Indian Bank vs Lakshmi Vilas Bank

Indian Bank vs Lakshmi Vilas Bank

Indian Bank provides the IB Smart Kid SB Account for children and probably its standard savings account jointly with a parent or guardian. Lakshmi Vilas Bank does not have an account dedicated to children below 12 years of age, to whom it offers its general savings account called Savings Bank 301 through a parent or guardian. It does have an account for kids who have crossed 12 years of age called Savings Youth Power.

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.

Features

  • 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 Lakshmi Vilas Bank Limited

Lakshmi Vilas Bank does not have an account dedicated to children below 12 years of age. It offers minors below that age its general savings account called Savings Bank 301 through a guardian. It does have an account for kids who have crossed 12 years of age called Savings Youth Power.

Savings Youth Power

This account is designed for kids in the 12-24 years age group.

Features

  • The account comes with a minimum balance of Rs. 100
  • There are no cash withdrawals at the home branch but at the same time, these withdrawals are not allowed at the non-home branches
  • Cash remittances are free at the home branch for all amounts but not for amounts over Rs. 5,000 at non-home branch
  • Demand draft or postal order charges are waived off for educational payments but are charged at standard rates for DDs made for other reasons
  • The bank does not provide any chequebook for kids up to 17 years of age. The same age criteria exist for internet banking also. Mobile banking is free
  • The Savings Youth Power Account, however, does offer an international debit card powered by Visa with a daily withdrawal limit of Rs. 5,000 per day. The card is free for the first year and a fee of Rs. 100 is charged from the second year

Savings Bank 301

The primary savings account of the bank. The standard features of the account are listed below and are likely to be different for minor accounts. (We suggest readers interested in opening this account for their child to discuss the specifics with the bank.)

Features

  • It allows guardians to open accounts for minors below 12 years while kids above 12 years can open and operate the account under their own name
  • The minimum deposit is Rs. 1,000 for rural, Rs. 3,000 for semi-urban and Rs. 5,000 for urban branches
  • The Savings Bank 301 Account does not have any restrictions on deposit or withdrawals

Reference Facts

  • 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
  • Lakshmi Vilas Bank Website: www.lvbank.com
  • Headquarters: Chennai, Tamil Nadu
  • Call Centre Number: 1800 425 2233