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ICICI Young Stars Savings Account – Review & Details

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ICICI Bank Young Stars Account is a Bank account for children in the age group of 1 day – 18 years.

Features

  • Free Young Stars ATM cum Debit Card   – issued only on request and if your child is above 7 years of age. 
  • You can choose limit of daily card of Rs. 1,000 / Rs. 2,500 / Rs. 5,000 per day
  • Special Internet Banking
  • Standing Instructions Facility for automatic transfer money from parent’s account to child’s account

Investment Features

To promote investment habits in child,  ICICI Young Star account also offers

  • Money Multiplier facility
  • Recurring Deposit facility  – to transfer funds to a recurring deposit for a fixed period.

Normal Banking Features

  • SMS alert Facility
  • Anywhere Banking
  • Free multi-city chequebook
  • Free Email Statement facility
  • Standing instructions facility
  • Nomination facility is available

How to Open Young Stars Account in ICICI Bank

It is essential for the parent/guardian to also hold an account with ICICI Bank.

In event of the parent/guardian not holding an ICICI Bank savings account, both the accounts (parent’s saving account and Young stars account) can be simultaneously opened.

Summary

ICICI Young Stars Account is good way to promote financial inclusion from early stage.

Other Points
Recently some members have informed that (from April-2013 onwards), ICICI bank has changed the Young Star Account policy and NetBanking it is going to be made read only account. So they cannot transfer funds from Young Star account to their PPF Account.

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6 comments

  1. What is the minimum amount f money to deposit for opening ICICI young star account?
    And what are theservice charges for the same account..?

    Thnak you

    • In ICICI Young star account, The minimum Monthly Average Balance (MAB) to be maintained is Rs.2,500.

      See the service charges below:

      Available to All cities
      Eligibility Young Stars Account – Minors < 18 years Smart Star Account - 10 years to 18 years Minimum monthly average balance (MAB)* Rs.2500 Charges for non maintenance of minimum monthly average balance (NMMAB) - Rs 100 per month Cash transactions at base branch (branches in same city) Nil for the first 4 transactions of a month; Thereafter in the month, Rs. 90 per transaction. (Maximum limit- Self: Any Amount, Third party: Rs. 50,000 per day) Anywhere Cash Withdrawals by customer or customers representative to the debit of the customers own savings Account at a non-base branch i.e. branch in other city Nil for the first cash withdrawal of a calendar month; Thereafter in the month, Rs.5 per thousand rupees or part thereof, subject to a minimum of Rs.150 (Maximum withdrawal limit – Self: Any Amount , Third party: Rs.15,000 per day) Anywhere Cash deposit by customer or customers representative to the credit of the customers own savings Account at a non-base branch i.e. branch in other city At Branch –Rs. 5 per thousand rupees or part thereof, subject to a minimum of Rs. 150 (Maximum deposit limit – Self: Any Amount, Third party: Rs. 50 ,000 per day) At Cash Acceptance Machine –Nil for the first cash deposit of a calendar month; thereafter in the month, Rs. 5 per thousand rupees or part thereof, subject to a minimum of Rs. 150. ATM Interchange (Transactions at Non ICICI Bank ATMs) First 3 transactions (financial and non financial) in 6 metro locations (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad) in a month - Free First 5 transactions (inclusive of financial and non financial) in all other locations in a month - Free Maximum of 5 trxns free in a month with a cap of 3 free trxns in 6 metro locations Thereafter, Rs.20 (exclusive of service tax) per financial transaction and Rs. 8.50 (exclusive of service tax) per non financial transaction Transactions at ICICI Bank ATMs First 5 transactions in a month - Free Thereafter, Rs.20 (exclusive of service tax) per financial transaction and Rs. 8.50 (exclusive of service tax) per non financial transaction Issue of DD drawn on ICICI Bank by cheque/transfer Rs.50 per D.D. up to Rs.10,000;Rs.3 per thousand rupees or part thereof for DD of more than Rs.10,000, subject to a minimum of Rs.75 and maximum of Rs. 15,000 Statement Free Monthly e-mail statement Free Monthly statement to be collected from branch Passbook facility available at base branch free of cost View and download statement facility available on the website Debit Card Fees for Account Holder Free Debit Card Cash spend / withdrawl limit Daily limit upto Rs.5000 / 5000 Cheque Books Nil for 20 payable-at-par cheque leaves in a quarter; Rs. 20 for every additional cheque book of 10 leaves. Charges for Multicity cheque payment Nil. Charges for SMS Alerts facility Rs. 15 per quarter (inclusive of taxes) Outstation cheque collection –through ICICI bank branch locations Upto Rs. 5,000 – Rs. 25 per instrument. Rs. 5,001 to Rs. 10,000 - Rs. 50 per instrument. Rs. 10,001 to Rs. 1 lakh – Rs 100 per instrument. Above Rs. 1 lakh - Rs. 200 per instrument Outstation cheque collection –through non ICICI bank branch locations Upto Rs. 5,000 - Rs. 25 per instrument. Rs. 5,001 to Rs. 10,000 - Rs. 50 per instrument. Rs. 10,001 to Rs. 1 lakh - Rs 100 per instrument. Above Rs. 1 lakh - Rs. 200 per instrument

  2. How can we withdraw large amount of money fron icici younstars account? Please help me with this issue

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