Punjab & Sind Bank vs Suryoday Small Finance Bank

Punjab & Sind Bank vs Suryoday Small Finance Bank

Punjab & Sind Bank does not offer a dedicated children’s savings account while Suryoday Small Finance Bank does not offer a dedicated children’s account but instead offers minors the option to open a standard savings account as a minor 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.

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 Suryoday Small Finance Bank Limited

Suryoday Small Finance Bank does not offer a dedicated children’s account and offers minors the option to open a standard savings account as a minor account. All of the bank’s savings accounts can be opened by a minor under a parent or a guardian. We take a look at the two base variants of the bank’s savings account line-up.

Savings Ujjwal

The account is the most basic of the savings accounts offered by Suryoday.

Features

  • The average monthly balance requirement is Rs. 2,000, though anyone choosing to open an account has to start with an initial deposit of Rs. 3,000
  • Accountholders can choose to keep a fixed deposit of Rs. 10,000 in lieu of the minimum balance
  • The bank offers a higher rate of interest than most other banks for similar slabs of balance. Accounts with balance up to Rs. 1 lakh earn 6.25% per annum and those with balance between Rs. lakh and Rs. 10 lakh earn 7.25%. This is as of March 2019
  • The Savings Ujjwal account comes with a RuPay Classic Secure Chip Debit Card
  • The daily ATM and POS limits is restricted to Rs. 20,000
  • Online money transfers such as RTGS, NEFT, IMPS are chargeable after 3 transactions
  • The bank offers a personal accident insurance cover of Rs. 1 lakh with the account

Savings Aditya

This savings account is ranked one step up the Savings Ujjwal.

Features

  • The account has a minimum average monthly balance of Rs. 5,000 and needs Rs. 7,500 to open the account
  • Accountholders can create and keep an FD of Rs. 25,000 if they want to forego the minimum balance requirements
  • The Savings Aditya account also comes with a RuPay Classic Secure Chip Debit Card
  • The limit on daily ATM and POS transaction is pegged at Rs. 40,000
  • Accountholders get 10 free ATM transactions on the bank’s own ATMs and up to 5 on other bank ATMs
  • The accountholder can access up to 10 free RTGS, NEFT or IMPS payment transfers
  • Like with the Ujjwal account, the Aditya offers a higher rate of interest

Note: Suryoday in its savings account page/tabs for each account clearly mentions that all bank’s savings accounts from Ujjwal to Savings Supreme can be opened on behalf of a minor

Reference Facts

  • Punjab & Sind Bank Website: www.psbindia.com
  • Headquarters: New Delhi, Delhi
  • Call Centre Number: 1800 419 8300
  • Suryoday Small Finance Bank Website: www.suryodaybank.com
  • Headquarters: Navi Mumbai, Maharashtra
  • Call Centre Number: 1800 266 7711