Punjab & Sind Bank vs Bank of India: Children’s Savings Accounts

Punjab & Sind Bank does not offer a dedicated children’s savings account while Bank of India has a youth-oriented account called BOI Star Yuva Account.

Let us look at each of these 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.

Features

  • 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.

Features

  • 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 Bank of India

Bank of India does not have a specific children’s savings account, though it does have an account for the youth called BOI Star Yuva Account. Minors can open a standard savings account.

BOI Star Yuva Account

The account was conceptualised to inculcate saving habits among the youth. The website does not specifically provide a minimum age for account opening but from reading of the features it seems to be young adults aged 18 years or above.

Features

  • The minimum quarterly balance requirement is Rs. 2,500 in rural and semi-urban areas and Rs. 5,000 in urban areas and metros
  • BOI offers a complimentary insurance of Rs. 50,000 for account holders in the 18-21 years age category and of Rs. 5,00,000 (Rs. 5 lakh) for account holders above 21 years
  • The bank also offers reward points for every time the account debit card is used for cash withdrawals in its ATMs. 20 reward points are given at BOI Star Yuva Account opening

Savings Bank Ordinary Account

The account is the standard savings account that can be opened for a minor, usually under joint names.

Features

  • Being a nationalised bank, BOI is able to offer its Savings Bank Ordinary Account with considerable low balance requirements. The initial deposit and average quarterly balance is Rs. 500 if the minor / guardian needs a chequebook and Rs. 100 if the account is operated without a chequebook
  • The bank offers certain benefits to customers of the savings account. For instance, an online income tax filing facility, free payment of utility bills and a BOI-National Swasthya Bima Policy floater mediclaim policy in collaboration with National Insurance at a low premium. A point to note is that kids usually do not need these services

Reference Facts

  • Punjab & Sind Bank Website: www.psbindia.com
  • Headquarters: New Delhi, Delhi
  • Call Centre Number: 1800 419 8300
  • Bank of India Website: www.bankofindia.co.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 220 229, 1800 103 1906