UCO Bank vs Karur Vysya Bank

UCO Bank vs Karur Vysya Bank

UCO Bank offers its UCO Smart Kids Savings Bank Scheme for children above 10 years of age while Karur Vysya Bank meanwhile offers two dedicated accounts for children called the Jumbo Kids Savings Account and the Student Savings Account.

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 Karur Vysya Bank Limited

Karur Vysya Bank offers two dedicated accounts for children called the Jumbo Kids Savings Account and the Student Savings Account.

Jumbo Kids Savings Account

Unlike most other banks that offer children’s accounts for kids up to the age of 18 years or more, Karur Vysya offers this account for children below the age of 12 years. This by itself is something that makes this account special. Let us look at features too.

Features

  • The account is available for children up to the age of 12 years (we are repeating what we have written above but we like what the bank has done and so there)
  • There is no minimum balance requirement
  • The account is in the name of the child though the authorised signatory is the guardian
  • All cash withdrawals are to be done through the ATM and the bank offers a Visa ATM card for that purpose
  • One can send or use (remittance is the word used on the bank website) up to Rs. 50,000 per day at the branch
  • Children who open a Jumbo Kids Savings Account get a Jumbo (elephant) Doll
  • The account does not come with a chequebook and neither does it have online or mobile banking facilities

Student Savings Account

The second account offered by the bank for children. It is meant for kids who have go to school or college and offers facilities that are meant to help children with school fees and other education-related payments.

Features

  • The account can be opened by kids below 12 years of age through a guardian, while they can open and operate one on their own if they have reached the age of 12 years
  • The maximum age limit up to which one can have the account is 29 years
  • The ATM debit card can be used for cash withdrawals for free at Karur Vysya ATMs and up to 5 times for free at other ATMs of banks that belong to the National Financial Switch. There is an annual maintenance charge of Rs. 75 on the card
  • The chequebook is only offered to students after they have crossed 18 years of age
  • There is no limit on cash remittance at the base branch though it is capped at Rs. 10,000 at non-base branches for the Student Savings Account
  • An important thing to note here is that the total number of debit transactions on the account and any other linked accounts for the same person cannot be more than 90 for every six months

Reference Facts

  • UCO Bank Website: www.ucobank.com and www.ucoebanking.com (net banking)
  • Headquarters: Kolkata, West Bengal
  • Call Centre Number: 1800 274 0123
  • Karur Vysya Bank Website: www.kvb.co.in and www.kvbin.com (net banking)
  • Headquarters: Karur, Tamil Nadu
  • Call Centre Number: 1860 200 1916