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