Punjab & Sind Bank vs IndusInd Bank: Children’s Savings Accounts
Punjab & Sind Bank does not offer a dedicated children’s savings account while IndusInd Bank offers a dedicated children’s account called the Indus Young Saver 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 IndusInd Bank Limited
IndusInd Bank, originally a bank focussed on the non-resident Indian community, has now become one of the leading private sector banks in India. It offers a dedicated children’s account called the Indus Young Saver account.
Indus Young Saver Account
The account helps parents get an optimal mix of savings and investment options for their children.
- Can be opened under the parent’s name as a guardian account or under the child’s name if she has crossed the 12 years age limit
- The account needs an average monthly balance of Rs. 5,000, which can be waived off if it is linked to a privilege account of the parent or there is a recurring deposit of at least Rs. 2,500 every month
- Children with an Indus Young Saver Account get a personalised debit card if they are over 12 years of age
- Even the chequebook can have the child’s name
- Punjab & Sind Bank Website: www.psbindia.com
- Headquarters: New Delhi, Delhi
- Call Centre Number: 1800 419 8300
- IndusInd Bank Website: www.indusind.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 500 5004, 1860 267 7777 (Credit Cards)