Punjab & Sind Bank vs Nainital Bank

Punjab & Sind Bank vs Nainital Bank

Punjab & Sind Bank does not offer a dedicated children’s savings account while Nainital Bank allows minors to open a Regular Saving Account through 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.

Features

  • 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.

Features

  • 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 Nainital Bank Limited

Nainital Bank does not offer a dedicated children’s savings bank account though its Regular Saving Account can be opened by a minor.

Regular Saving Account

The standard savings account from the bank, the account can be opened on behalf of minors by the guardian.

Features

  • The account is meant to cater to the savings needs of the people by providing a safe place to keep their money
  • The bank has made it easy to operate the account without too much of a fuss
  • The minimum balance for accounts with chequebooks is Rs 500 for rural and semi-urban branches and Rs. 1,000 for urban and metro branches. For non-chequebook accounts, the balance is Rs. 200 (rural), Rs. 300 (semi-urban), Rs. 400 (urban) and Rs. 500 (urban) locations. Details of whether the same balance requirements apply on the Regular Saving Account for minors is not available on the website as of November 2018

Reference Facts

  • Punjab & Sind Bank Website: www.psbindia.com
  • Headquarters: New Delhi, Delhi
  • Call Centre Number: 1800 419 8300
  • Nainital Bank Website: www.nainitalbank.co.in
  • Headquarters: Nainital, Uttarakhand
  • Call Centre Number: +91 120 240 1083