Ujjivan Small Finance Bank vs Karur Vysya Bank: Children’s Savings Accounts

Ujjivan Small Finance Bank vs Karur Vysya Bank: Children’s Savings Accounts

Ujjivan Small Finance Bank offers a dedicated kid’s savings account. Karur Vysya Bank offers two dedicated accounts for children called the Jumbo Kids Savings Account and the Student Savings Account.

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 Karur Vysya Bank

Karur Vysya Bank offers two dedicated accounts for children called the Jumbo Kids Savings Account and the Student Savings Account.

Jumbo Kids Savings Account

Unlike most other banks that offer children’s accounts for kids up to the age of 18 years or more, Karur Vysya offers this account for children below the age of 12 years. This by itself is something that makes this account special. Let us look at features too.

Features

  • The account is available for children up to the age of 12 years (we are repeating what we have written above but we like what the bank has done and so there)
  • There is no minimum balance requirement
  • The account is in the name of the child though the authorised signatory is the guardian
  • All cash withdrawals are to be done through the ATM and the bank offers a Visa ATM card for that purpose
  • One can send or use (remittance is the word used on the bank website) up to Rs. 50,000 per day at the branch
  • Children who open a Jumbo Kids Savings Account get a Jumbo (elephant) Doll
  • The account does not come with a chequebook and neither does it have online or mobile banking facilities

Student Savings Account

The second account offered by the bank for children. It is meant for kids who have go to school or college and offers facilities that are meant to help children with school fees and other education-related payments.

Features

  • The account can be opened by kids below 12 years of age through a guardian, while they can open and operate one on their own if they have reached the age of 12 years
  • The maximum age limit up to which one can have the account is 29 years
  • The ATM debit card can be used for cash withdrawals for free at Karur Vysya ATMs and up to 5 times for free at other ATMs of banks that belong to the National Financial Switch. There is an annual maintenance charge of Rs. 75 on the card
  • The chequebook is only offered to students after they have crossed 18 years of age
  • There is no limit on cash remittance at the base branch though it is capped at Rs. 10,000 at non-base branches for the Student Savings Account
  • An important thing to note here is that the total number of debit transactions on the account and any other linked accounts for the same person cannot be more than 90 for every six months

Reference Facts

  • Ujjivan Small Finance Bank Website: www.ujjivansfb.in
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 208 2121
  • Karur Vysya Bank Website: www.kvb.co.in and www.kvbin.com (net banking)
  • Headquarters: Karur, Tamil Nadu
  • Call Centre Number: 1860 200 1916