ICICI Bank Young Stars Account

ICICI Bank Young Stars Account offers best deals that meets the needs and demands of the middle class people and is purposely brought up for children. ICICI is one of the biggest private banks in India and has come up with Young Stars Account scheme, which offers some of the below given features:

• Requires a minimum balance of Rs 2500 for opening an account
• 4% annual interest rate
• Customized Pocket Debit Card (with limit of Rs. 5000), coupled with wide range of offers

Eligibility Criteria:

The applicant must be below 18 years of age (children between the age 10 and 18) at the time of filling the form

ICICI Bank Young Stars Account features:

• The children will be provided with a complimentary ICICI Bank Young Stars Debit Card, which they can use with a POS machine
• The spending limit of this Debit Card is between Rs 1000 and Rs 5000
• Transfer of cash from the parents account to the kid's one
• 'Money Multiplier' program: user can earn more interest than a regular savings account through transferring extra money in one's bank account to their other deposit account

Advantages:

• The account holder who is basically aged between 10-18 can manage his/her account, helping them to learn about saving finances at tender age
• Functions like net banking and online banking is being made available along with a chequebook which the child can use all by him/her.
• The parents can add money to this account with the pre-paid facility

Fees and Additional Charges:

• A penalty of Rs 100 per month will be charged for not maintaining a minimum balance of Rs 2500
• First four transactions made are free (from branches in the same city). After that, Rs 90 will be charged