IDBI Bank vs YES Bank Limited

IDBI Bank vs YES Bank

IDBI Bank offers two accounts called Power Kidz Account and Being Me while YES Bank provides one dedicated children savings account called My First YES 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.

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 YES Bank Limited

YES Bank offers a dedicated savings account for children called My First YES Account.

My First YES Account

The account is available for all children, from 1 day old to up to 18 years of age.

Features

  • The account has a minimum balance requirement of Rs. 2,500. However, accounts that are linked to a fixed Deposit of Rs. 25,000 do not have to maintain any minimum balance. Otherwise, the bank charges a fee of Rs. 250 per month if the minimum balance is not maintained
  • Cash withdrawals at the branch are free while cash deposits per month are limited to Rs. 5 lakh or up to five transactions, whichever is less
  • Children above 10 years of age get a complimentary ATM-debit card with customisable withdrawal limits of Rs. 1,000, Rs. 2,000 or Rs. 5,000 that can be defined by the guardian
  • The bank offers a free personalised chequebook
  • Demand drafts are issued free of charge up to defined limits
  • The bank offers accountholders to view the balance online and through mobile banking
  • The guardian has to have an account with YES Bank for the child to be able to open a My First YES Account

Reference Facts

  • IDBI Bank Website: www.idbi.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 200 1947, 1800 221 070
  • YES Bank Website: www.yesbank.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 1200