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

Utkarsh Small Finance Bank offers a children’s savings account, simply called the Minor Savings Account. Indian Bank provides the IB Smart Kid SB Account for children and probably its standard savings account jointly 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.

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 Indian Bank

The bank offers the IB Smart Kid SB Account for children and in all likelihood, its savings account also under the parent’s or guardian’s name as done by most banks though information on that is not clearly available in the website.

IB Smart Kid SB Account

The bank offers the IB Smart Kid SB Account for children who are only 1 day old to those below 18 years of age.

Features

  • The bank mandates a minimum average monthly balance of Rs. 100 for accounts without chequebooks and Rs. 250 for those that have chequebooks
  • Kids above 10 years are eligible to have their own debit card provided the parent or guardian agrees to the issue of the card
  • The child also gets access to the online account if the parent or guardian provides her consent
  • Interest is credited quarterly in the months of January, April, July and October

Reference Facts

  • Utkarsh Small Finance Bank Website: www.utkarsh.bank
  • Headquarters: Varanasi, Uttar Pradesh
  • Call Centre Number: 1800 123 9878, 1800 208 1788
  • Indian Bank Website: www.indianbank.in and www.indianbank.net.in (net banking)
  • Headquarters: Chennai, Tamil Nadu
  • Call Centre Number (24 Hours): 1800 425 00 000, 1800 425 4422