Union Bank of India vs Jammu & Kashmir 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. Jammu & Kashmir Bank does not have a specific account for minors and instead provides its savings accounts for minors above the age of 10 years.
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.
- 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.
- 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 Jammu & Kashmir Bank Limited
Jammu & Kashmir Bank does not have a specific account for minors and provides its savings accounts for minors above the age of 10 years.
General Savings Account
This is the standard savings account of the bank and can be opened by individuals singly or jointly, by HUFs and by minors aged 10 years or above. Even organisations approved by RBI can open an account.
- Accountholders who have a chequebook need to maintain Rs. 2,000 as average monthly balance while those without chequebooks only need to have Rs. 1,000 as average monthly balance
- Minors get their own ATM-debit card
- The bank offers up to 30 free over the counter cash withdrawals for accountholders every 6 months
- The international debit card comes with a limit of Rs. 40,000 for ATM withdrawals and Rs. 1 lakh for POS (card swipe) transactions
- Jammu & Kashmir Bank offers complimentary online and mobile banking facilities for the General Savings Account
- The bank offers a free chequebook of 20 leaves in a year. The number of leaves for senior citizens is 25
Deluxe Savings Account
This is a premium savings account offering from the bank and as with the general account can be opened by individuals, whether singly or jointly, by HUFs, by minors who are 10 years or above in age and by organisations approved by RBI to open a savings account.
- The account requires an average monthly balance of Rs. 5,000
- As with the General account, the Deluxe account provides up to 30 free over the counter cash withdrawals for accountholders every six months
- The debit card comes with a slightly higher ATM withdrawal limit of Rs. 1 lakh and POS (card swipe) transaction limit of Rs. 1.5 lakh
- The Deluxe Savings Account comes with free online and mobile banking facilities
- As with the General Savings Account, the Deluxe account comes with a complimentary chequebook of 20 leaves every year for regular users and of 25 leaves for senior citizens
General Small Account
This account is a type of savings account created to bring the unbanked population into the fold of the banking sector. Literate minors above the age of 10 years can open the account.
- The bank only needs a deposit of Rs. 50 to open the account though
- The General Small Account has a maximum balance limit, however, of Rs. 50,000
- It also comes with a cap on the maximum amount that can be credited in a year. It currently stands at Rs. 1 lakh
- There is limit on number and amount of withdrawals and transfers each month (4 withdrawals and up to Rs. 10,000 in terms of amount)
- The bank offers a chequebook if one maintains a balance of Rs.1,000 per month for at least 6 months
- 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
- Jammu & Kashmir Bank Website: www.jkbank.com
- Headquarters: Srinagar, Jammu and Kashmir
- Call Centre Number: 1800 1800 234, 1800 1800 234 (E-Banking)