Punjab National Bank vs AU Small Finance Bank

Punjab National Bank vs AU Small Finance Bank

Punjab National Bank offers dedicated accounts for kids such as PNB Junior SF Account and the PNB Vidyarthi SF Account. AU Small Finance Bank offers a specific kid’s savings account called BACHPAN, in addition to specific and general savings accounts.

Children’s Savings Accounts from Punjab National Bank

PNB is the second largest bank in India after SBI and offers specific accounts for children such as the PNB Junior SF Account and the PNB Vidyarthi SF Account.

PNB Junior SF Account

The account can be opened by a child through her parent or guardian or she can open and operate it herself if she has crossed 10 years of age.

Features

  • As mentioned, any child of any age can open the PNB Junior SF Account through her parent or guardian. Children over 10 years of age can open and operate the account under their own name
  • There is no minimum deposit needed to open the account. Plus, there is no need for any minimum balance either
  • The child can get a free cheque book of 20 leaves per six months, i.e. two chequebooks of 40 leaves per year
  • Demand drafts made out to pay school or college fees are free of cost
  • The bank, however, has put a limit of Rs. 5,000 on debit card use per day, be that through ATM withdrawals, POS transactions at shops (card swipe in case you are wondering) or online payments
  • Kids or their parents can have a view of the account balance and transactions through both online and mobiles but transactions are not allowed

PNB Vidyarthi SF Account

The account as the name suggests is for children studying in recognised educational institutions.

Features

  • The account is available for children up to 21 years of age. Once they reach adulthood, the account becomes a standard savings account with all its perks and limitations
  • Like the PNB Junior SF Account, there are no minimum balance requirements for initial deposit and average quarterly balance in the PNB Vidyarthi SF Account
  • All demand drafts made out for any type of fees are free of cost
  • Like the children’s account, the child is eligible to receive two chequebooks of 20 leaves each per year
  • Most fees and charges in the account have been waived off by the bank through there is an annual maintenance charge for the debit card

Children’s Savings Accounts from AU Small Finance Bank Limited

AU Small Finance Bank offers savings accounts that focus on specific segments of customers. For children it offers a specific kid’s savings account called BACHPAN, in addition to specific and general savings accounts.

BACHPAN Savings Account

The savings account from AU Small Finance Bank comes under its Value service offerings and is specially meant for young children.

Features

  • The account needs a minimum average balance of Rs. 500 but there are no charges if the balance dips below this minimum amount
  • Interest rates offered are supposed to be better than standard savings accounts
  • The bank offers a VISA Gold Bachpan Debit Card with customisable benefits for kids aged 10 years and above. The card also has various insurance benefits such as education insurance and so on
  • The BACHPAN Savings Account comes with its own special features such as Sweep-in, Locker, and Cash Deposit facilities
  • Accountholders or their guardians can access the account through mobile banking, phone banking and internet banking
  • Customers also benefit from the bank’s extended working hours
  • The bank offers free transactions at its ATMs while the limit is kept at 10 transactions per month for other bank ATMs. The bank has ATMs in 10 states according to the company’s website as of February 2019

Reference Facts

  • Punjab National Bank Website: www.pnbindia.in and www.netpnb.com (net banking)
  • Headquarters: New Delhi, Delhi
  • Call Centre Number: 1800 180 2222, 1800 103 2222
  • AU Small Finance Bank Website: www.aubank.in
  • Headquarters: Jaipur, Rajasthan
  • Call Centre Number: 1800 1200 1200