Ujjivan Small Finance Bank vs Punjab & Sind Bank: Children’s Savings Accounts

Ujjivan Small Finance Bank vs Punjab & Sind Bank: Children’s Savings Accounts

Ujjivan Small Finance Bank offers a dedicated kid’s savings account. However, Punjab & Sind Bank does not offer a dedicated children’s 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 Punjab & Sind Bank

The bank does not offer any children centric savings account, though its website does say that student beneficiaries of Government schemes can open a Basic Savings Bank Deposit Account.

Basic Savings Bank Deposit Account

This account as the name suggests is a basic savings account with some minimum levels of savings account services.

Features

  • There is no minimum balance requirement
  • Students who are beneficiaries of Government schemes can open the account with an initial deposit of Rs.10 only
  • Account holders can make up to four withdrawals in a month though there is no limit on the number of deposits

Savings Bank Account

Though it is not mentioned specifically, it is likely that the bank offers its savings account for minors also jointly with a parent or guardian.

Features

  • Has a minimum balance requirement of Rs. 500 for rural branches and urban ones that do not need a chequebook. Urban account holders who need chequebooks need to keep a minimum balance of Rs. 1,000
  • Accountholders cannot make more than 50 withdrawals every half year

Reference Facts

  • Ujjivan Small Finance Bank Website: www.ujjivansfb.in
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 208 2121
  • Punjab & Sind Bank Website: www.psbindia.com
  • Headquarters: New Delhi, Delhi
  • Call Centre Number: 1800 419 8300