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

Utkarsh Small Finance Bank offers a children’s savings account, simply called the Minor Savings Account. However, RBL Bank does not offer a dedicated children’s savings bank account but instead may offer its generic savings account under guardianship of 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 RBL Bank

RBL Bank does not offer a dedicated children’s savings bank account. We look at it standard savings account that like other banks that do not offer a specific children’s account is likely to be offered to minors through a parent or guardian.

Prime Savings Account

The prime savings account is the standard savings account of the bank and can be opened on behalf of a minor by the parent or guardian.

Features

  • The prime savings account is the standard savings account of the bank and comes with a minimum balance requirement of Rs. 5,000. Whether the same balance is required for minor account is not available on the site
  • The minor account is closed on the child attaining majority and she has to submit KYC documents along with an account opening form to open a new account
  • The account offers unlimited free transactions at RBL Bank ATMs and up to five complimentary transactions at other bank ATMs
  • The account offers some of the best fixed deposit rates for banks in India
  • RBL Bank offers wealth management options for its Prime Savings Account customers and it is likely to offer wealth growth options for its minor customers also

Note: The RBL Bank site has been designed for the mobile users and information is kept limited to perhaps enhance mobile user experience. It is suggested that you call the bank at the number below or visit the nearest branch if you are looking for more information on children’s or other accounts.

Reference Facts

  • Utkarsh Small Finance Bank Website: www.utkarsh.bank
  • Headquarters: Varanasi, Uttar Pradesh
  • Call Centre Number: 1800 123 9878, 1800 208 1788
  • RBL Bank Website: www.rblbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 123 8040