Indian Overseas Bank vs Citibank: Children’s Savings Accounts
Indian Overseas Bank (IOB) offers the SB – Little Star account for young children while Citibank offers a single dedicated children’s savings account called Citibank Junior Account.
Children’s Savings Accounts from Indian Overseas Bank
SB – Little Star Account
The account has been designed for all children – from 1 day old babies to up to 18 year old young adults.
- The account can be opened by any child aged 1 day to less than 18 years
- The minimum balance needed in the account is Rs. 100, while the maximum amount that can be kept is Rs. 50,000
- IOB offers free collection facility for cheques or draft instruments gifted to the child and valued up to Rs. 25,000 per annum
- It also offers a Sweep-In, Sweep-Out facility where any amount in the account in excess of Rs. 10,000 is taken out of the account and turned into fixed deposits of Rs. 2,000 each. If the balance falls below Rs. 10,000 then the most recent fixed deposits are put back in the SB – Little Star Account so the balance is back to being at least Rs. 10,000
- Parents also have the option to invest in other options such as recurring deposits, insurance, mutual funds and so on
Children’s Savings Accounts from Citibank
Citibank offers the Citibank Junior Account as a children’s savings account.
Citibank Junior Account
The account is available for all children below the age of 18 years.
- Need at least two accountholders of whom the first is the minor and the second the parent or guardian
- Comes with Systematic Investment Plans that helps the parent plan the child’s future
- Children above the age of 15 years also get a debit card
- The Citibank Junior Account comes with two insurance plan options – BSLI Classic Child Plan and Dream Child Plan – that allow the parent to plan for the child’s education. The bank offers 10 different investment funds under the Classic Child Plan
- Accountholders can open their children’s Investment Services Accounts with the bank. They get online access to the investments and also get comprehensive reports on financial markets
- Indian Overseas Bank Website: www.iob.in and www.iobnet.co.in (net banking)
- Headquarters: Chennai, Tamil Nadu
- Call Centre Number: 1800 425 4445
- Citibank Website: www.online.citibank.co.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 210 2484, +91 22 4955 2484 (from outside India)