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

Utkarsh Small Finance Bank offers a children’s savings account, simply called the Minor Savings Account. However, Suryoday Small Finance Bank does not offer a dedicated children’s account but instead offers minors the option to open a standard savings account as a minor 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.

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 Suryoday Small Finance Bank

Suryoday Small Finance Bank does not offer a dedicated children’s account and offers minors the option to open a standard savings account as a minor account. All of the bank’s savings accounts can be opened by a minor under a parent or a guardian. We take a look at the two base variants of the bank’s savings account line-up.

Savings Ujjwal

The account is the most basic of the savings accounts offered by Suryoday.

Features

  • The average monthly balance requirement is Rs. 2,000, though anyone choosing to open an account has to start with an initial deposit of Rs. 3,000
  • Accountholders can choose to keep a fixed deposit of Rs. 10,000 in lieu of the minimum balance
  • The bank offers a higher rate of interest than most other banks for similar slabs of balance. Accounts with balance up to Rs. 1 lakh earn 6.25% per annum and those with balance between Rs. lakh and Rs. 10 lakh earn 7.25%. This is as of March 2019
  • The Savings Ujjwal account comes with a RuPay Classic Secure Chip Debit Card
  • The daily ATM and POS limits is restricted to Rs. 20,000
  • Online money transfers such as RTGS, NEFT, IMPS are chargeable after 3 transactions
  • The bank offers a personal accident insurance cover of Rs. 1 lakh with the account

Savings Aditya

This savings account is ranked one step up the Savings Ujjwal.

Features

  • The account has a minimum average monthly balance of Rs. 5,000 and needs Rs. 7,500 to open the account
  • Accountholders can create and keep an FD of Rs. 25,000 if they want to forego the minimum balance requirements
  • The Savings Aditya account also comes with a RuPay Classic Secure Chip Debit Card
  • The limit on daily ATM and POS transaction is pegged at Rs. 40,000
  • Accountholders get 10 free ATM transactions on the bank’s own ATMs and up to 5 on other bank ATMs
  • The accountholder can access up to 10 free RTGS, NEFT or IMPS payment transfers
  • Like with the Ujjwal account, the Aditya offers a higher rate of interest

Note: Suryoday in its savings account page/tabs for each account clearly mentions that all bank’s savings accounts from Ujjwal to Savings Supreme can be opened on behalf of a minor

Reference Facts

  • Utkarsh Small Finance Bank Website: www.utkarsh.bank
  • Headquarters: Varanasi, Uttar Pradesh
  • Call Centre Number: 1800 123 9878, 1800 208 1788
  • Suryoday Small Finance Bank Website: www.suryodaybank.com
  • Headquarters: Navi Mumbai, Maharashtra
  • Call Centre Number: 1800 266 7711