Punjab National Bank vs Equitas Small Finance Bank: Children’s Savings Accounts
PNB offers specific accounts for children such as the PNB Junior SF Account and the PNB Vidyarthi SF Account. Equitas Small Finance Bank does not have a children’s savings account but it is likely that its standard savings accounts are available to minors like other banks.
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.
- 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.
- 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 Equitas Small Finance Bank Limited
Equitas Small Finance Bank does not have a children’s savings account but it is likely that its standard savings accounts are available to minors like other banks.
My Savings Account
The account has been designed for people to save and earn interest on their money.
- There is no average quarterly balance requirements for the account
- The accountholder does not get a cheque book with the account
- The interest rates on the account are better than that for larger banks with the minimum interest starting at 5.5% for balance up to Rs. 1 lakh
- The bank however charges a fee for outward remittances on the My Savings Account. NEFT and RTGS are charged on a slab system while IMPS payments are charged a flat fee of Rs. 5 per transaction
Standard Savings Account
The account requires a minimum average quarterly balance or a minimum fixed deposit amount or a minimum level of debit card usage for purchases. Customers can also group the account with family members to tide over these restrictions.
- The minimum average quarterly balance for the account is Rs. 5,000
- Customers can choose to keep a fixed deposit of at least a year of Rs. 50,000 instead of the balance in the account
- The bank also offers the alternative to have the customer spend Rs. 4,999 using the debit card online or at POS transactions instead of the bank balance or a fixed deposit
- The account can be grouped with family members having a savings account or business having a current account of higher value. The minimum balance requirements can be avoided this way
- Accountholders get a Platinum or Signature debit card
- Standard Savings Account holders get a complimentary chequebook of 25 leaves every half year
- The bank offers 5 free transactions across RTGS, NEFT, IMPS, demand drafts, cash or cheques
Regular Savings Account
The Regular Savings Account from Equitas Small Finance Bank is a step up from the Standard Savings Account
- The minimum average quarterly balance for this account is Rs. 10,000
- Like the Standard Account, customers can choose to keep a Rs. 50,000 fixed deposit for at least a year instead of the average quarterly balance in the account
- The minimum debit card spend limit if one chooses to not keep the minimum balance or have an FD with the bank is Rs. 9,999. The limit considers both online and POS transactions
- Like the standard savings account, this one also can be grouped with family members or a business to avoid minimum balance requirements. With family members, the other savings account should have a higher value. With a business, the current account should have at least similar value
- Customers get a Platinum debit card with the account
- Regular Savings Account holders are given a free 25 leaves chequebook every quarter
- The bank offers 8 free transactions across RTGS, NEFT, IMPS, demand drafts, cash or cheques
- 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
- Equitas Small Finance Bank Website: www.equitasbank.com
- Headquarters: Chennai, Tamil Nadu
- Call Centre Number: 1800 103 1222