Indian Bank vs Karnataka 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. Karnataka Bank offers a dedicated children’s account called KBL Kishore.
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 Karnataka Bank Limited
Karnataka Bank, one of the older banking institutions in the country, offers a dedicated children’s account called KBL Kishore.
The children’s account is available to kids over the age of 10 years and up to 18 years.
- The account comes without any minimum balance requirements
- The bank offers a free debit card with 24-hour cash withdrawal limit of Rs. 10,000 and POS limit of Rs. 5,000
- KBL Kishore allows parents or guardians to transfer up to Rs. 50,000 per month from their account to the child’s account
- The kids and their parents can keep a track of the account through the bank’s mobile app
- 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
- Karnataka Bank Website: https://karnatakabank.com
- Headquarters: Mangaluru, Karnataka
- Call Centre Number: 1800 425 1444