Bank of Baroda (BoB) Children’s Savings Accounts – A Quick Look
Bank of Baroda (BoB) offers the Baroda Champ Savings Account and the Gen-Next Junior Savings Account for children.
(A thing to note here, as of March 2020, the Gen-Next Junior account which seems to be offered only in the Gen-Next Pune branch of the bank.)
Read more by clicking on [ Ссылка ]
Let us look at each of these accounts.
Baroda Champ Savings Account
This account is meant for children in the 10-18 years age category and was launched in the run-up to the FIFA Under-17 World Cup 2017 that was hosted in India.
Features
• Minimum deposit of Rs. 1,000
• Maximum balance capped at Rs. 1 lakh
• 50 free withdrawals per year and another 50 times with charges of Rs. 15 per transaction
• Debit card issued in the name of the parent for 10-15 year olds. For children over 15 years, it is issued in their own name
• Withdraw money from the account using withdrawal slips and cheques. Withdrawals as low as Rs. 25 is allowed in rural and semi-urban areas and Rs. 50 in urban locations
• Each transaction limit is Rs. 3,000 per day, and overall limit is Rs. 5,000 per day
• Free passbook available for accountholders and a chequebook of up to 45 free leaves
• Free ATM transactions capped at 3 for 6 Tier I metros (Delhi, Mumbai, Chennai, Kolkata, Bangalore and Hyderabad) and at 5 for other cities
Gen-Next Junior
It seems the account is only offered the Gen-Next branch in Pune, Maharashtra.
Features
• Minors up to 18 years can open this account
• Average quarterly balance required is Rs. 500
• Children below 10 years can open the account jointly with parents or guardians
• There is a ceiling on of Rs. 1 lakh as balance outstanding on any day if the minor holds the account in her own name. No such limit if account is held jointly by a minor of 14 years or above with a parent
• Debit cards in parent’s or guardian’s name if child is below 15 years
• The rules for a standard savings account will apply for this account also
Reference Facts
• Bank of Baroda Toll Free Number: 1800 223 344, 1800 102 4455
