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

Ujjivan Small Finance Bank offers a dedicated kid’s savings account. Nainital Bank allows minors to open a Regular Saving Account through 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 Nainital Bank

Nainital Bank does not offer a dedicated children’s savings bank account though its Regular Saving Account can be opened by a minor.

Regular Saving Account

The standard savings account from the bank, the account can be opened on behalf of minors by the guardian.

Features

  • The account is meant to cater to the savings needs of the people by providing a safe place to keep their money
  • The bank has made it easy to operate the account without too much of a fuss
  • The minimum balance for accounts with chequebooks is Rs 500 for rural and semi-urban branches and Rs. 1,000 for urban and metro branches. For non-chequebook accounts, the balance is Rs. 200 (rural), Rs. 300 (semi-urban), Rs. 400 (urban) and Rs. 500 (urban) locations. Details of whether the same balance requirements apply on the Regular Saving Account for minors is not available on the website as of November 2018

Reference Facts

  • Ujjivan Small Finance Bank Website: www.ujjivansfb.in
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 208 2121
  • Nainital Bank Website: www.nainitalbank.co.in
  • Headquarters: Nainital, Uttarakhand
  • Call Centre Number: +91 120 240 1083