IDFC First Bank vs South Indian Bank: Children’s Savings Accounts

IDFC First Bank vs South Indian Bank: Children’s Savings Accounts

IDFC First Bank offers a dedicated savings bank product for children called the Minor’s Savings Account. Likewise, South Indian Bank offers a dedicated account for students called the Junior Savings Account.

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 South Indian Bank

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.

Features

  • 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

Reference Facts

  • IDFC First Bank Website: www.idfcfirstbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 419 4332
  • South Indian Bank Website: www.southindianbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 1800 425 1809, 1800 102 9408