Utkarsh Small Finance Bank vs IndusInd Bank: Children’s Savings Accounts
Utkarsh Small Finance Bank offers a children’s savings account, simply called the Minor Savings Account. Likewise, IndusInd Bank offers a dedicated children’s account called the Indus Young Saver 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.
- 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 IndusInd Bank
IndusInd Bank, originally a bank focussed on the non-resident Indian community, has now become one of the leading private sector banks in India. It offers a dedicated children’s account called the Indus Young Saver account.
Indus Young Saver Account
The account helps parents get an optimal mix of savings and investment options for their children.
- Can be opened under the parent’s name as a guardian account or under the child’s name if she has crossed the 12 years age limit
- The account needs an average monthly balance of Rs. 5,000, which can be waived off if it is linked to a privilege account of the parent or there is a recurring deposit of at least Rs. 2,500 every month
- Children with an Indus Young Saver Account get a personalised debit card if they are over 12 years of age
- Even the chequebook can have the child’s name
- Utkarsh Small Finance Bank Website: www.utkarsh.bank
- Headquarters: Varanasi, Uttar Pradesh
- Call Centre Number: 1800 123 9878, 1800 208 1788
- IndusInd Bank Website: www.indusind.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 500 5004, 1860 267 7777 (Credit Cards)