Ujjivan Small Finance Bank vs IDBI Bank

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

Ujjivan Small Finance Bank offers a dedicated kid’s savings account. IDBI Bank offers two accounts called Power Kidz Account and Being Me.

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

IDBI Bank offers the Power Kidz Account for children. It also has a savings account targeted at the youth called the IDBI Being Me Account.

Power Kidz Account

From a reading of the website, it seems the account is not meant for kids below 10 years of age.

Features

Can be opened by a minor in her own name if she is over 10 years of age, or by the parent or guardian in case she is below that age
The minimum average balance in the account is Rs. 500 but there are no charges if the minimum balance criterion is not met
Kids above 10 years who have opened the Power Kidz Account in their own name will get an exclusively designed debit card with their name
The bank gives a personalised chequebook to the child
The ATM withdrawal or POS transaction limit is Rs. 2,000
The bank offers up to 5 free transactions at non-IDBI Bank ATMs in non-metro locations

Being Me Account

A savings account designed to help the youth cultivate financial common sense.

Features

There are no details on the site on minimum or maximum age to open and operate the account
A minimum amount of Rs. 2,500 is needed to open the account
The daily limit for ATM transactions and merchant (POS) purchases is Rs. 25,000 for the Being Me Account
The bank offers preferential rates on educational loans and gives preference to account holders to take up educational project work at the bank, provided there are seats available
It even gives discounts on opening share trading accounts with IDBI Capital Markets & Securities

Reference Facts