Punjab & Sind Bank vs Citibank
Punjab & Sind Bank does not offer a dedicated children’s savings account while Citibank offers a single dedicated children’s savings account called Citibank Junior Account.
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 Citibank
Citibank offers the Citibank Junior Account as a children’s savings account.
Citibank Junior Account
The account is available for all children below the age of 18 years.
- Need at least two accountholders of whom the first is the minor and the second the parent or guardian
- Comes with Systematic Investment Plans that helps the parent plan the child’s future
- Children above the age of 15 years also get a debit card
- The Citibank Junior Account comes with two insurance plan options – BSLI Classic Child Plan and Dream Child Plan – that allow the parent to plan for the child’s education. The bank offers 10 different investment funds under the Classic Child Plan
- Accountholders can open their children’s Investment Services Accounts with the bank. They get online access to the investments and also get comprehensive reports on financial markets
- Punjab & Sind Bank Website: www.psbindia.com
- Headquarters: New Delhi, Delhi
- Call Centre Number: 1800 419 8300
- Citibank N.A. Website: www.online.citibank.co.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 210 2484, +91 22 4955 2484 (from outside India)