Ujjivan Small Finance Bank vs Fincare Small Finance Bank: Children’s Savings Accounts

Ujjivan Small Finance Bank offers a dedicated kid’s savings account. However, Fincare Small Finance Bank does not offer a dedicated children’s account though it is likely to offer its Smart Saver or Priority Accounts to minors as a joint account with a parent or guardian.

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 Fincare Small Finance Bank

Fincare Small Finance Bank does not offer a dedicated children’s account but it is likely that it allows guardians to open a minor account under its Smart Saver or Priority Accounts.

Smart Saver Account

This is the standard savings account of the bank.

Features

• Needs an average monthly balance of Rs. 1,000
• Fincare Bank offers a RuPay Silver debit card to account holders
• The card entitles the shareholder to a personal insurance cover of Rs. 1 lakh
• Smart Saver accountholders also get access to 5 free transactions at non-metro ATMs and 3 complimentary transactions in metros

Priority Account

The priority account is a step above the Smart Saver Account.

Features

• The account needs an average monthly balance of Rs. 10,000 or at least Rs. 1 lakh in fixed deposit
• There are no mentions in the website of whether the Priority account can be opened by a minor or on behalf of a minor but considering the standard procedure in other banks, it is likely that any minor account that has a minimum balance of Rs. 10,000 as balance would qualify as a Priority Savings Account

Reference Facts

• Ujjivan Small Finance Bank Website: www.ujjivansfb.in
• Headquarters: Bengaluru, Karnataka
• Call Centre Number: 1800 208 2121

• Fincare Small Finance Bank Website: www.fincarebank.com
• Headquarters: Bangalore, Karnataka
• Call Centre Number: 1800 3010 0111