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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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