IndusInd Bank vs North East Small Finance Bank: Children’s Savings Accounts

IndusInd Bank offers a dedicated children’s account called the Indus Young Saver account. North East Small Finance does not offer a dedicated savings bank account for minors. However, its standard and premium savings accounts may be available to minors, possibly jointly and to be operated by the parent or guardian.

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 North East Small Finance Bank

North East Small Finance Bank does not offer a dedicated savings bank account for minors though its standard and premium savings accounts may be available to minors, possibly jointly and to be operated by the parent or guardian.

Regular Savings Account

This is the standard savings account of the bank.

Features

  • The account has a minimum balance requirement of Rs. 500 in rural areas, Rs. 1,000 in semi-urban and Rs. 2,000 in urban areas
  • Accountholders get access to personalised debit cards
  • The bank offers doorstep banking facilities
  • The Regular Savings Account comes with free passbooks
  • Accountholders can manage and access their account details through the SMS facility or through online banking

Premium Savings Account

This savings account is one step up from the regular savings account.

Features

  • The account has a minimum average quarterly balance requirement of Rs. 25,000
  • Accountholders can get five demand drafts made in a month without any charge
  • The bank also offers two free NEFT, RTGS or IMPS transactions per month
  • Like the standard account, the Premium Savings Account also offers free passbooks, an SMS facility and online banking options

Reference Facts

  • IndusInd Bank Website: www.indusind.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 500 5004, 1860 267 7777 (Credit Cards)
  • North East Small Finance Bank Website: www.nesfb.com
  • Headquarters: Guwahati, Assam
  • Call Centre Number: 1800 121 1905