Punjab National Bank vs Fincare Small Finance Bank

Punjab National Bank vs Fincare Small Finance Bank

Punjab National Bank offers dedicated accounts for kids such as PNB Junior SF Account and the PNB Vidyarthi SF Account. Fincare Small Finance Bank does not offer a dedicated children’s account though it is likely to offer its Smart Saver or Priority Accounts to minors as a joint account with a parent or guardian.

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 Fincare Small Finance Bank Limited

Fincare Small Finance Bank does not offer a dedicated children’s account but it is likely that it allows guardians to open a minor account under its Smart Saver or Priority Accounts.

Smart Saver Account

This is the standard savings account of the bank.

Features

  • Needs an average monthly balance of Rs. 1,000
  • Fincare Bank offers a RuPay Silver debit card to account holders
  • The card entitles the shareholder to a personal insurance cover of Rs. 1 lakh
  • Smart Saver accountholders also get access to 5 free transactions at non-metro ATMs and 3 complimentary transactions in metros

Priority Account

The priority account is a step above the Smart Saver Account.

Features

  • The account needs an average monthly balance of Rs. 10,000 or at least Rs. 1 lakh in fixed deposit
  • There are no mentions in the website of whether the Priority account can be opened by a minor or on behalf of a minor but considering the standard procedure in other banks, it is likely that any minor account that has a minimum balance of Rs. 10,000 as balance would qualify as a Priority Savings Account

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
  • Fincare Small Finance Bank Website: www.fincarebank.com
  • Headquarters: Bangalore, Karnataka
  • Call Centre Number: 1800 3010 0111