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

Utkarsh Small Finance Bank offers a children’s savings account, simply called the Minor Savings Account. Likewise, Karnataka Bank offers a dedicated children’s account called KBL Kishore.

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 Karnataka Bank

Karnataka Bank, one of the older banking institutions in the country, offers a dedicated children’s account called KBL Kishore.

KBL Kishore

The children’s account is available to kids over the age of 10 years and up to 18 years.

Features

  • The account comes without any minimum balance requirements
  • The bank offers a free debit card with 24-hour cash withdrawal limit of Rs. 10,000 and POS limit of Rs. 5,000
  • KBL Kishore allows parents or guardians to transfer up to Rs. 50,000 per month from their account to the child’s account
  • The kids and their parents can keep a track of the account through the bank’s mobile app

Reference Facts

  • Utkarsh Small Finance Bank Website: www.utkarsh.bank
  • Headquarters: Varanasi, Uttar Pradesh
  • Call Centre Number: 1800 123 9878, 1800 208 1788
  • Karnataka Bank Website: https://karnatakabank.com
  • Headquarters: Mangaluru, Karnataka
  • Call Centre Number: 1800 425 1444