Opening a bank account for children from a young age can help develop valuable savings habits. It also allows parents to easily manage their child’s finances. ICICI Bank offers a convenient Young Stars Savings Account tailored for minors. This blog provides complete details on the eligibility, features, application process and other aspects of opening an ICICI Bank minor account to help parents choose the best savings option for their child.
Account ICICI Bank Minors
ICICI Bank offers two different types of savings accounts for minors to help them learn the basics of financial management. These accounts help parents manage finances for their children’s future needs.
Bank Category Minimum Balance Interest Rate Card Offered:
- ICICI Bank Young Stars Account ₹2,500 3% for balance up to ₹1 lakh, 2.5% for over ₹1 lakh Debit Card
- ICICI Bank Smart Stars Account ₹2,500 3% for balance up to ₹1 lakh, 2.5% for over ₹1 lakh Debit Card
The accounts offer features like debit cards, money transfer from parents account and interest rates beneficial for savings. Parents can easily monitor spending and teach children importance of savings at a young age through these accounts.
How to Open ICICI Bank Minor Account Online?
Opening a minor account with ICICI Bank can now be done easily online with just a few steps. Here is a brief overview:
- Visit ICICI Bank website and choose ‘Open an Account’
- Select ‘Young Stars/Smart Stars Account’
- Enter minor’s details like name, DOB etc
- Enter parent/guardian details and submit documents
- Verify details through net banking or debit card
- Set login details for internet banking
- Account is activated and debit card shipped
How to Open ICICI Bank Minor Account Offline?
For those who prefer opening a minor account personally, ICICI Bank allows offline account opening at its branches. Follow these simple steps:
- Visit your nearest ICICI Bank branch with minor’s documents like birth certificate
- Fill account opening form providing minor and guardian details
- Submit KYC documents of minor and guardian for verification
- Deposit initial amount as per account type selected
- Collect activated debit card from branch within 7 days
- Start using account through online banking or by visiting branch
Opening offline ensures secure submission of documents and personal assistance. During pandemic, call your branch for prior appointment to avoid crowding. Bank representatives will help complete the process smoothly.
Types of ICICI Bank Savings Account
ICICI Bank offers various savings account options to suit different needs:
- Regular Savings Account – Ideal for day-to-day transactions and payments.
- Salary Account – For salaried individuals with benefits like free unlimited transactions.
- Basic Savings Bank Deposit Account – Low-cost account for basic banking needs.
- Yuva Savings Account – Special account for young adults with concessions until age 29.
- digiSAVE – New digital savings account without physical documents or minimum balance.
Choose the type that best serves your requirements. Know about features and switch to an account suitable for your lifestyle with ICICI Bank.
Services With ICICI Bank Savings Account For Minors
ICICI Bank offers various value-added services for minor account holders:
- Debit Card – A complimentary debit card helps make purchases and withdraw cash easily.
- ATM Access – Use ATMs for cash withdrawals and check balance anywhere, anytime.
- Online & Mobile Banking – Parents can monitor account activity 24×7 and transfer funds.
- Standing Instructions – Set up automatic funds transfer from guardian’s account.
- Interest Earnings – Benefit from higher interest rates than regular savings accounts.
- Account Statements – Access monthly statements via email or collect from branch.
Fees and Charges
Opening a minor account with ICICI Bank comes with various fees and charges. Here are some to be aware of:
- Minimum Balance- Account should maintain Rs. 2500 monthly average balance to avoid charges.
- Cash Transactions- First 4 cash transactions free monthly, then Rs. 150 charge per transaction.
- ATM Transactions- First 5 financial transactions at other bank ATMs free, then Rs. 21 charge.
- Debit Card- First debit card issued at no cost. Replacement cards chargeable.
- Passbook- Available free of cost from base branch.
- SMS Alerts- Low quarterly charge of Rs. 15 for various transaction alerts.
Keeping these standard fees and charges in mind helps parents maintain accounts efficiently within stipulated limits.
Documents Required
Opening an ICICI Bank minor account needs a few important documents:
- Identity proof of guardian like Aadhaar, PAN, Voter ID.
- Address proof of guardian like Aadhaar, Passport, Voter ID.
- Birth certificate of minor as age proof.
- Photograph of guardian for verification.
- Signed declaration from the guardian stating relationship with minor and responsibility.
Submitting these basic Know Your Customer(KYC) documents makes account opening seamless for parents to save and plan financially for their child’s future needs.
Transaction limit of ICICI Bank Minor Account
The young stars debit card issued for minor ICICI account has daily transaction restrictions.
- Cash withdrawal limit is Rs. 1,000 to Rs. 5,000 per day based on account operations.
- Total deposits and withdrawals capped at 4 free transactions per month. Charges apply after.
- Transaction value limit of Rs. 1 lakh per month for home branch banking.
ICICI Bank Minor Account Opening Application Form pdf
ICICI Bank provides a simple application form to open a minor account easily. The form is available as a PDF that can be downloaded from the bank’s website. A guardian needs to fill the form with basic details of the child like name, date of birth and address proof. The guardian’s identification and address proof are also required. Photographs of the child and guardian should be affixed on the form. Once completed, the application form along with documents can be submitted to the nearest ICICI Bank branch for account opening. This makes it convenient for parents to open an account for their child with just a few details.
The minor account opening form PDF can be accessed here:
Eligibility Criteria for ICICI Bank Minor Account
To open a minor account for your child in ICICI Bank, there are some basic eligibility conditions that must be met:
- The child must be less than 18 years of age.
- One of the parents or legal guardians needs to be the first account holder.
- Identity and address proof of the guardian is required.
- Birth certificate or school proof with DOB is needed as proof of age of the minor.
- Photograph of the guardian is also required for account opening.
- The guardian needs to sign a declaration allowing the minor to operate the account through them.
- A minimum initial deposit of Rs. 2,500 is required to open the account.
This section outlines the key eligibility criteria like age, documents required and minimum deposit to facilitate account opening for guardians interested in opening a minor savings account for their child with ICICI Bank.
Final Word
The Young Stars Account is a suitable savings option for parents seeking to encourage financial literacy in children from a young age. With benefits like debit cards, generous cash transaction limits and interest rates higher than regular savings accounts, it provides an engaging way for kids to learn money management. ICICI Bank ensures safe banking for minors through its account features and parental controls. Parents can now easily open an account online for their child through a simple application process.
FAQs
Yes, ICICI Bank allows opening of a minor bank account. A guardian who is a parent or legal guardian can open an account on behalf of their child who is below 18 years of age.
The minimum balance requirement to open and maintain an ICICI Bank minor savings account is Rs. 2,500. If the balance falls below this, a fee is charged as per bank rules.
No, UPI facility is not available for minor bank accounts. As UPI requires mobile linking, only adults above 18 years of age can have access to Unified Payments Interface (UPI).
The age limit to have an ICICI Bank minor bank account is up to 18 years. Once the child turns 18, the account can be converted to a regular savings account which can be independently operated by them.
Sandeep Bakhshi is the Managing Director and CEO of ICICI Bank since October 15, 2018. He has been with the bank for over 3 decades and heads its overall business and strategic planning.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
