IDBI Bank vs Suryoday Small Finance Bank: Children’s Savings Accounts
IDBI Bank offers two accounts called Power Kidz Account and Being Me while Suryoday Small Finance Bank does not offer a dedicated children’s account but instead offers minors the option to open a standard savings account as a minor 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 Suryoday Small Finance Bank Limited
Suryoday Small Finance Bank does not offer a dedicated children’s account and offers minors the option to open a standard savings account as a minor account. All of the bank’s savings accounts can be opened by a minor under a parent or a guardian. We take a look at the two base variants of the bank’s savings account line-up.
The account is the most basic of the savings accounts offered by Suryoday.
- The average monthly balance requirement is Rs. 2,000, though anyone choosing to open an account has to start with an initial deposit of Rs. 3,000
- Accountholders can choose to keep a fixed deposit of Rs. 10,000 in lieu of the minimum balance
- The bank offers a higher rate of interest than most other banks for similar slabs of balance. Accounts with balance up to Rs. 1 lakh earn 6.25% per annum and those with balance between Rs. lakh and Rs. 10 lakh earn 7.25%. This is as of March 2019
- The Savings Ujjwal account comes with a RuPay Classic Secure Chip Debit Card
- The daily ATM and POS limits is restricted to Rs. 20,000
- Online money transfers such as RTGS, NEFT, IMPS are chargeable after 3 transactions
- The bank offers a personal accident insurance cover of Rs. 1 lakh with the account
This savings account is ranked one step up the Savings Ujjwal.
- The account has a minimum average monthly balance of Rs. 5,000 and needs Rs. 7,500 to open the account
- Accountholders can create and keep an FD of Rs. 25,000 if they want to forego the minimum balance requirements
- The Savings Aditya account also comes with a RuPay Classic Secure Chip Debit Card
- The limit on daily ATM and POS transaction is pegged at Rs. 40,000
- Accountholders get 10 free ATM transactions on the bank’s own ATMs and up to 5 on other bank ATMs
- The accountholder can access up to 10 free RTGS, NEFT or IMPS payment transfers
- Like with the Ujjwal account, the Aditya offers a higher rate of interest
Note: Suryoday in its savings account page/tabs for each account clearly mentions that all bank’s savings accounts from Ujjwal to Savings Supreme can be opened on behalf of a minor
- IDBI Bank Website: www.idbi.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 200 1947, 1800 221 070
- Suryoday Small Finance Bank Website: www.suryodaybank.com
- Headquarters: Navi Mumbai, Maharashtra
- Call Centre Number: 1800 266 7711