Punjab & Sind Bank vs Jana Small Finance Bank
Punjab & Sind Bank does not offer a dedicated children’s savings account while Jana Small Finance Bank does not offer a dedicated minor savings account even though the standard savings account can be opened by a minor jointly with a parent or guardian.
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 Jana Small Finance Bank Limited
Jana Small Finance Bank does not offer a dedicated minor savings account and though it does not mention clearly on its website if the regular savings account is open for minors, reading of the Terms and Conditions of the service charges file shows that the account can be opened by or on behalf of minors.
Regular Savings Account
This is the standard savings account of the bank.
- The bank needs an average monthly balance of Rs. 2,500
- The Regular Savings Account comes with a RuPay Debit Card
- The bank has not put a cap on the number of withdrawals the accountholder can make though the bank’s ATMs, except for minors where it has been pegged at Rs. 10,000 per month
- The bank has put a limit on the amount that can be withdrawn from the ATM or be spent at POS transaction for minor accounts. The cash withdrawal limit is Rs. 5,000 and the POS limit is Rs. 10,000 per day
- The bank accountholder gets 3 complimentary cash transactions at other bank ATMs in metro locations and 5 at non-metro locations
- Accountholders get one complimentary chequebook for each quarter
- The company offers the customer the option of getting an SMS alert facility on payment of Rs. 15 per quarter
- Punjab & Sind Bank Website: www.psbindia.com
- Headquarters: New Delhi, Delhi
- Call Centre Number: 1800 419 8300
- Jana Small Finance Bank Website: www.janabank.com
- Headquarters: Bengaluru, Karnataka
- Call Centre Number: 1800 2080, 1800 4200