UCO Bank vs Union Bank of India

UCO Bank vs Union Bank of India

UCO Bank offers its UCO Smart Kids Savings Bank Scheme for children above 10 years of age while Union Bank of India does not offer dedicated children’s account but instead offers minors the chance to have an account through its Regular Savings Account and Union Family Savings Scheme products.

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 Union Bank of India

Union Bank does not offer a dedicated children’s account. However, minors can have accounts under its Regular Savings Account and Union Family Savings Scheme products. From a reading of the website, it seems minors can also open an account through parent or guardian under the Union Flexi Savings Deposit and Union Flexi Plus Savings Deposit schemes.

Regular Savings Account

The standard savings account from the bank.

Features

  • Can be opened by an individual for her child
  • Just like adults, the child is entitled to receive a free chequebook of 20 leaves every year
  • Allows students to keep the account with zero balance

Union Family Savings Scheme

A savings scheme under which up to 6 family members can open accounts.

Features

  • The average quarterly balance for the entire group is Rs. 1 lakh
  • Each account holder gets up to 2 chequebooks per account
  • They also can make up to Rs. 20,000 in pay orders or demand drafts each month
  • Each account holder can make ATM withdrawal or POS transaction of Rs. 25,000 each per day
  • Family members who can be included in the account are parents, grandparents, spouse, sibling and children

Union Flexi Account and Union Flexi Plus Savings Deposit

These two are higher end savings accounts, which also come with sweep facilities to put the excess money in a fixed deposit once the transaction limit crosses a specified limit. Though the Union Bank website does not specifically mention that the accounts are available for minors, it does say that individuals can open the account.

Reference Facts

  • UCO Bank Website: www.ucobank.com and www.ucoebanking.com (net banking)
  • Headquarters: Kolkata, West Bengal
  • Call Centre Number: 1800 274 0123
  • Union Bank of India Website: www.unionbankofindia.co.in and www.unionbankonline.co.in (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 208 2244, 1800 22 2244