not have any restrictions on deposit or withdrawals
- IDBI Bank Website: www.idbi.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 200 1947, 1800 221 070
- Lakshmi Vilas Bank Website: www.lvbank.com
- Headquarters: Chennai, Tamil Nadu
- Call Centre Number: 1800 425 2233