Punjab National Bank vs RBL Bank: Children’s Savings Accounts

Punjab National Bank vs RBL Bank: Children’s Savings Accounts

Punjab National Bank offers dedicated accounts for kids such as PNB Junior SF Account and the PNB Vidyarthi SF Account. RBL Bank does not offer a dedicated children’s savings bank account but instead may offer its generic savings account under guardianship of 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 RBL Bank Limited

RBL Bank does not offer a dedicated children’s savings bank account. We look at it standard savings account that like other banks that do not offer a specific children’s account is likely to be offered to minors through a parent or guardian.

Prime Savings Account

The prime savings account is the standard savings account of the bank and can be opened on behalf of a minor by the parent or guardian.

Features

  • The prime savings account is the standard savings account of the bank and comes with a minimum balance requirement of Rs. 5,000. Whether the same balance is required for minor account is not available on the site
  • The minor account is closed on the child attaining majority and she has to submit KYC documents along with an account opening form to open a new account
  • The account offers unlimited free transactions at RBL Bank ATMs and up to five complimentary transactions at other bank ATMs
  • The account offers some of the best fixed deposit rates for banks in India
  • RBL Bank offers wealth management options for its Prime Savings Account customers and it is likely to offer wealth growth options for its minor customers also

Note: The RBL Bank site has been designed for the mobile users and information is kept limited to perhaps enhance mobile user experience. It is suggested that you call the bank at the number below or visit the nearest branch if you are looking for more information on children’s or other 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
  • RBL Bank Website: www.rblbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 123 8040