IndusInd Bank vs Catholic Syrian Bank: Children’s Savings Accounts

IndusInd Bank offers a dedicated children’s account called the Indus Young Saver account. Catholic Syrian Bank allows parents and guardians to open its various savings accounts – Blue, Silver, Gold and Platinum – on behalf of minors.

Children’s Savings Accounts from IndusInd Bank

IndusInd Bank, originally a bank focussed on the non-resident Indian community, has now become one of the leading private sector banks in India. It offers a dedicated children’s account called the Indus Young Saver account.

Indus Young Saver Account

The account helps parents get an optimal mix of savings and investment options for their children.

Features

  • Can be opened under the parent’s name as a guardian account or under the child’s name if she has crossed the 12 years age limit
  • The account needs an average monthly balance of Rs. 5,000, which can be waived off if it is linked to a privilege account of the parent or there is a recurring deposit of at least Rs. 2,500 every month
  • Children with an Indus Young Saver Account get a personalised debit card if they are over 12 years of age
  • Even the chequebook can have the child’s name

Children’s Savings Accounts from Catholic Syrian Bank

Catholic Syrian Bank is one of the oldest banks in the country having been established in 1920. The bank does not offer a dedicated children’s savings bank account but its Blue, Silver, Gold and Platinum savings accounts can be opened on behalf of minors by their parents or guardian.

Blue Savings Account

This savings account comes one step up the InstaDigital Savings Account but offers lesser number of features than the Gold and Platinum accounts.

Features

  • Offers up to 5 free use of other bank ATMs
  • Allows up to Rs. 40,000 in withdrawals from ATMs per day
  • The Blue Savings Account comes with the RuPay Platinum Debit Card
  • Minimum quarterly balance needed is Rs. 1,000 for urban areas and Rs. 500 for rural regions

Silver Savings Account

The Silver Savings Account is one step up the Blue Savings Account and comes with the following features.

Features

  • Unlimited free access to any ATMs in India
  • Allows up to Rs. 75,000 in withdrawals from ATMs every day
  • Users get 20% discount on locker rentals
  • The Silver Savings Account comes with the VISA Platinum Debit Card and offers all its benefits
  • Minimum quarterly balance needed is Rs. 5,000 for urban and rural areas

Gold Savings Account

The Gold savings account from Catholic Syrian falls between the Silver and Platinum accounts. Most of its benefits are similar to the Silver account.

Features

  • Unlimited free access to any bank ATM in the country
  • Allows customers to withdraw up to Rs. 75,000 from ATMs every day
  • Users get 30% discount on locker rentals
  • The Gold Savings Account comes with the VISA Platinum Debit Card
  • Minimum quarterly balance requirement is Rs. 25,000 for urban and rural areas

Platinum Savings Account

The top savings account from Catholic Syrian Bank portfolio.

Features

  • Users have unlimited free access to any ATMs in India
  • Customers can take out up to Rs. 75,000 from any ATM every 24 hours
  • The customers also get 50% discount on locker rentals
  • Platinum Savings Account comes with the VISA Platinum Debit Card like the Silver and Gold accounts
  • Minimum quarterly balance requirement is Rs. 1 lakh for both urban and rural branches

Reference Facts

  • IndusInd Bank Website: www.indusind.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 500 5004, 1860 267 7777 (Credit Cards)
  • Catholic Syrian Bank Website: www.csb.co.in
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 1800 266 9090