IDBI Bank vs South Indian Bank: Children’s Savings Accounts
IDBI Bank offers two accounts called Power Kidz Account and Being Me while South Indian Bank offers a dedicated account for students called the Junior 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 South Indian Bank Limited
South Indian Bank offers children and youth-centric accounts as well as savings accounts for women and senior citizens in addition to general savings accounts.
Junior Savings Account
This account is primarily meant for students.
- Children above the age of 10 years can open the account
- All they need is an introduction from the principal, head of department (for college) and a photo ID card. Other standard introduction measures also work
- The minimum amount needed to open this account is Rs. 10 though the minimum balance needed is Rs. 150. The bank gives a time of three months to take the balance to this level
- Chequebooks and online banking are made available when the child reaches the age of 18 years and keeps an average balance of Rs. 1,000
- The bank offers a complimentary ATM-debit card to kids having the Junior Savings Account
- Children with this account are eligible to apply for education loans from South Indian Bank
- IDBI Bank Website: www.idbi.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 200 1947, 1800 221 070
- South Indian Bank Website: www.southindianbank.com
- Headquarters: Thrissur, Kerala
- Call Centre Number: 1800 425 1809, 1800 102 9408