UCO Bank vs DCB Bank: Children’s Savings Accounts
UCO Bank offers its UCO Smart Kids Savings Bank Scheme for children above 10 years of age while DCB Bank does not offer a dedicated children’s account but instead offers its Classic savings account for children through parents or guardians.
Children’s Savings Accounts from UCO Bank
The bank offers the UCO Smart Kids Savings Bank Scheme for children above the age of 10 years.
UCO Smart Kids Savings Bank Scheme
The account allows kids to open and run a savings account without any need for joint ownership with parents or guardians.
- Any literate child above the age of 10 years can open and operate the account
- There is no minimum balance requirement
- The kids get two chequebooks a year
- The ATM card is personalised with a photograph. Kids also get a good looking passbook
- Children can withdraw up to Rs. 3,000 per day subject to a limit of Rs. 15,000 per month through ATMs or net banking
- A key benefit of this UCO Smart Kids Savings Bank Scheme is the ability for children to undertake transactions through net banking after a certain period of time
- The bank also offers concessions for education loans
Children’s Savings Accounts from DCB Bank Limited
DCB Bank, known previously as Development Credit Bank, does not offer a dedicated children’s account though its Classic account may be available for children through their parents or guardian.
Classic Savings Bank Account
This is the standard savings bank account from the bank.
- Accountholders need to maintain a minimum balance of Rs. 5,000 for Tier I branches and Rs. 2,500 for Tier 2 branches. This amount may be less for accounts opened on behalf of minors. Details of the same are not provided clearly on the bank website and as with such instances it may be a good idea to call and ask customer care at the numbers below
- The Classic Savings Bank Account offers payable at par cheque book
- Accountholders also get unlimited free access to all the bank’s ATMs and Visa ATMs in India, provided the account has an average monthly balance of Rs.10,000
- One of the key features seems to be free unlimited use of online transfers through RTGS and NEFT
- Account holders also get complimentary internet, phone and mobile banking facilities, through the access is likely to be limited for the child directly unless they have reached a certain age, as happens with most banks
- UCO Bank Website: www.ucobank.com and www.ucoebanking.com (net banking)
- Headquarters: Kolkata, West Bengal
- Call Centre Number: 1800 274 0123
- DCB Bank Website: www.dcbbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 209 5363, 1800 123 5363