IndusInd Bank vs Karur Vysya Bank: Children’s Savings Accounts

IndusInd Bank offers a dedicated children’s account called the Indus Young Saver account. Karur Vysya Bank offers two dedicated accounts for children called the Jumbo Kids Savings Account and the Student Savings Account.

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 Karur Vysya Bank

Karur Vysya Bank offers two dedicated accounts for children called the Jumbo Kids Savings Account and the Student Savings Account.

Jumbo Kids Savings Account

Unlike most other banks that offer children’s accounts for kids up to the age of 18 years or more, Karur Vysya offers this account for children below the age of 12 years. This by itself is something that makes this account special. Let us look at features too.

Features

  • The account is available for children up to the age of 12 years (we are repeating what we have written above but we like what the bank has done and so there)
  • There is no minimum balance requirement
  • The account is in the name of the child though the authorised signatory is the guardian
  • All cash withdrawals are to be done through the ATM and the bank offers a Visa ATM card for that purpose
  • One can send or use (remittance is the word used on the bank website) up to Rs. 50,000 per day at the branch
  • Children who open a Jumbo Kids Savings Account get a Jumbo (elephant) Doll
  • The account does not come with a chequebook and neither does it have online or mobile banking facilities

Student Savings Account

The second account offered by the bank for children. It is meant for kids who have go to school or college and offers facilities that are meant to help children with school fees and other education-related payments.

Features

  • The account can be opened by kids below 12 years of age through a guardian, while they can open and operate one on their own if they have reached the age of 12 years
  • The maximum age limit up to which one can have the account is 29 years
  • The ATM debit card can be used for cash withdrawals for free at Karur Vysya ATMs and up to 5 times for free at other ATMs of banks that belong to the National Financial Switch. There is an annual maintenance charge of Rs. 75 on the card
  • The chequebook is only offered to students after they have crossed 18 years of age
  • There is no limit on cash remittance at the base branch though it is capped at Rs. 10,000 at non-base branches for the Student Savings Account
  • An important thing to note here is that the total number of debit transactions on the account and any other linked accounts for the same person cannot be more than 90 for every six months

Reference Facts

  • IndusInd Bank Website: www.indusind.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 500 5004, 1860 267 7777 (Credit Cards)
  • Karur Vysya Bank Website: www.kvb.co.in and www.kvbin.com (net banking)
  • Headquarters: Karur, Tamil Nadu
  • Call Centre Number: 1860 200 1916