Ujjivan Small Finance Bank vs Suryoday Small Finance Bank: Children’s Savings Accounts
Ujjivan Small Finance Bank offers a dedicated kid’s savings account. However, Suryoday Small Finance Bank does not offer a dedicated children’s account but instead offers minors the option to open a standard savings account as a minor 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 Suryoday Small Finance Bank
Suryoday Small Finance Bank does not offer a dedicated children’s account and offers minors the option to open a standard savings account as a minor account. All of the bank’s savings accounts can be opened by a minor under a parent or a guardian. We take a look at the two base variants of the bank’s savings account line-up.
The account is the most basic of the savings accounts offered by Suryoday.
- The average monthly balance requirement is Rs. 2,000, though anyone choosing to open an account has to start with an initial deposit of Rs. 3,000
- Accountholders can choose to keep a fixed deposit of Rs. 10,000 in lieu of the minimum balance
- The bank offers a higher rate of interest than most other banks for similar slabs of balance. Accounts with balance up to Rs. 1 lakh earn 6.25% per annum and those with balance between Rs. lakh and Rs. 10 lakh earn 7.25%. This is as of March 2019
- The Savings Ujjwal account comes with a RuPay Classic Secure Chip Debit Card
- The daily ATM and POS limits is restricted to Rs. 20,000
- Online money transfers such as RTGS, NEFT, IMPS are chargeable after 3 transactions
- The bank offers a personal accident insurance cover of Rs. 1 lakh with the account
This savings account is ranked one step up the Savings Ujjwal.
- The account has a minimum average monthly balance of Rs. 5,000 and needs Rs. 7,500 to open the account
- Accountholders can create and keep an FD of Rs. 25,000 if they want to forego the minimum balance requirements
- The Savings Aditya account also comes with a RuPay Classic Secure Chip Debit Card
- The limit on daily ATM and POS transaction is pegged at Rs. 40,000
- Accountholders get 10 free ATM transactions on the bank’s own ATMs and up to 5 on other bank ATMs
- The accountholder can access up to 10 free RTGS, NEFT or IMPS payment transfers
- Like with the Ujjwal account, the Aditya offers a higher rate of interest
Note: Suryoday in its savings account page/tabs for each account clearly mentions that all bank’s savings accounts from Ujjwal to Savings Supreme can be opened on behalf of a minor
- Ujjivan Small Finance Bank Website: www.ujjivansfb.in
- Headquarters: Bengaluru, Karnataka
- Call Centre Number: 1800 208 2121
- Suryoday Small Finance Bank Website: www.suryodaybank.com
- Headquarters: Navi Mumbai, Maharashtra
- Call Centre Number: 1800 266 7711