Future Stars Savings Account
Future Stars Savings Account is a savings account for children. It helps teach kids about saving money and provides benefits like accident insurance and a debit card. Parents can easily manage the account and help their child build a strong financial future.
Children below 18 years of age are eligible to open an Axis Bank Future Stars Savings Account.
Bank | Axis Bank |
Category | Future Stars Savings Account |
Minimum Balance Requirement | Rs 2,500 (in metros) |
Interest Rate | 4% on daily balance; interest paid quarterly |
Card Offered | Visa Classic Debit Card |
Services Offered With Future Stars Savings Account:
SMS Alerts | Yes |
Internet banking | Yes |
Cash withdrawal | Yes; First 5 transactions free at Axis Bank and non-Axis Bank ATMs |
Passbook / e-statements | Yes |
Cheque Book | Yes; one free ‘payable-at-par’ cheque book provided quarterly |
Features of Future Stars Savings Account:
Easy Account Monitoring | Via monthly e-statements / passbook |
Cash Withdrawal Limit | Rs 1,500 daily |
Easy Money Transfer | Automated funds transfer from parent’s account to child’s account. |
Complimentary Enhanced Personal Accident Insurance | Avail insurance cover for Rs 2 lakh by swiping your card once every 6 months (subject to conditions) |
Lost Card Liability / Purchase Protection Liability | Combined lost card liability & purchase protection liability of up to Rs 50,000. |
Rewards Program | eDGE Loyalty Rewards Program; Earn points on a variety of transactions and redeem the same for rewards across multiple categories. |
Extras | Get the image of your choice printed on your card(for kids above 10 years); one free cheque book per quarter in the child’s name. |
More Popular Savings Accounts for Kids offered by Banks in India
ICICI Bank Young Stars Savings Account
SBI Savings Account For Minors
Fees & Charges of Future Stars Savings Account:
Visa Classic Debit Card Issuance / Annual Fee | Rs 150 |
Cash Transaction charges | Beyond the first 5 transactions (or Rs 10 lakh in value), Rs 5 per Rs 1000 or Rs 150 (whichever is higher), shall be charged. |
Account Closure | Rs 500 |
IMPS Fees | Up to Rs.1 Lakh – Rs 5 per transaction; Rs 1 Lakh to Rs.2 Lakh - Rs.15 per transaction. |
NEFT Fees | Up to Rs 10,000 – Rs 2.5 per transaction; Rs 10,000 to Rs 1 Lakh – Rs 5 per transaction; Rs 1 Lakh to Rs 2 Lakh – Rs 15 per transaction; above Rs 2 Lakh – Rs 25 per transaction. |
Axis / Non-Axis ATM financial transaction fee beyond limits | Rs 20 / per transaction |
Axis / Non-Axis ATM non-financial Transaction fee beyond limits | Rs 8.5 / per transaction |
Card Replacement Fee | Rs 100 |
Surcharge at petrol pumps | 2.5% on purchase amount (min. of Rs 10) |
International Cash Withdrawal Fee / Balance Enquiry Fee (ATM) | Rs 125 / Rs 25 |
Additional Cheque Book Fee | Rs 50 per cheque book |
Photo Attestation / Signature Verification / Address Confirmation / Balance Certificate | Rs 100 for each |
Duplicate Passbook | Rs 100 |
Foreign Currency Deposit Fee (at branches) | Rs 100 |
DD/PO Cancellation / Revalidation / Duplicate | Rs 100 for each |
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on Future Stars Savings Account
- Who is eligible for Axis Bank Future Stars Savings Account?
Children under 18 years of age are eligible for Axis Bank Future Stars Savings Account.
- What is the Future Stars Savings Account offered by Axis Bank?
The Future Stars Savings Account is a type of savings account offered by Axis Bank exclusively for children. The bank, through this savings account, aims to help children save money and support them to manage their finances. The savings account also provides several benefits such as accident insurance and debit cards.
- What is the minimum balance requirement in the Future Stars Savings Account in Axis Bank?
The minimum balance required in the Future Stars Savings Account offered by Axis Bank is Rs.2,500.
- Is there any annual fee charged in the Future Stars Savings Account in Axis Bank?
Yes, an annual fee of Rs.150 is charged in the Future Stars Savings Account in Axis Bank.
- What is the interest rate offered in the Future Stars Savings Account offered by Axis Bank?
The Future Stars Savings Account in Axis Bank offers 4% interest on a daily balance.
- What are the exclusive benefits offered in the Future Stars Savings Account in Axis Bank?
The Future Stars Savings Account in Axis Bank offers exclusive benefits such as accident insurance up to Rs.2 lakh and a debit card for the child’s financial needs.
- Can the child’s photo be printed on the card in the Future Star Savings Account offered by Axis Bank?
Yes, if the child is over 10 years of age, you can get the photo of the child printed on the card. The child can choose any of their photos to be printed on their card.
- Does Axis Bank offer any savings account for children?
Yes, Axis Bank offers ‘Future Star Savings Account’ exclusively for children to support their finances. The account also aims to help children build a strong financial future.
- Is it important to open a children’s savings account?
A savings account exclusively for children can help parents who wish to start saving for their children right from their tender age. The savings account can be helpful for children to manage their regular expenses and to teach them to manage their finances. Opening a savings account for children can help parents to save money for their kids while also earning interest on them.
- What is the cash withdrawal limit in the Future Stars Savings Account in Axis Bank?
The cash withdrawal limit in the Future Stars Savings Account offered by Axis Bank is Rs.1,500 daily.
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