Ujjivan Small Finance Bank vs Citibank: Children’s Savings Accounts
Ujjivan Small Finance Bank offers a dedicated kid’s savings account. Likewise, Citibank offers a single dedicated children’s savings account called Citibank Junior Account.
Children’s Savings Accounts from Ujjivan Small Finance Bank
Ujjivan Small Finance Bank offers a dedicated savings account for minors.
The account can be opened jointly with a parent or guardian.
- 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 Citibank
Citibank offers the Citibank Junior Account as a children’s savings account.
Citibank Junior Account
The account is available for all children below the age of 18 years.
- Need at least two accountholders of whom the first is the minor and the second the parent or guardian
- Comes with Systematic Investment Plans that helps the parent plan the child’s future
- Children above the age of 15 years also get a debit card
- The Citibank Junior Account comes with two insurance plan options – BSLI Classic Child Plan and Dream Child Plan – that allow the parent to plan for the child’s education. The bank offers 10 different investment funds under the Classic Child Plan
- Accountholders can open their children’s Investment Services Accounts with the bank. They get online access to the investments and also get comprehensive reports on financial markets
- Ujjivan Small Finance Bank Website: www.ujjivansfb.in
- Headquarters: Bengaluru, Karnataka
- Call Centre Number: 1800 208 2121
- Citibank Website: www.online.citibank.co.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 210 2484, +91 22 4955 2484 (from outside India)