Utkarsh Small Finance Bank vs Citibank: Children’s Savings Accounts

Utkarsh Small Finance Bank offers a children’s savings account, simply called the Minor Savings Account. Likewise, Citibank offers a single dedicated children’s savings account called Citibank Junior Account.

Children’s Savings Accounts from Utkarsh Small Finance Bank

Utkarsh Small Finance Bank offers a dedicated savings account for children.

Minor Savings Account

The minor account is eligible for all children below the age of 18 years.

Features

  • The account has a minimum average quarterly balance requirement of Rs. 5,000 in metro and urban locations and Rs. 1,000 in semi-urban or rural locations
  • The bank offers a Classic RuPay Debit Card with the Minor Savings Account
  • Accountholders get unlimited free ATM access at both the bank’s own branches or other bank branches
  • The ATM withdrawal and POS limits is Rs. 5,000, with a single transaction limit (ATM withdrawal or POS) also set at Rs. 5,000
  • Accountholders get a complimentary chequebook of 20 leaves every quarter
  • In addition, Utkarsh offers a free SMS facility

Children’s Savings Accounts from Citibank

Citibank offers the Citibank Junior Account as a children’s savings account.

Citibank Junior Account

The account is available for all children below the age of 18 years.

Features

  • Need at least two accountholders of whom the first is the minor and the second the parent or guardian
  • Comes with Systematic Investment Plans that helps the parent plan the child’s future
  • Children above the age of 15 years also get a debit card
  • The Citibank Junior Account comes with two insurance plan options – BSLI Classic Child Plan and Dream Child Plan – that allow the parent to plan for the child’s education. The bank offers 10 different investment funds under the Classic Child Plan
  • Accountholders can open their children’s Investment Services Accounts with the bank. They get online access to the investments and also get comprehensive reports on financial markets

Reference Facts

  • Utkarsh Small Finance Bank Website: www.utkarsh.bank
  • Headquarters: Varanasi, Uttar Pradesh
  • Call Centre Number: 1800 123 9878, 1800 208 1788
  • Citibank Website: www.online.citibank.co.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 210 2484, +91 22 4955 2484 (from outside India)