Punjab & Sind Bank vs AU Small Finance Bank: Children’s Savings Accounts
Punjab & Sind Bank does not offer a dedicated children’s savings account while AU Small Finance Bank offers a specific kid’s savings account called BACHPAN, in addition to specific and general savings accounts.
Children’s Savings Accounts from Punjab & Sind Bank
The bank does not offer any children centric savings account, though its website does say that student beneficiaries of Government schemes can open a Basic Savings Bank Deposit Account.
Basic Savings Bank Deposit Account
This account as the name suggests is a basic savings account with some minimum levels of savings account services.
- There is no minimum balance requirement
- Students who are beneficiaries of Government schemes can open the account with an initial deposit of Rs.10 only
- Account holders can make up to four withdrawals in a month though there is no limit on the number of deposits
Savings Bank Account
Though it is not mentioned specifically, it is likely that the bank offers its savings account for minors also jointly with a parent or guardian.
- Has a minimum balance requirement of Rs. 500 for rural branches and urban ones that do not need a chequebook. Urban account holders who need chequebooks need to keep a minimum balance of Rs. 1,000
- Accountholders cannot make more than 50 withdrawals every half year
Children’s Savings Accounts from AU Small Finance Bank Limited
AU Small Finance Bank offers savings accounts that focus on specific segments of customers. For children it offers a specific kid’s savings account called BACHPAN, in addition to specific and general savings accounts.
BACHPAN Savings Account
The savings account from AU Small Finance Bank comes under its Value service offerings and is specially meant for young children.
- The account needs a minimum average balance of Rs. 500 but there are no charges if the balance dips below this minimum amount
- Interest rates offered are supposed to be better than standard savings accounts
- The bank offers a VISA Gold Bachpan Debit Card with customisable benefits for kids aged 10 years and above. The card also has various insurance benefits such as education insurance and so on
- The BACHPAN Savings Account comes with its own special features such as Sweep-in, Locker, and Cash Deposit facilities
- Accountholders or their guardians can access the account through mobile banking, phone banking and internet banking
- Customers also benefit from the bank’s extended working hours
- The bank offers free transactions at its ATMs while the limit is kept at 10 transactions per month for other bank ATMs. The bank has ATMs in 10 states according to the company’s website as of February 2019
- Punjab & Sind Bank Website: www.psbindia.com
- Headquarters: New Delhi, Delhi
- Call Centre Number: 1800 419 8300
- AU Small Finance Bank Website: www.aubank.in
- Headquarters: Jaipur, Rajasthan
- Call Centre Number: 1800 1200 1200