Indian Overseas Bank vs UCO Bank: Children’s Savings Accounts
Indian Overseas Bank (IOB) offers the SB – Little Star account for young children while UCO Bank offers its UCO Smart Kids Savings Bank Scheme for children above 10 years of age.
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 UCO Bank
The bank offers the UCO Smart Kids Savings Bank Scheme for children above the age of 10 years.
UCO Smart Kids Savings Bank Scheme
The account allows kids to open and run a savings account without any need for joint ownership with parents or guardians.
- Any literate child above the age of 10 years can open and operate the account
- There is no minimum balance requirement
- The kids get two chequebooks a year
- The ATM card is personalised with a photograph. Kids also get a good looking passbook
- Children can withdraw up to Rs. 3,000 per day subject to a limit of Rs. 15,000 per month through ATMs or net banking
- A key benefit of this UCO Smart Kids Savings Bank Scheme is the ability for children to undertake transactions through net banking after a certain period of time
- The bank also offers concessions for education loans
- Indian Overseas Bank Website: www.iob.in and www.iobnet.co.in (net banking)
- Headquarters: Chennai, Tamil Nadu
- Call Centre Number: 1800 425 4445
- UCO Bank Website: www.ucobank.com and www.ucoebanking.com (net banking)
- Headquarters: Kolkata, West Bengal
- Call Centre Number: 1800 274 0123