Ujjivan Small Finance Bank vs HDFC Bank: Children’s Savings Accounts
Ujjivan Small Finance Bank offers a dedicated kid’s savings account. HDFC Bank offers a dedicated children’s savings account called Kids Advantage 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 HDFC Bank
HDFC Bank, the largest private sector bank in the country in terms of market capitalisation as of September 2019, offers a dedicated children’s savings account called Kids Advantage Account.
Kids Advantage Account
The primary aim of the account is to help build a corpus for the child for her future financial needs.
- The account is available for every child up to the age of 18 years
- The bank mandates a minimum average monthly balance of Rs. 5,000 below which it charges service fees. The service fee is Rs. Rs. 150 in case the balance is between Rs. 2,500 and Rs. 5,000, and Rs. 300 in case the balance is less than Rs. 2,500
- Minors above the age of 10 years can open and operate the account on their own
- HDFC Bank requires the parent or guardian to have a savings account with the bank before they can open a Kids Advantage Account
- The international ATM-cum-Debit card debit card comes with a Rs. 2,500 ATM withdrawal limit and Rs. 10,000 POS limit per day
- HDFC Bank also offers an education insurance cover of Rs. 1 lakh for the child in case the parent or guardian passes away in a road, rail or air accident
- Its MoneyMaximizer option allows the accountholder to agree to a sweep-out option. Under this when the account reaches or crosses Rs. 35,000, any sum in excess of Rs. 25,000 is automatically transferred to a fixed deposit for 1 year and 1 day
- The accountholders get a free payable at par chequebook of 25 leaves at the time of account opening and every year thereafter
- The account comes with free net, phone and SMS banking facilities
- Ujjivan Small Finance Bank Website: www.ujjivansfb.in
- Headquarters: Bengaluru, Karnataka
- Call Centre Number: 1800 208 2121
- HDFC Bank Website: www.hdfcbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 258 3838