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

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

South Indian Bank offers a dedicated account for students called the Junior Savings Account. Federal Bank offers two savings accounts called Young Champ and YuvaMitra for children and young adults.

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 Federal Bank

Federal Bank offers two savings accounts called Young Champ and YuvaMitra for children. Details of whether its standard savings accounts can be opened for children are not available on the website.

Young Champ

The account is for all children up to the age of 18 years whether resident in India or abroad.

Features

  • The account needs an average monthly balance of Rs. 1,000
  • Children below 10 years can only open the account if the parent or guardian acts as the authorised signatory while kids above that age can open the account in their own name and operate it independently
  • The child also gets a specially designed debit card with a daily ATM or POS transaction limit of Rs. 2,500 with the Young Champ account
  • Charges on demand drafts for educational purposes are waived off up to a sum of Rs. 50,000
  • The bank offers reward points if the account holder or her parent or guardian opens a recurring deposit
  • Internet banking comes with a view-only facility
  • The accountholder also gets free email and mobile alerts and free standing instructions to debit account of parent and transfer the same to that of the child
  • The account cannot be opened online and the child, parent or guardian has to visit the branch

YuvaMitra

The account can be opened by any kid after they have passed class 10 and up to the time they have attained their professional degree or diploma.

Features

  • There is no minimum balance requirement for the account
  • The young adult gets a chequebook of 20 leaves a year and a debit card
  • The daily cash withdrawal and POS limits are both Rs. 50,000 for the YuvaMitra account
  • Accountholders get free internet banking, mobile banking and email alerts

Reference Facts

  • South Indian Bank Website: www.southindianbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 1800 425 1809, 1800 102 9408
  • Federal Bank Website: www.federalbank.co.in
  • Headquarters: Aluva (Kochi), Kerala
  • Call Centre Number: 1800 425 1199