Punjab & Sind Bank vs Jammu & Kashmir Bank: Children’s Savings Accounts
Punjab & Sind Bank does not offer a dedicated children’s savings account while Jammu & Kashmir Bank does not have a specific account for minors and instead provides its savings accounts for minors above the age of 10 years.
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 Jammu & Kashmir Bank Limited
Jammu & Kashmir Bank does not have a specific account for minors and provides its savings accounts for minors above the age of 10 years.
General Savings Account
This is the standard savings account of the bank and can be opened by individuals singly or jointly, by HUFs and by minors aged 10 years or above. Even organisations approved by RBI can open an account.
- Accountholders who have a chequebook need to maintain Rs. 2,000 as average monthly balance while those without chequebooks only need to have Rs. 1,000 as average monthly balance
- Minors get their own ATM-debit card
- The bank offers up to 30 free over the counter cash withdrawals for accountholders every 6 months
- The international debit card comes with a limit of Rs. 40,000 for ATM withdrawals and Rs. 1 lakh for POS (card swipe) transactions
- Jammu & Kashmir Bank offers complimentary online and mobile banking facilities for the General Savings Account
- The bank offers a free chequebook of 20 leaves in a year. The number of leaves for senior citizens is 25
Deluxe Savings Account
This is a premium savings account offering from the bank and as with the general account can be opened by individuals, whether singly or jointly, by HUFs, by minors who are 10 years or above in age and by organisations approved by RBI to open a savings account.
- The account requires an average monthly balance of Rs. 5,000
- As with the General account, the Deluxe account provides up to 30 free over the counter cash withdrawals for accountholders every six months
- The debit card comes with a slightly higher ATM withdrawal limit of Rs. 1 lakh and POS (card swipe) transaction limit of Rs. 1.5 lakh
- The Deluxe Savings Account comes with free online and mobile banking facilities
- As with the General Savings Account, the Deluxe account comes with a complimentary chequebook of 20 leaves every year for regular users and of 25 leaves for senior citizens
General Small Account
This account is a type of savings account created to bring the unbanked population into the fold of the banking sector. Literate minors above the age of 10 years can open the account.
- The bank only needs a deposit of Rs. 50 to open the account though
- The General Small Account has a maximum balance limit, however, of Rs. 50,000
- It also comes with a cap on the maximum amount that can be credited in a year. It currently stands at Rs. 1 lakh
- There is limit on number and amount of withdrawals and transfers each month (4 withdrawals and up to Rs. 10,000 in terms of amount)
- The bank offers a chequebook if one maintains a balance of Rs.1,000 per month for at least 6 months
- Punjab & Sind Bank Website: www.psbindia.com
- Headquarters: New Delhi, Delhi
- Call Centre Number: 1800 419 8300
- Jammu & Kashmir Bank Website: www.jkbank.com
- Headquarters: Srinagar, Jammu and Kashmir
- Call Centre Number: 1800 1800 234, 1800 1800 234 (E-Banking)