Utkarsh Small Finance Bank vs Tamilnad Mercantile Bank: Children’s Savings Accounts

Utkarsh Small Finance Bank offers a children’s savings account, simply called the Minor Savings Account. Likewise, Tamilnad Mercantile Bank provides a dedicated savings account for children called the Little Super Star Savings 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 Tamilnad Mercantile Bank

Tamilnad Mercantile Bank offers a specific children’s savings account called the Little Super Star Savings Account.

Little Super Star Savings Account

Meant exclusively for kids in the 10-18 years age group, the account has been designed to habituate children to saving money.

Features

  • Accountholders can withdraw up to Rs. 5,000 per day through ATMs. Guardians are given the right to lower this amount up to Rs. 1,000 if she so deems fit. The POS limit is capped at Rs. 2,500
  • Tamilnad Mercantile Bank offers up to 10 complimentary ATM withdrawals and charges Rs. 10 for each withdrawal thereafter
  • The maximum amount that can be put in the account or taken out per month is limited to Rs. 1 lakh
  • The account needs a minimum average balance of Rs. 250. The bank limits the number of facilities it provides if this minimum balance is not maintained
  • The ATM-debit card is offered free with the account
  • Accountholders get complimentary personalised chequebook of 10 leaves every year
  • One of the unique features of this account is that the bank has allowed both internet banking and mobile banking though the limit has been capped at Rs. 2,500
  • The minor has to change the Little Super Star Savings Account into any of the standard accounts offered by the bank after she attains majority
  • Kids with the account are allowed to be a part of the bank’s Happy Family Banking Account scheme if their other family members also bank with Tamilnad Mercantile Bank

Reference Facts

  • Utkarsh Small Finance Bank Website: www.utkarsh.bank
  • Headquarters: Varanasi, Uttar Pradesh
  • Call Centre Number: 1800 123 9878, 1800 208 1788
  • Tamilnad Mercantile Bank Website: www.tmb.in
  • Headquarters: Tuticorin, Tamil Nadu
  • Call Centre Number: 1800 425 0426