ICICI Bank Young Stars Account

ICICI Bank Young Stars Savings Account is for children from 1 day to 18 years of age. In this case, the minor’s parent or guardian can operate the account, and build wealth. The child can use internet banking to surf its sections and fun zones. You can also transfer pocket money to the kid’s account. Enjoy facilities such as multicity cheque book, e-statements, fund transfer, Money Multiplier Scheme, Debit Card, personal accident insurance, purchase protection cover, and more.

In this post, we will discuss ICICI Bank Young Stars Savings Account features, interest rates, eligibility criteria, documents required, fees and charges, and frequently asked questions.

Features of ICICI Bank Young Stars Savings Account

Here are these ICICI Bank Savings Account features:

• Choose a money multiplier scheme and earn higher interest through a transfer of deposit over a specified amount in the savings account to a fixed deposit
• Rs. 2,500 is the minimum average balance
• You can withdraw and spend up to Rs. 2,500 daily
• Parents can use the Standing Instruction facility to transfer funds to the kid’s account
• Get a free international debit banking
• A free passbook for individual account holders
• Easy banking through iMobile app and ATMs
• The limit for daily shopping on Young Stars Debit Card is Rs. 2,500
• The daily limit for withdrawal on this Debit Card is Rs. 5,000
• Receive a free personalized cheque book
• Get access to funding transfer facility and internet banking
• Get a complimentary personal accident insurance protection
• Also, receive a complimentary purchase protection cover

ICICI Bank Young Stars Savings Account Interest Rates

ICICI Bank Young Stars Savings Account Interest Rates is between 3.00% and 3.50%. The bank calculates the interest daily. It will account for the daily closing balance and apply the interest rate. The amount of accrued interest is rounded off to the nearest rupee. Here are more details of the ICICI Bank savings account interest rate:

• If the end day balance is lower than Rs. 50 lakhs, then the applicable rate is 3.00%
• If the end day balance is over Rs. 50 lakhs, then the rate applicable is 3.50%
• The interest is payable quarterly in March, June, September, and December

ICICI Bank Young Stars Savings Account Eligibility Criteria

Here are the eligibility norms:

• This is a savings bank account for kids in the age group of 1 day to 18 years
• But only the parent or guardian can open the account on their child's behalf

Documents Required for ICICI Bank Young Stars Savings Account

Here are the documents to need to open this ICICI Bank Savings Account:

• Date of birth proof of the minor
• Identity and address proof of parent/guardian
• Recent passport-size photographs of the parent/guardian
• Declaration from the parent/guardian

ICICI Bank Young Stars Savings Account Fees and Charges

Here are more details:

1. Cash Transaction Charges

• Every month you can make 4 free cash transactions
• Over this limit, every transaction will attract Rs. 150
• At the home branch, you can deposit up to Rs. 1 lakh per account every month
• Above Rs. 1 lakh deposit at the home branch, you will have to bear Rs. 5 per Rs. 1,000 deposit. Here, the minimum charge is Rs. 150
• At a non-home branch, there is no fee for cash transactions of up to Rs. 25,000 daily
• If you transact over this limit, then you have to bear Rs. 5 per Rs. 1,000 deposit with a minimum fee of Rs. 150
• The limit per transaction by a third party is Rs. 25,000
• If you do not maintain the minimum monthly average balance, then your account will be charged 5% of the shortfall as a penalty
• Also, in this case, any transaction at the ICICI Bank branch or deposit of cash at a cash recycler machine will carry a fee of Rs. 100 per transaction in the first two cases. Thereafter for the following transactions, you have to pay Rs. 125 per instance

2. Demand Draft by Transfer/Cheque on ICICI Bank

• For Demand Draft (DD) up to Rs. 10,000, the fee is Rs. 50 per instance
• After this, Rs. 5 is chargeable per Rs. 1,000 or part thereof for DD above Rs. 10,000
• The fee is subjected to a minimum and maximum of Rs. 75 and Rs. 15,000, respectively

3. Outstation Cheque Collection

The charges for outstation cheque collection at ICICI Bank branch locations and non-ICICI Bank branch locations are as follows:

• Rs. 25 per instrument for cheque amount up to Rs. 5,000
• Rs. 50 per instrument for an amount between Rs. 5,001 and Rs. 10,000
• Rs. 100 per instrument for an amount between Rs. 10,001 and Rs. 1 lakh
• Rs. 200 per instrument for an amount over Rs. 1 lakh