South Indian Bank vs Bandhan Bank: Children’s Savings Accounts

South Indian Bank vs Bandhan Bank: Children’s Savings Accounts

South Indian Bank offers a dedicated account for students called the Junior Savings Account. Bandhan Bank does not offer a dedicated children’s savings account but it does offer its standard savings account to minors.

Children’s Savings Accounts from South Indian Bank

South Indian Bank offers children and youth-centric accounts as well as savings accounts for women and senior citizens in addition to general savings accounts.

Junior Savings Account

This account is primarily meant for students.

Features

  • Children above the age of 10 years can open the account
  • All they need is an introduction from the principal, head of department (for college) and a photo ID card. Other standard introduction measures also work
  • The minimum amount needed to open this account is Rs. 10 though the minimum balance needed is Rs. 150. The bank gives a time of three months to take the balance to this level
  • Chequebooks and online banking are made available when the child reaches the age of 18 years and keeps an average balance of Rs. 1,000
  • The bank offers a complimentary ATM-debit card to kids having the Junior Savings Account
  • Children with this account are eligible to apply for education loans from South Indian Bank

Children’s Savings Accounts from Bandhan Bank

Bandhan Bank is one of the most promising upcoming banks in India but it does not provide a dedicated children’s savings account. However, from a perusal of the account opening form, it appears the bank allows individuals to open and operate minor accounts. It also offers the option for minors above 10 years of age to open and maintain the account under their own name.

Standard Savings Account

Since it does not offer a dedicated children’s account (from a reading of the accounts in the bank’s website), here is a look at some features of the bank’s standard savings account.

Features

  • The account holder needs a monthly average balance of Rs. 5,000
  • One can deposit up to Rs. 5 lakh for free per month
  • Offers chequebook of 20 leaves per month for free which is more than the usual practice of offering one every quarter by most banks
  • Offers 5 free withdrawals at ATMs of other banks

Reference Facts

  • South Indian Bank Website: www.southindianbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 1800 425 1809, 1800 102 9408
  • Bandhan Bank Website: www.bandhanbank.com
  • Headquarters: Kolkata, West Bengal
  • Call Centre Number: 1800 258 8181