Indian Bank vs Karur Vysya 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. Karur Vysya Bank meanwhile offers two dedicated accounts for children called the Jumbo Kids Savings Account and the Student Savings Account.
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 Karur Vysya Bank Limited
Karur Vysya Bank offers two dedicated accounts for children called the Jumbo Kids Savings Account and the Student Savings Account.
Jumbo Kids Savings Account
Unlike most other banks that offer children’s accounts for kids up to the age of 18 years or more, Karur Vysya offers this account for children below the age of 12 years. This by itself is something that makes this account special. Let us look at features too.
- The account is available for children up to the age of 12 years (we are repeating what we have written above but we like what the bank has done and so there)
- There is no minimum balance requirement
- The account is in the name of the child though the authorised signatory is the guardian
- All cash withdrawals are to be done through the ATM and the bank offers a Visa ATM card for that purpose
- One can send or use (remittance is the word used on the bank website) up to Rs. 50,000 per day at the branch
- Children who open a Jumbo Kids Savings Account get a Jumbo (elephant) Doll
- The account does not come with a chequebook and neither does it have online or mobile banking facilities
Student Savings Account
The second account offered by the bank for children. It is meant for kids who have go to school or college and offers facilities that are meant to help children with school fees and other education-related payments.
- The account can be opened by kids below 12 years of age through a guardian, while they can open and operate one on their own if they have reached the age of 12 years
- The maximum age limit up to which one can have the account is 29 years
- The ATM debit card can be used for cash withdrawals for free at Karur Vysya ATMs and up to 5 times for free at other ATMs of banks that belong to the National Financial Switch. There is an annual maintenance charge of Rs. 75 on the card
- The chequebook is only offered to students after they have crossed 18 years of age
- There is no limit on cash remittance at the base branch though it is capped at Rs. 10,000 at non-base branches for the Student Savings Account
- An important thing to note here is that the total number of debit transactions on the account and any other linked accounts for the same person cannot be more than 90 for every six months
- 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
- Karur Vysya Bank Website: www.kvb.co.in and www.kvbin.com (net banking)
- Headquarters: Karur, Tamil Nadu
- Call Centre Number: 1860 200 1916