Punjab & Sind Bank vs Karnataka Bank: Children’s Savings Accounts
Punjab & Sind Bank does not offer a dedicated children’s savings account while Karnataka Bank offers a dedicated children’s account called KBL Kishore.
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 Karnataka Bank Limited
Karnataka Bank, one of the older banking institutions in the country, offers a dedicated children’s account called KBL Kishore.
The children’s account is available to kids over the age of 10 years and up to 18 years.
- The account comes without any minimum balance requirements
- The bank offers a free debit card with 24-hour cash withdrawal limit of Rs. 10,000 and POS limit of Rs. 5,000
- KBL Kishore allows parents or guardians to transfer up to Rs. 50,000 per month from their account to the child’s account
- The kids and their parents can keep a track of the account through the bank’s mobile app
- Punjab & Sind Bank Website: www.psbindia.com
- Headquarters: New Delhi, Delhi
- Call Centre Number: 1800 419 8300
- Karnataka Bank Website: https://karnatakabank.com
- Headquarters: Mangaluru, Karnataka
- Call Centre Number: 1800 425 1444