Punjab National Bank vs Lakshmi Vilas Bank
Punjab National Bank offers dedicated accounts for kids such as PNB Junior SF Account and the PNB Vidyarthi SF Account. Lakshmi Vilas Bank does not have an account dedicated to children below 12 years of age, to whom it offers its general savings account called Savings Bank 301 through a parent or guardian. It does have an account for kids who have crossed 12 years of age called Savings Youth Power.
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 Lakshmi Vilas Bank Limited
Lakshmi Vilas Bank does not have an account dedicated to children below 12 years of age. It offers minors below that age its general savings account called Savings Bank 301 through a guardian. It does have an account for kids who have crossed 12 years of age called Savings Youth Power.
Savings Youth Power
This account is designed for kids in the 12-24 years age group.
- The account comes with a minimum balance of Rs. 100
- There are no cash withdrawals at the home branch but at the same time, these withdrawals are not allowed at the non-home branches
- Cash remittances are free at the home branch for all amounts but not for amounts over Rs. 5,000 at non-home branch
- Demand draft or postal order charges are waived off for educational payments but are charged at standard rates for DDs made for other reasons
- The bank does not provide any chequebook for kids up to 17 years of age. The same age criteria exist for internet banking also. Mobile banking is free
- The Savings Youth Power Account, however, does offer an international debit card powered by Visa with a daily withdrawal limit of Rs. 5,000 per day. The card is free for the first year and a fee of Rs. 100 is charged from the second year
Savings Bank 301
The primary savings account of the bank. The standard features of the account are listed below and are likely to be different for minor accounts. (We suggest readers interested in opening this account for their child to discuss the specifics with the bank.)
- It allows guardians to open accounts for minors below 12 years while kids above 12 years can open and operate the account under their own name
- The minimum deposit is Rs. 1,000 for rural, Rs. 3,000 for semi-urban and Rs. 5,000 for urban branches
- The Savings Bank 301 Account does not have any restrictions on deposit or withdrawals
- 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
- Lakshmi Vilas Bank Website: www.lvbank.com
- Headquarters: Chennai, Tamil Nadu
- Call Centre Number: 1800 425 2233