Punjab National Bank vs ESAF Small Finance Bank

Punjab National Bank vs ESAF Small Finance Bank

Punjab National Bank offers dedicated accounts for kids such as PNB Junior SF Account and the PNB Vidyarthi SF Account. ESAF Small Finance Bank does not offer a dedicated children’s account, even though it has special accounts for students as well as senior citizens and women.

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 ESAF Small Finance Bank Limited

ESAF Small Finance Bank does not offer a dedicated children’s account, though it has special accounts for students, senior citizens and women. Its regular and premium accounts are likely available for minors also under the guidance of parents or guardians.

Regular Savings Account

The account is the standard savings account of the bank and comes with its set of benefits and restrictions. The minimum age of the accountholder has to be 18 years but it is very likely that this account will be also available to minors.

Features

  • The account can be opened with a minimum payment of Rs. 1,000, though the minimum average quarterly balance has to be Rs. 2,000
  • The bank limits the amount of cash one can withdraw or deposit at non-base branches (i.e. a non-home branch) to Rs. 50,000
  • The ATM withdrawal limit is pegged at Rs. 30,000 per day and POS transactions are limited to Rs. 2,000 at Tier II to Tier IV locations and Rs. 1,000 in Tier I to II locations
  • Accountholders of the Regular Savings Account can ask for and receive a chequebook of 10 leaves every 6 months
  • The customer can access the account through all modes such as online, mobile and phone banking

Premium Savings Account

The premium savings account from ESAF also warrants a minimum age limit of 18 years to become an accountholder.

Features

  • The account needs a minimum initial payment of Rs. 5,000 and the minimum average quarterly balance is Rs. 10,000
  • Unlike the standard account, there are no limits on withdrawals or deposits at non-base (i.e. non-home) branches
  • The ATM withdrawal limit is Rs. 50,000 per day for all ATMs – the bank’s own and other bank ATMs. POS limit stays the same as the standard account at Rs. 2,000 for Tier II to Tier IV locations and Rs. 1,000 for Tier I to II locations
  • Premium Savings Account holders can request and receive a chequebook of 50 leaves every 6 months
  • The account has an auto-sweep facility for fixed deposits
  • Access to the account is available through online, mobile and phone banking channels as with standard accounts

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
  • ESAF Small Finance Bank Website: www.esafbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 1800 103 3723