Punjab & Sind Bank vs YES Bank: Children’s Savings Accounts
Punjab & Sind Bank does not offer a dedicated children’s savings account while YES Bank provides one dedicated children savings account called My First YES 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.
- 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 YES Bank Limited
YES Bank offers a dedicated savings account for children called My First YES Account.
My First YES Account
The account is available for all children, from 1 day old to up to 18 years of age.
- The account has a minimum balance requirement of Rs. 2,500. However, accounts that are linked to a fixed Deposit of Rs. 25,000 do not have to maintain any minimum balance. Otherwise, the bank charges a fee of Rs. 250 per month if the minimum balance is not maintained
- Cash withdrawals at the branch are free while cash deposits per month are limited to Rs. 5 lakh or up to five transactions, whichever is less
- Children above 10 years of age get a complimentary ATM-debit card with customisable withdrawal limits of Rs. 1,000, Rs. 2,000 or Rs. 5,000 that can be defined by the guardian
- The bank offers a free personalised chequebook
- Demand drafts are issued free of charge up to defined limits
- The bank offers accountholders to view the balance online and through mobile banking
- The guardian has to have an account with YES Bank for the child to be able to open a My First YES Account
- Punjab & Sind Bank Website: www.psbindia.com
- Headquarters: New Delhi, Delhi
- Call Centre Number: 1800 419 8300
- YES Bank Website: www.yesbank.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 1200