ICICI Bank Young Stars Savings Account
Parents today are at their wits end trying to figure out a way to balance needs and demands without hurting the kids’ feeling. ICICI Bank Ltd, as the biggest private bank in the country, was one of the first to introduce the idea of ‘make them a part of it’. And Young Stars Savings Account is the result.
Everything you need to know about this is given below:
Bank | ICICI Bank |
Category | ICICI Bank Young Stars Account |
Minimum Monthly Balance Requirement | INR 2500 |
Interest Rate | 4 percent annually |
Debit Card | Personalized Pocket Debit Card with attractive offers |
Eligibility Criteria for Young Stars Savings Account | For Young Stars Account – Anyone below age 18 For Smart Star Account – Children between age 10 and 18 |
Features of Young Stars Savings Account
- You will get a complimentary Young Stars Debit Card, which will help your child to withdraw money or shop at any store with a POS machine. Young Stars Debit Card comes with daily spend limits that range from INR 1000 to INR 5000.
- It also has a Standing Instructions Feature to transfer cash from the guardian’s account to the Young Stars Account.
- Money Multiplier Facility: Earns you more interest than a regular savings account, and you may also use your money anytime.
Features of Smart Star Savings Account, a variant of Young Stars:
- A minor aged 10 and above can start and manage the account all by himself/ herself.
- This will instill wise savings habit as well as responsible spending in children.
- Complementary and custom-made debit card with spending and withdrawing limit of INR 5000.
- A cheque book that the child can use by himself/ herself along with free Net Banking and Mobile Banking access.
- It also has pre-paid recharging facility.
Fees & Charges of ICICI Bank Young Stars Account:
Fee Types | Amount |
Penalty fee for non-maintenance of required Monthly Average Balance | INR 100 per month |
Money transactions in the same city | First four transactions are free, after which it is INR 90 for each transaction. |
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
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FAQs on ICICI Bank Young Stars Savings Account
- What is the ICICI Young Stars Savings Account?
The ICICI Young Stars Savings Account is a savings account designed specifically for children and young account holders to help them learn money management.
- Who is eligible to open an ICICI Young Stars Savings Account?
Children between the ages of 10 and 18 years are eligible to open this account with a parent or guardian as a nominee or joint holder.
- What are the key features of the ICICI Young Stars Savings Account?
Features include zero balance requirement, attractive interest rates, debit card facility, and easy online banking access.
- Are there any fees or charges associated with the ICICI Young Stars Savings Account?
The account typically has minimal or no maintenance fees, but specific charges for services like ATM withdrawals or cheque book issuance may apply.
- How can I apply for the ICICI Young Stars Savings Account online?
You can apply online through the official ICICI Bank website by filling out the application form and submitting the required documents digitally.
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