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

IndusInd Bank offers a dedicated children’s account called the Indus Young Saver account. ESAF Small Finance Bank does not offer a dedicated children’s account, even though it has special accounts for students as well as senior citizens and women.

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 ESAF Small Finance Bank

ESAF Small Finance Bank does not offer a dedicated children’s account, though it has special accounts for students, senior citizens and women. Its regular and premium accounts are likely available for minors also under the guidance of parents or guardians.

Regular Savings Account

The account is the standard savings account of the bank and comes with its set of benefits and restrictions. The minimum age of the accountholder has to be 18 years but it is very likely that this account will be also available to minors.

Features

  • The account can be opened with a minimum payment of Rs. 1,000, though the minimum average quarterly balance has to be Rs. 2,000
  • The bank limits the amount of cash one can withdraw or deposit at non-base branches (i.e. a non-home branch) to Rs. 50,000
  • The ATM withdrawal limit is pegged at Rs. 30,000 per day and POS transactions are limited to Rs. 2,000 at Tier II to Tier IV locations and Rs. 1,000 in Tier I to II locations
  • Accountholders of the Regular Savings Account can ask for and receive a chequebook of 10 leaves every 6 months
  • The customer can access the account through all modes such as online, mobile and phone banking

Premium Savings Account

The premium savings account from ESAF also warrants a minimum age limit of 18 years to become an accountholder.

Features

  • The account needs a minimum initial payment of Rs. 5,000 and the minimum average quarterly balance is Rs. 10,000
  • Unlike the standard account, there are no limits on withdrawals or deposits at non-base (i.e. non-home) branches
  • The ATM withdrawal limit is Rs. 50,000 per day for all ATMs – the bank’s own and other bank ATMs. POS limit stays the same as the standard account at Rs. 2,000 for Tier II to Tier IV locations and Rs. 1,000 for Tier I to II locations
  • Premium Savings Account holders can request and receive a chequebook of 50 leaves every 6 months
  • The account has an auto-sweep facility for fixed deposits
  • Access to the account is available through online, mobile and phone banking channels as with standard accounts

Reference Facts

  • IndusInd Bank Website: www.indusind.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 500 5004, 1860 267 7777 (Credit Cards)
  • ESAF Small Finance Bank Website: www.esafbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 1800 103 3723