Utkarsh Small Finance Bank vs Fincare Small Finance Bank: Children’s Savings Accounts
Utkarsh Small Finance Bank offers a children’s savings account, simply called the Minor Savings Account. However, Fincare Small Finance Bank does not offer a dedicated children’s account though it is likely to offer its Smart Saver or Priority Accounts to minors as a joint account with a parent or guardian.
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 Fincare Small Finance Bank
Fincare Small Finance Bank does not offer a dedicated children’s account but it is likely that it allows guardians to open a minor account under its Smart Saver or Priority Accounts.
Smart Saver Account
This is the standard savings account of the bank.
- Needs an average monthly balance of Rs. 1,000
- Fincare Bank offers a RuPay Silver debit card to account holders
- The card entitles the shareholder to a personal insurance cover of Rs. 1 lakh
- Smart Saver accountholders also get access to 5 free transactions at non-metro ATMs and 3 complimentary transactions in metros
The priority account is a step above the Smart Saver Account.
- The account needs an average monthly balance of Rs. 10,000 or at least Rs. 1 lakh in fixed deposit
- There are no mentions in the website of whether the Priority account can be opened by a minor or on behalf of a minor but considering the standard procedure in other banks, it is likely that any minor account that has a minimum balance of Rs. 10,000 as balance would qualify as a Priority Savings Account
- Utkarsh Small Finance Bank Website: www.utkarsh.bank
- Headquarters: Varanasi, Uttar Pradesh
- Call Centre Number: 1800 123 9878, 1800 208 1788
- Fincare Small Finance Bank Website: www.fincarebank.com
- Headquarters: Bangalore, Karnataka
- Call Centre Number: 1800 3010 0111