IndusInd Bank vs IDBI Bank: Children’s Savings Accounts

IndusInd Bank offers a dedicated children’s account called the Indus Young Saver account. IDBI Bank offers two accounts called Power Kidz Account and Being Me.

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 IDBI Bank

IDBI Bank offers the Power Kidz Account for children. It also has a savings account targeted at the youth called the IDBI Being Me Account.

Power Kidz Account

From a reading of the website, it seems the account is not meant for kids below 10 years of age.

Features

  • Can be opened by a minor in her own name if she is over 10 years of age, or by the parent or guardian in case she is below that age
  • The minimum average balance in the account is Rs. 500 but there are no charges if the minimum balance criterion is not met
  • Kids above 10 years who have opened the Power Kidz Account in their own name will get an exclusively designed debit card with their name
  • The bank gives a personalised chequebook to the child
  • The ATM withdrawal or POS transaction limit is Rs. 2,000
  • The bank offers up to 5 free transactions at non-IDBI Bank ATMs in non-metro locations

Being Me Account

A savings account designed to help the youth cultivate financial common sense.

Features

  • There are no details on the site on minimum or maximum age to open and operate the account
  • A minimum amount of Rs. 2,500 is needed to open the account
  • The daily limit for ATM transactions and merchant (POS) purchases is Rs. 25,000 for the Being Me Account
  • The bank offers preferential rates on educational loans and gives preference to account holders to take up educational project work at the bank, provided there are seats available
  • It even gives discounts on opening share trading accounts with IDBI Capital Markets & Securities

Reference Facts

  • IndusInd Bank Website: www.indusind.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 500 5004, 1860 267 7777 (Credit Cards)
  • IDBI Bank Website: www.idbi.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 200 1947, 1800 221 070