Ujjivan Small Finance Bank vs Catholic Syrian Bank: Children’s Savings Accounts

Ujjivan Small Finance Bank offers a dedicated kid’s savings account. Catholic Syrian Bank allows parents and guardians to open its various savings accounts – Blue, Silver, Gold and Platinum – on behalf of minors.

Children’s Savings Accounts from Ujjivan Small Finance Bank

Ujjivan Small Finance Bank offers a dedicated savings account for minors.

Minor Account

The account can be opened jointly with a parent or guardian.

Features

  • There is no minimum balance requirement on the account, and consequently no charges on non-maintenance of the said balance
  • The account is operated by the parent or guardian until the child reaches the age of majority. The minor cannot operate the account independently
  • Minor accountholders get a personalised RuPay Classic Debit Card on request once they cross the age of 10 years
  • The Minor Account is converted into a regular savings account once the child reaches the age of maturity
  • The bank offers a free SMS facility on the guardian’s or the accountholder’s registered mobile number
  • Accountholders also get access to NEFT, RTGS and IMPS

Children’s Savings Accounts from Catholic Syrian Bank

Catholic Syrian Bank is one of the oldest banks in the country having been established in 1920. The bank does not offer a dedicated children’s savings bank account but its Blue, Silver, Gold and Platinum savings accounts can be opened on behalf of minors by their parents or guardian.

Blue Savings Account

This savings account comes one step up the InstaDigital Savings Account but offers lesser number of features than the Gold and Platinum accounts.

Features

  • Offers up to 5 free use of other bank ATMs
  • Allows up to Rs. 40,000 in withdrawals from ATMs per day
  • The Blue Savings Account comes with the RuPay Platinum Debit Card
  • Minimum quarterly balance needed is Rs. 1,000 for urban areas and Rs. 500 for rural regions

Silver Savings Account

The Silver Savings Account is one step up the Blue Savings Account and comes with the following features.

Features

  • Unlimited free access to any ATMs in India
  • Allows up to Rs. 75,000 in withdrawals from ATMs every day
  • Users get 20% discount on locker rentals
  • The Silver Savings Account comes with the VISA Platinum Debit Card and offers all its benefits
  • Minimum quarterly balance needed is Rs. 5,000 for urban and rural areas

Gold Savings Account

The Gold savings account from Catholic Syrian falls between the Silver and Platinum accounts. Most of its benefits are similar to the Silver account.

Features

  • Unlimited free access to any bank ATM in the country
  • Allows customers to withdraw up to Rs. 75,000 from ATMs every day
  • Users get 30% discount on locker rentals
  • The Gold Savings Account comes with the VISA Platinum Debit Card
  • Minimum quarterly balance requirement is Rs. 25,000 for urban and rural areas

Platinum Savings Account

The top savings account from Catholic Syrian Bank portfolio.

Features

  • Users have unlimited free access to any ATMs in India
  • Customers can take out up to Rs. 75,000 from any ATM every 24 hours
  • The customers also get 50% discount on locker rentals
  • Platinum Savings Account comes with the VISA Platinum Debit Card like the Silver and Gold accounts
  • Minimum quarterly balance requirement is Rs. 1 lakh for both urban and rural branches

Reference Facts

  • Ujjivan Small Finance Bank Website: www.ujjivansfb.in
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 208 2121
  • Catholic Syrian Bank Website: www.csb.co.in
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 1800 266 9090