SBI vs Jammu & Kashmir Bank: Children’s Savings Accounts
SBI offers two children’s savings accounts, Pehla Kadam and Pehli Udaan while Jammu & Kashmir Bank does not have a specific account for minors and instead provides its savings accounts for minors above the age of 10 years.
Children’s Savings Accounts from SBI
This account is meant for all children and may be opened jointly with a parent or guardian.
- There are no minimum balance requirements in this account
- There is a limit of Rs. 5,000 on daily transactions. Transactions such as bill payments, prepaid mobile top-ups have a limit of Rs. 2,000 within the Rs. 5,000 limit
- SBI offers an auto-sweep option with this account called SBI Multi Option Deposit Scheme (MODS). If the accountholders opt for this, then any amount above Rs. 20,000 in the account is put in a term deposit. The MOD is initially for a sum of Rs. 10,000 and in Rs. 1,000 multiples thereafter. As is common for banks, there is no clarity on the website if the auto-sweep facility kicks in if the account has a balance of Rs. 30,000
- There is a cap of Rs. 10 lakh on the maximum balance in a Pehla Kadam account
- The kid is eligible to get a specially branded chequebook and passbook, and also a personalised debit card with her own photo
Note: The links to specific accounts may not work. The above data was taken from internet searches. We have put the links here in the hope that they work some day. Even the WayBack Machine shows an error when we tried to pull a page from July 5, 2017.
The account is meant for kids above 10 years of age. They are allowed to open and operate the account on their own.
- As mentioned, any child above the age of 10 years who can read and write, may open the account in her own name without the need for any parent or guardian
- Except for the age criteria, the other features of the Pehli Udaan account are same as for the Pehla Kadam account
Children’s Savings Accounts from Jammu & Kashmir Bank Limited
Jammu & Kashmir Bank does not have a specific account for minors and provides its savings accounts for minors above the age of 10 years.
General Savings Account
This is the standard savings account of the bank and can be opened by individuals singly or jointly, by HUFs and by minors aged 10 years or above. Even organisations approved by RBI can open an account.
- Accountholders who have a chequebook need to maintain Rs. 2,000 as average monthly balance while those without chequebooks only need to have Rs. 1,000 as average monthly balance
- Minors get their own ATM-debit card
- The bank offers up to 30 free over the counter cash withdrawals for accountholders every 6 months
- The international debit card comes with a limit of Rs. 40,000 for ATM withdrawals and Rs. 1 lakh for POS (card swipe) transactions
- Jammu & Kashmir Bank offers complimentary online and mobile banking facilities for the General Savings Account
- The bank offers a free chequebook of 20 leaves in a year. The number of leaves for senior citizens is 25
Deluxe Savings Account
This is a premium savings account offering from the bank and as with the general account can be opened by individuals, whether singly or jointly, by HUFs, by minors who are 10 years or above in age and by organisations approved by RBI to open a savings account.
- The account requires an average monthly balance of Rs. 5,000
- As with the General account, the Deluxe account provides up to 30 free over the counter cash withdrawals for accountholders every six months
- The debit card comes with a slightly higher ATM withdrawal limit of Rs. 1 lakh and POS (card swipe) transaction limit of Rs. 1.5 lakh
- The Deluxe Savings Account comes with free online and mobile banking facilities
- As with the General Savings Account, the Deluxe account comes with a complimentary chequebook of 20 leaves every year for regular users and of 25 leaves for senior citizens
General Small Account
This account is a type of savings account created to bring the unbanked population into the fold of the banking sector. Literate minors above the age of 10 years can open the account.
- The bank only needs a deposit of Rs. 50 to open the account though
- The General Small Account has a maximum balance limit, however, of Rs. 50,000
- It also comes with a cap on the maximum amount that can be credited in a year. It currently stands at Rs. 1 lakh
- There is limit on number and amount of withdrawals and transfers each month (4 withdrawals and up to Rs. 10,000 in terms of amount)
- The bank offers a chequebook if one maintains a balance of Rs.1,000 per month for at least 6 months
- State Bank of India Website: https://sbi.co.in and www.onlinesbi.com (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 425 3800, 1800 112 211, 1800 110 009 (pensioners only)
- Jammu & Kashmir Bank Website: www.jkbank.com
- Headquarters: Srinagar, Jammu and Kashmir
- Call Centre Number: 1800 1800 234, 1800 1800 234 (E-Banking)