Indian Bank vs AU Small Finance Bank: Children’s Savings Accounts
Indian Bank provides the IB Smart Kid SB Account for children and probably its standard savings account jointly with a parent or guardian. AU Small Finance Bank offers a specific kid’s savings account called BACHPAN, in addition to specific and general savings accounts.
Children’s Savings Accounts from Indian Bank
The bank offers the IB Smart Kid SB Account for children and in all likelihood, its savings account also under the parent’s or guardian’s name as done by most banks though information on that is not clearly available in the website.
IB Smart Kid SB Account
The bank offers the IB Smart Kid SB Account for children who are only 1 day old to those below 18 years of age.
- The bank mandates a minimum average monthly balance of Rs. 100 for accounts without chequebooks and Rs. 250 for those that have chequebooks
- Kids above 10 years are eligible to have their own debit card provided the parent or guardian agrees to the issue of the card
- The child also gets access to the online account if the parent or guardian provides her consent
- Interest is credited quarterly in the months of January, April, July and October
Children’s Savings Accounts from AU Small Finance Bank Limited
AU Small Finance Bank offers savings accounts that focus on specific segments of customers. For children it offers a specific kid’s savings account called BACHPAN, in addition to specific and general savings accounts.
BACHPAN Savings Account
The savings account from AU Small Finance Bank comes under its Value service offerings and is specially meant for young children.
- The account needs a minimum average balance of Rs. 500 but there are no charges if the balance dips below this minimum amount
- Interest rates offered are supposed to be better than standard savings accounts
- The bank offers a VISA Gold Bachpan Debit Card with customisable benefits for kids aged 10 years and above. The card also has various insurance benefits such as education insurance and so on
- The BACHPAN Savings Account comes with its own special features such as Sweep-in, Locker, and Cash Deposit facilities
- Accountholders or their guardians can access the account through mobile banking, phone banking and internet banking
- Customers also benefit from the bank’s extended working hours
- The bank offers free transactions at its ATMs while the limit is kept at 10 transactions per month for other bank ATMs. The bank has ATMs in 10 states according to the company’s website as of February 2019
- Indian Bank Website: www.indianbank.in and www.indianbank.net.in (net banking)
- Headquarters: Chennai, Tamil Nadu
- Call Centre Number (24 Hours): 1800 425 00 000, 1800 425 4422
- AU Small Finance Bank Website: www.aubank.in
- Headquarters: Jaipur, Rajasthan
- Call Centre Number: 1800 1200 1200