Union Bank of India vs Nainital Bank: Children’s Savings Accounts

Union Bank of India vs Nainital Bank: Children’s Savings Accounts

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. Nainital Bank allows minors to open a Regular Saving Account through 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.

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 Nainital Bank Limited

Nainital Bank does not offer a dedicated children’s savings bank account though its Regular Saving Account can be opened by a minor.

Regular Saving Account

The standard savings account from the bank, the account can be opened on behalf of minors by the guardian.

Features

  • The account is meant to cater to the savings needs of the people by providing a safe place to keep their money
  • The bank has made it easy to operate the account without too much of a fuss
  • The minimum balance for accounts with chequebooks is Rs 500 for rural and semi-urban branches and Rs. 1,000 for urban and metro branches. For non-chequebook accounts, the balance is Rs. 200 (rural), Rs. 300 (semi-urban), Rs. 400 (urban) and Rs. 500 (urban) locations. Details of whether the same balance requirements apply on the Regular Saving Account for minors is not available on the website as of November 2018

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
  • Nainital Bank Website: www.nainitalbank.co.in
  • Headquarters: Nainital, Uttarakhand
  • Call Centre Number: +91 120 240 1083