ICICI Bank Kids Savings Account

ICICI Bank Kids Savings Account comes in two different versions : ICICI Bank Young Stars and Smart Stars Savings Account

ICICI Bank Young Stars Account

ICICI Bank Young Stars Account is a kids savings account for children till 18 years of age. The guardian can open and operate the account on behalf of the minor.  The ICICI Bank Young Stars Account is designed to let your kid have a bank account which will make your kid more aware of money management. With this savings account, you can directly transfer pocket money to your child’s account.

Here are the features of ICICI Bank Kids Savings Account’s Young Stars Account.

Minimum average balance:

The minimum average balance of the ICCI Bank’s kids savings account is Rs. 2,500. Charges for non-maintenance of the average minimum balance is 5% of the shortfall required to maintain the minimum balances.

Debit card:

Through the debit card, the child can use the debit card to make transactions through the Point of Sale (POS) that are available at various stores as well as withdraw cash through ATMs. The daily ATM withdrawal of Rs. 2,500 and shopping limit of Rs. 5,000.

Funds transfer facilities:

In addition to these features, the Young Stars Account also provides convenient banking to their customers through these following facilities:

• Standing Instructions Facility: Debiting of money from parents account and crediting to the Young stars account.
• Manage the Young Stars Account through internet banking, iMobile app and ATMs
• Free passbook facility for all individual account holders
• Free e-mail statements
• Free Payable-at-Par multi-city cheque book.

Documents Required:

• Id and address proof of guardian: PAN Card, Aadhar Card , Passport
• Photograph of guardian
• Birth proof of minor: Birth Certificate
• Declaration from guardian

ICICI Bank Smart Stars Savings Account

Many commercial banks provide only one type of kids account. ICICI Bank has launched a separate account for kids between the ages of 10 years and 18 years. In this type of account, minors above 10 years of age, can independently open and operate the account.

The Smart Stars Savings Account is of two variants:

1. Smart Star Savings Account with Guardian Consent*

It has a debit transaction limit of Rs 2 lakh in a financial year

1. Smart Star Savings Account without Guardian Consent*

It has a debit transaction limit of Rs 50,000 in a financial year.

* In case of breach of debit transaction limit, the account is frozen.

Features of the Smart Star Savings Account

• Cheques can be issued by the child on his/her own.
• Manage your kids account from anywhere, anytime using Internet Banking, iMobile app and ATMs
• Free passbook facility for all individual account holders
• Free e-mail statements
• Pre-paid mobile recharge facility.

ICICI Bank kids savings account is one of the best savings account for kids.