Indian Bank vs Tamilnad Mercantile 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. Tamilnad Mercantile Bank provides a dedicated savings account for children called the Little Super Star 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 Tamilnad Mercantile Bank Limited
Tamilnad Mercantile Bank provides a dedicated savings account for children called the Little Super Star Savings Account.
Little Super Star Savings Account
Meant exclusively for kids in the 10-18 years age group, the account has been designed to habituate children to saving money.
- Accountholders can withdraw up to Rs. 5,000 per day through ATMs. Guardians are given the right to lower this amount up to Rs. 1,000 if she so deems fit. The POS limit is capped at Rs. 2,500
- Tamilnad Mercantile Bank offers up to 10 complimentary ATM withdrawals and charges Rs. 10 for each withdrawal thereafter
- The maximum amount that can be put in the account or taken out per month is limited to Rs. 1 lakh
- The account needs a minimum average balance of Rs. 250. The bank limits the number of facilities it provides if this minimum balance is not maintained
- The ATM-debit card is offered free with the account
- Accountholders get complimentary personalised chequebook of 10 leaves every year
- One of the unique features of this account is that the bank has allowed both internet banking and mobile banking though the limit has been capped at Rs. 2,500
- The minor has to change the Little Super Star Savings Account into any of the standard accounts offered by the bank after she attains majority
- Kids with the account are allowed to be a part of the bank’s Happy Family Banking Account scheme if their other family members also bank with Tamilnad Mercantile Bank
- 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
- Tamilnad Mercantile Bank Website: www.tmb.in
- Headquarters: Tuticorin, Tamil Nadu
- Call Centre Number: 1800 425 0426