Union Bank of India vs Jana 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. Jana Small Finance Bank does not offer a dedicated minor savings account even though the standard savings account can be opened by a minor jointly with a parent or guardian.
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 Jana Small Finance Bank Limited
Jana Small Finance Bank does not offer a dedicated minor savings account and though it does not mention clearly on its website if the regular savings account is open for minors, reading of the Terms and Conditions of the service charges file shows that the account can be opened by or on behalf of minors.
Regular Savings Account
This is the standard savings account of the bank.
- The bank needs an average monthly balance of Rs. 2,500
- The Regular Savings Account comes with a RuPay Debit Card
- The bank has not put a cap on the number of withdrawals the accountholder can make though the bank’s ATMs, except for minors where it has been pegged at Rs. 10,000 per month
- The bank has put a limit on the amount that can be withdrawn from the ATM or be spent at POS transaction for minor accounts. The cash withdrawal limit is Rs. 5,000 and the POS limit is Rs. 10,000 per day
- The bank accountholder gets 3 complimentary cash transactions at other bank ATMs in metro locations and 5 at non-metro locations
- Accountholders get one complimentary chequebook for each quarter
- The company offers the customer the option of getting an SMS alert facility on payment of Rs. 15 per quarter
- 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
- Jana Small Finance Bank Website: www.janabank.com
- Headquarters: Bengaluru, Karnataka
- Call Centre Number: 1800 2080, 1800 4200