IDFC First Bank vs Capital Small Finance Bank: Children’s Savings Accounts

IDFC First Bank vs Capital Small Finance Bank: Children’s Savings Accounts

IDFC First Bank offers a dedicated savings bank product for children called the Minor’s Savings Account. Capital Small Finance Bank allows kids to open its standard savings account called Normal Savings Account under guardianship.

Children’s Savings Accounts from IDFC First Bank

IDFC First Bank offers a dedicated savings bank product for children called the Minor’s Savings Account.

Minor’s Savings Account

The account is available to all children below 18 years of age provided the parent or guardian has an account with the bank.

Features

  • Children accountholders above 10 years of age can open and operate the account in their own name
  • The bank requires a minimum deposit of Rs. 25,000 at the time of opening the account
  • There is no obligation to keep a minimum balance but there is a mandatory stipulation under which a sum of Rs. 2,000 per month must be transferred for a period of 2 years from the parent’s account to the child’s account
  • A debit card is only provided if it is opted for. Plus, the Minor’s Savings Account comes with specific limits of Rs. 10,000 each at domestic ATMs and POS sales
  • The account comes with a sweep facility under which when the account balance crosses Rs. 15,000, the balance over and above Rs. 10,000 is transferred into a fixed deposit with a tenure of one year and one day

Children’s Savings Accounts from Capital Small Finance Bank

Capital Small Finance Bank allows a parent or guardian to open its standard savings account – Normal Savings Account – on behalf of a child.

Normal Savings Account

This is the standard savings account of the bank. We list the features below if you want to open a children’s account with the bank.

Features

  • The Normal Savings Account of Capital Small Finance Bank can be opened on behalf of minors by their parent or guardian. Other accountholders have to reach the age of 18 years before they can open an account. So, in all effect, the account opened for minors can be classified as a minor’s account with different set of services than standard accounts
  • The minimum balance needed is Rs. 100 in rural areas but without chequebooks. In case a chequebook is needed, the minimum balance needed is Rs. 300. In urban or semi-urban areas it is Rs. 300 without chequebook and Rs. 500 with one
  • All other factors are similar to standard savings account

Note: Information on the savings accounts is sketchy and it will be best if you approach the bank to open a minor account. Being a Jalandhar headquartered bank, it may be a good idea to open an account with this bank if you stay in the city or adjoining areas. The bank has a very strong growth strategy and intends to reach over 220 branches by 2021.

Reference Facts

  • IDFC First Bank Website: www.idfcfirstbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 419 4332
  • Capital Small Finance Bank Website: www.capitalbank.co.in
  • Headquarters: Jalandhar, Punjab
  • Call Centre Number: 1800 120 1600 (8 am ? 8 pm)