IndusInd Bank vs South Indian Bank: Children’s Savings Accounts

IndusInd Bank offers a dedicated children’s account called the Indus Young Saver account. South Indian Bank offers a dedicated account for students called the Junior 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 South Indian Bank

South Indian Bank offers children and youth-centric accounts as well as savings accounts for women and senior citizens in addition to general savings accounts.

Junior Savings Account

This account is primarily meant for students.

Features

  • Children above the age of 10 years can open the account
  • All they need is an introduction from the principal, head of department (for college) and a photo ID card. Other standard introduction measures also work
  • The minimum amount needed to open this account is Rs. 10 though the minimum balance needed is Rs. 150. The bank gives a time of three months to take the balance to this level
  • Chequebooks and online banking are made available when the child reaches the age of 18 years and keeps an average balance of Rs. 1,000
  • The bank offers a complimentary ATM-debit card to kids having the Junior Savings Account
  • Children with this account are eligible to apply for education loans from South Indian Bank

Reference Facts

  • IndusInd Bank Website: www.indusind.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 500 5004, 1860 267 7777 (Credit Cards)
  • South Indian Bank Website: www.southindianbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 1800 425 1809, 1800 102 9408