Union Bank of India vs ESAF Small Finance Bank

Union Bank of India vs ESAF Small Finance Bank

Union Bank of India does not offer dedicated children’s account but instead offers minors the chance to have an account through its Regular Savings Account and Union Family Savings Scheme products. ESAF Small Finance Bank does not offer a dedicated children’s account, even though it has special accounts for students as well as senior citizens and women.

Children’s Savings Accounts from Union Bank of India

Union Bank does not offer a dedicated children’s account. However, minors can have accounts under its Regular Savings Account and Union Family Savings Scheme products. From a reading of the website, it seems minors can also open an account through parent or guardian under the Union Flexi Savings Deposit and Union Flexi Plus Savings Deposit schemes.

Regular Savings Account

The standard savings account from the bank.

Features

  • Can be opened by an individual for her child
  • Just like adults, the child is entitled to receive a free chequebook of 20 leaves every year
  • Allows students to keep the account with zero balance

Union Family Savings Scheme

A savings scheme under which up to 6 family members can open accounts.

Features

  • The average quarterly balance for the entire group is Rs. 1 lakh
  • Each account holder gets up to 2 chequebooks per account
  • They also can make up to Rs. 20,000 in pay orders or demand drafts each month
  • Each account holder can make ATM withdrawal or POS transaction of Rs. 25,000 each per day
  • Family members who can be included in the account are parents, grandparents, spouse, sibling and children

Union Flexi Account and Union Flexi Plus Savings Deposit

These two are higher end savings accounts, which also come with sweep facilities to put the excess money in a fixed deposit once the transaction limit crosses a specified limit. Though the Union Bank website does not specifically mention that the accounts are available for minors, it does say that individuals can open the account.

Children’s Savings Accounts from ESAF Small Finance Bank Limited

ESAF Small Finance Bank does not offer a dedicated children’s account, though it has special accounts for students, senior citizens and women. Its regular and premium accounts are likely available for minors also under the guidance of parents or guardians.

Regular Savings Account

The account is the standard savings account of the bank and comes with its set of benefits and restrictions. The minimum age of the accountholder has to be 18 years but it is very likely that this account will be also available to minors.

Features

  • The account can be opened with a minimum payment of Rs. 1,000, though the minimum average quarterly balance has to be Rs. 2,000
  • The bank limits the amount of cash one can withdraw or deposit at non-base branches (i.e. a non-home branch) to Rs. 50,000
  • The ATM withdrawal limit is pegged at Rs. 30,000 per day and POS transactions are limited to Rs. 2,000 at Tier II to Tier IV locations and Rs. 1,000 in Tier I to II locations
  • Accountholders of the Regular Savings Account can ask for and receive a chequebook of 10 leaves every 6 months
  • The customer can access the account through all modes such as online, mobile and phone banking

Premium Savings Account

The premium savings account from ESAF also warrants a minimum age limit of 18 years to become an accountholder.

Features

  • The account needs a minimum initial payment of Rs. 5,000 and the minimum average quarterly balance is Rs. 10,000
  • Unlike the standard account, there are no limits on withdrawals or deposits at non-base (i.e. non-home) branches
  • The ATM withdrawal limit is Rs. 50,000 per day for all ATMs – the bank’s own and other bank ATMs. POS limit stays the same as the standard account at Rs. 2,000 for Tier II to Tier IV locations and Rs. 1,000 for Tier I to II locations
  • Premium Savings Account holders can request and receive a chequebook of 50 leaves every 6 months
  • The account has an auto-sweep facility for fixed deposits
  • Access to the account is available through online, mobile and phone banking channels as with standard accounts

Reference Facts

  • Union Bank of India Website: www.unionbankofindia.co.in and www.unionbankonline.co.in (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 208 2244, 1800 22 2244
  • ESAF Small Finance Bank Website: www.esafbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Number: 1800 103 3723