UCO Bank vs Karnataka Bank: Children’s Savings Accounts

UCO Bank vs Karnataka Bank: Children’s Savings Accounts

UCO Bank offers its UCO Smart Kids Savings Bank Scheme for children above 10 years of age while Karnataka Bank offers a dedicated children’s account called KBL Kishore.

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.

Features

  • 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 Karnataka Bank Limited

Karnataka Bank, one of the older banking institutions in the country, offers a dedicated children’s account called KBL Kishore.

KBL Kishore

The children’s account is available to kids over the age of 10 years and up to 18 years.

Features

  • The account comes without any minimum balance requirements
  • The bank offers a free debit card with 24-hour cash withdrawal limit of Rs. 10,000 and POS limit of Rs. 5,000
  • KBL Kishore allows parents or guardians to transfer up to Rs. 50,000 per month from their account to the child’s account
  • The kids and their parents can keep a track of the account through the bank’s mobile app

Reference Facts

  • UCO Bank Website: www.ucobank.com and www.ucoebanking.com (net banking)
  • Headquarters: Kolkata, West Bengal
  • Call Centre Number: 1800 274 0123
  • Karnataka Bank Website: https://karnatakabank.com
  • Headquarters: Mangaluru, Karnataka
  • Call Centre Number: 1800 425 1444