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

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

Utkarsh Small Finance Bank offers a children’s savings account, simply called the Minor Savings Account. However, Jana Small Finance Bank does not offer a dedicated minor savings account even though the standard savings account can be opened by a minor 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 Jana Small Finance Bank

Jana Small Finance Bank does not offer a dedicated minor savings account and though it does not mention clearly on its website if the regular savings account is open for minors, reading of the Terms and Conditions of the service charges file shows that the account can be opened by or on behalf of minors.

Regular Savings Account

This is the standard savings account of the bank.

Features

  • The bank needs an average monthly balance of Rs. 2,500
  • The Regular Savings Account comes with a RuPay Debit Card
  • The bank has not put a cap on the number of withdrawals the account holder can make though the bank’s ATMs, except for minors where it has been pegged at Rs. 10,000 per month
  • The bank has put a limit on the amount that can be withdrawn from the ATM or be spent at POS transaction for minor accounts. The cash withdrawal limit is Rs. 5,000 and the POS limit is Rs. 10,000 per day
  • The bank accountholder gets 3 complimentary cash transactions at other bank ATMs in metro locations and 5 at non-metro locations
  • Accountholders get one complimentary chequebook for each quarter
  • The company offers the customer the option of getting an SMS alert facility on payment of Rs. 15 per quarter

Reference Facts

  • Utkarsh Small Finance Bank Website: www.utkarsh.bank
  • Headquarters: Varanasi, Uttar Pradesh
  • Call Centre Number: 1800 123 9878, 1800 208 1788
  • Jana Small Finance Bank Website: www.janabank.com
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 2080, 1800 4200