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

Utkarsh Small Finance Bank offers a children’s savings account, simply called the Minor Savings Account. HDFC Bank offers a dedicated children’s savings account called Kids Advantage 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 HDFC Bank

HDFC Bank, the largest private sector bank in the country in terms of market capitalisation as of September 2019, offers a dedicated children’s savings account called Kids Advantage Account.

Kids Advantage Account

The primary aim of the account is to help build a corpus for the child for her future financial needs.

Features

  • The account is available for every child up to the age of 18 years
  • The bank mandates a minimum average monthly balance of Rs. 5,000 below which it charges service fees. The service fee is Rs. Rs. 150 in case the balance is between Rs. 2,500 and Rs. 5,000, and Rs. 300 in case the balance is less than Rs. 2,500
  • Minors above the age of 10 years can open and operate the account on their own
  • HDFC Bank requires the parent or guardian to have a savings account with the bank before they can open a Kids Advantage Account
  • The international ATM-cum-Debit card debit card comes with a Rs. 2,500 ATM withdrawal limit and Rs. 10,000 POS limit per day
  • HDFC Bank also offers an education insurance cover of Rs. 1 lakh for the child in case the parent or guardian passes away in a road, rail or air accident
  • Its MoneyMaximizer option allows the accountholder to agree to a sweep-out option. Under this when the account reaches or crosses Rs. 35,000, any sum in excess of Rs. 25,000 is automatically transferred to a fixed deposit for 1 year and 1 day
  • The accountholders get a free payable at par chequebook of 25 leaves at the time of account opening and every year thereafter
  • The account comes with free net, phone and SMS banking facilities

Reference Facts

  • Utkarsh Small Finance Bank Website: www.utkarsh.bank
  • Headquarters: Varanasi, Uttar Pradesh
  • Call Centre Number: 1800 123 9878, 1800 208 1788
  • HDFC Bank Website: www.hdfcbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 258 3838