IndusInd Bank vs SBI: Children’s Savings Accounts

IndusInd Bank vs State Bank of India: Children’s Savings Accounts

IndusInd Bank offers a dedicated children’s account called the Indus Young Saver account. SBI offers two children’s savings accounts, Pehla Kadam and Pehli Udaan.

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 State Bank of India

Pehla Kadam

This account is meant for all children and may be opened jointly with a parent or guardian.

Features

  • There are no minimum balance requirements in this account
  • There is a limit of Rs. 5,000 on daily transactions. Transactions such as bill payments, prepaid mobile top-ups have a limit of Rs. 2,000 within the Rs. 5,000 limit
  • SBI offers an auto-sweep option with this account called SBI Multi Option Deposit Scheme (MODS). If the accountholders opt for this, then any amount above Rs. 20,000 in the account is put in a term deposit. The MOD is initially for a sum of Rs. 10,000 and in Rs. 1,000 multiples thereafter. As is common for banks, there is no clarity on the website if the auto-sweep facility kicks in if the account has a balance of Rs. 30,000
  • There is a cap of Rs. 10 lakh on the maximum balance in a Pehla Kadam account
  • The kid is eligible to get a specially branded chequebook and passbook, and also a personalised debit card with her own photo

Note: The links to specific accounts may not work. The above data was taken from internet searches. We have put the links here in the hope that they work some day. Even the WayBack Machine shows an error when we tried to pull a page from July 5, 2017.

Pehli Udaan

The account is meant for kids above 10 years of age. They are allowed to open and operate the account on their own.

Features

  • As mentioned, any child above the age of 10 years who can read and write, may open the account in her own name without the need for any parent or guardian
  • Except for the age criteria, the other features of the Pehli Udaan account are same as for the Pehla Kadam account

Reference Facts

  • IndusInd Bank Website: www.indusind.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 500 5004, 1860 267 7777 (Credit Cards)
  • State Bank of India Website: https://sbi.co.in and www.onlinesbi.com (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 425 3800, 1800 112 211, 1800 110 009 (pensioners only)