Indian Bank vs Jana 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. Jana Small Finance Bank does not offer a dedicated minor savings account even though the standard savings account can be opened by a minor jointly with a parent or guardian.
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 Jana Small Finance Bank Limited
Jana Small Finance Bank does not offer a dedicated minor savings account and though it does not mention clearly on its website if the regular savings account is open for minors, reading of the Terms and Conditions of the service charges file shows that the account can be opened by or on behalf of minors.
Regular Savings Account
This is the standard savings account of the bank.
- The bank needs an average monthly balance of Rs. 2,500
- The Regular Savings Account comes with a RuPay Debit Card
- The bank has not put a cap on the number of withdrawals the accountholder can make though the bank’s ATMs, except for minors where it has been pegged at Rs. 10,000 per month
- The bank has put a limit on the amount that can be withdrawn from the ATM or be spent at POS transaction for minor accounts. The cash withdrawal limit is Rs. 5,000 and the POS limit is Rs. 10,000 per day
- The bank accountholder gets 3 complimentary cash transactions at other bank ATMs in metro locations and 5 at non-metro locations
- Accountholders get one complimentary chequebook for each quarter
- The company offers the customer the option of getting an SMS alert facility on payment of Rs. 15 per quarter
- 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
- Jana Small Finance Bank Website: www.janabank.com
- Headquarters: Bengaluru, Karnataka
- Call Centre Number: 1800 2080, 1800 4200