Utkarsh Small Finance Bank vs Federal Bank: Children’s Savings Accounts
Utkarsh Small Finance Bank offers a children’s savings account, simply called the Minor Savings Account. Federal Bank offers two savings accounts called Young Champ and YuvaMitra for children and young adults.
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.
- 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 Federal Bank
Federal Bank offers two savings accounts called Young Champ and YuvaMitra for children. Details of whether its standard savings accounts can be opened for children are not available on the website.
The account is for all children up to the age of 18 years whether resident in India or abroad.
- The account needs an average monthly balance of Rs. 1,000
- Children below 10 years can only open the account if the parent or guardian acts as the authorised signatory while kids above that age can open the account in their own name and operate it independently
- The child also gets a specially designed debit card with a daily ATM or POS transaction limit of Rs. 2,500 with the Young Champ account
- Charges on demand drafts for educational purposes are waived off up to a sum of Rs. 50,000
- The bank offers reward points if the account holder or her parent or guardian opens a recurring deposit
- Internet banking comes with a view-only facility
- The accountholder also gets free email and mobile alerts and free standing instructions to debit account of parent and transfer the same to that of the child
- The account cannot be opened online and the child, parent or guardian has to visit the branch
The account can be opened by any kid after they have passed class 10 and up to the time they have attained their professional degree or diploma.
- There is no minimum balance requirement for the account
- The young adult gets a chequebook of 20 leaves a year and a debit card
- The daily cash withdrawal and POS limits are both Rs. 50,000 for the YuvaMitra account
- Accountholders get free internet banking, mobile banking and email alerts
- Utkarsh Small Finance Bank Website: www.utkarsh.bank
- Headquarters: Varanasi, Uttar Pradesh
- Call Centre Number: 1800 123 9878, 1800 208 1788
- Federal Bank Website: www.federalbank.co.in
- Headquarters: Aluva (Kochi), Kerala
- Call Centre Number: 1800 425 1199