IndusInd Bank vs Equitas Small Finance Bank: Children’s Savings Accounts

IndusInd Bank offers a dedicated children’s account called the Indus Young Saver account. Equitas Small Finance Bank does not have a children’s savings account but it is likely that its standard savings accounts are available to minors like other banks.

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 Equitas Small Finance Bank

Equitas Small Finance Bank does not have a children’s savings account but it is likely that its standard savings accounts are available to minors like other banks.

My Savings Account

The account has been designed for people to save and earn interest on their money.

Features

  • There is no average quarterly balance requirements for the account
  • The accountholder does not get a cheque book with the account
  • The interest rates on the account are better than that for larger banks with the minimum interest starting at 5.5% for balance up to Rs. 1 lakh
  • The bank however charges a fee for outward remittances on the My Savings Account. NEFT and RTGS are charged on a slab system while IMPS payments are charged a flat fee of Rs. 5 per transaction

Standard Savings Account

The account requires a minimum average quarterly balance or a minimum fixed deposit amount or a minimum level of debit card usage for purchases. Customers can also group the account with family members to tide over these restrictions.

Features

  • The minimum average quarterly balance for the account is Rs. 5,000
  • Customers can choose to keep a fixed deposit of at least a year of Rs. 50,000 instead of the balance in the account
  • The bank also offers the alternative to have the customer spend Rs. 4,999 using the debit card online or at POS transactions instead of the bank balance or a fixed deposit
  • The account can be grouped with family members having a savings account or business having a current account of higher value. The minimum balance requirements can be avoided this way
  • Accountholders get a Platinum or Signature debit card
  • Standard Savings Account holders get a complimentary chequebook of 25 leaves every half year
  • The bank offers 5 free transactions across RTGS, NEFT, IMPS, demand drafts, cash or cheques

Regular Savings Account

The Regular Savings Account from Equitas Small Finance Bank is a step up from the Standard Savings Account

Features

  • The minimum average quarterly balance for this account is Rs. 10,000
  • Like the Standard Account, customers can choose to keep a Rs. 50,000 fixed deposit for at least a year instead of the average quarterly balance in the account
  • The minimum debit card spend limit if one chooses to not keep the minimum balance or have an FD with the bank is Rs. 9,999. The limit considers both online and POS transactions
  • Like the standard savings account, this one also can be grouped with family members or a business to avoid minimum balance requirements. With family members, the other savings account should have a higher value. With a business, the current account should have at least similar value
  • Customers get a Platinum debit card with the account
  • Regular Savings Account holders are given a free 25 leaves chequebook every quarter
  • The bank offers 8 free transactions across RTGS, NEFT, IMPS, demand drafts, cash or cheques

Reference Facts

  • IndusInd Bank Website: www.indusind.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 500 5004, 1860 267 7777 (Credit Cards)
  • Equitas Small Finance Bank Website: www.equitasbank.com
  • Headquarters: Chennai, Tamil Nadu
  • Call Centre Number: 1800 103 1222