IDBI Bank vs Nainital Bank Limited: Children’s Savings Accounts

IDBI Bank vs Nainital Bank: Children’s Savings Accounts

IDBI Bank offers two accounts called Power Kidz Account and Being Me while Nainital Bank allows minors to open a Regular Saving Account through 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 Nainital Bank Limited

Nainital Bank does not offer a dedicated children’s savings bank account though its Regular Saving Account can be opened by a minor.

Regular Saving Account

The standard savings account from the bank, the account can be opened on behalf of minors by the guardian.

Features

  • The account is meant to cater to the savings needs of the people by providing a safe place to keep their money
  • The bank has made it easy to operate the account without too much of a fuss
  • The minimum balance for accounts with chequebooks is Rs 500 for rural and semi-urban branches and Rs. 1,000 for urban and metro branches. For non-chequebook accounts, the balance is Rs. 200 (rural), Rs. 300 (semi-urban), Rs. 400 (urban) and Rs. 500 (urban) locations. Details of whether the same balance requirements apply on the Regular Saving Account for minors is not available on the website as of November 2018

Reference Facts

  • IDBI Bank Website: www.idbi.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 200 1947, 1800 221 070
  • Nainital Bank Website: www.nainitalbank.co.in
  • Headquarters: Nainital, Uttarakhand
  • Call Centre Number: +91 120 240 1083