IDBI Bank vs North East Small Finance Bank: Children’s Savings Accounts
IDBI Bank offers two accounts called Power Kidz Account and Being Me while North East Small Finance does not offer a dedicated savings bank account for minors. However, its standard and premium savings accounts may be available to minors, possibly jointly and to be operated by the 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.
- 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 North East Small Finance Bank Limited
North East Small Finance Bank does not offer a dedicated savings bank account for minors though its standard and premium savings accounts may be available to minors, possibly jointly and to be operated by the parent or guardian.
Regular Savings Account
This is the standard savings account of the bank.
- The account has a minimum balance requirement of Rs. 500 in rural areas, Rs. 1,000 in semi-urban and Rs. 2,000 in urban areas
- Accountholders get access to personalised debit cards
- The bank offers doorstep banking facilities
- The Regular Savings Account comes with free passbooks
- Accountholders can manage and access their account details through the SMS facility or through online banking
Premium Savings Account
This savings account is one step up from the regular savings account.
- The account has a minimum average quarterly balance requirement of Rs. 25,000
- Accountholders can get five demand drafts made in a month without any charge
- The bank also offers two free NEFT, RTGS or IMPS transactions per month
- Like the standard account, the Premium Savings Account also offers free passbooks, an SMS facility and online banking options
- IDBI Bank Website: www.idbi.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 200 1947, 1800 221 070
- North East Small Finance Bank Website: www.nesfb.com
- Headquarters: Guwahati, Assam
- Call Centre Number: 1800 121 1905