Open Minor Savings Bank Account: A Guide for Parents

Opening a Savings Account for your child from a young age is a great way to foster healthy financial habits that can last a lifetime.

Minor Savings Accounts, also known as Children's Savings Accounts or Young Stars Savings Accounts at ICICI Bank, are financial accounts specifically designed for individuals under legal adulthood or 18 years in India. These accounts are typically offered by banks and other financial institutions with the aim of teaching children and teenagers the importance of saving, managing money and inculcating financial responsibility.

Minor Savings Accounts have special features and requirements tailored to the needs of young account holders. In this blog, we’ll take you through how these accounts can benefit children and how you can go about opening one.

Instilling good financial habits

By instilling the practice of saving early on, you empower your child with essential skills and values that promote financial responsibility and security. Through a Savings Account, children learn the value of delayed gratification and the importance of setting aside money for future goals and emergencies. This early exposure to saving cultivates discipline, patience and a sense of control over their finances. As their savings grow over time, they develop a sense of accomplishment and gain confidence in their ability to manage money wisely.

Moreover, a Savings Account provides an opportunity for parents to teach their children about the basic principles of banking, interest and financial literacy. This knowledge equips them with a solid foundation in personal finance, so they can make informed financial decisions, set achievable goals and plan for the future. Ultimately, opening a Savings Account for your child at a young age lays the groundwork for a lifetime of financial well-being and independence.

ICICI Bank’s Savings Accounts for minors

It can never be too early to start saving and financial institutions like ICICI Bank have made it easier for parents/guardians who wish to open a bank account for their children. The Young Stars Savings Accounts are tailored for minors and through this, you can guide your child towards good financial habits and a world of possibilities. Feel free to open and operate the account to plan your child’s needs from an early age.

Read on to learn more

Eligibility and documentation for Young Stars Savings Accounts

The Young Stars Savings Account is available for children under 18 years of age. Parents/guardians can open and operate this account by providing some basic documentation that includes:

Identity and address proof of a guardian
Photograph of the guardian
Birth proof of the minor
Declaration from the guardian.

Please note Opening a Savings Account for minors requires physical verification and cannot be initiated or completed online. This applies to ICICI Bank’s Young Stars Account as well. You can however, request a quick call back online by clicking here.

Eligibility and documentation for Smart Star Savings Accounts

The Smart Star Savings Account is available for minors above 10 and under 18 years of age. In this account, minors can independently open and operate the account by providing the following documentation:

Complete KYC of the minor - ID and address proof
In case the ID document does not confirm the DOB of the minor, a separate DOB proof will be taken
Declaration from the guardian
Identity proof of the guardian
Declaration from the minor.

This account will also require in-person verification for opening.

Features of Young Stars Savings Account

ICICI Bank’s Young Stars Savings Accounts are made to be fun, within reasonable limits. Parents/guardians can directly transfer pocket money into the child's account.

Here are some salient features:

The Minimum Average Balance (MAB) for a Savings Account is Rs 2,500
Personalised chequebook can be availed on re-issue
Digital Banking enabled
Free Titanium Debit Card with customisable daily withdrawal and spending limits (limits can be amended in the iMobile Pay app)
No debit transaction limits are applicable to the Young Stars Savings Account as it is opened and operated by the guardian.

Features of Smart Stars Savings Accounts

ICICI Bank’s Smart Stars Savings Accounts empower young account holders with the ability to manage their finances under the guidance of a guardian. Some key features include:

A minor above the age of 10 can open and operate it independently
Free Titanium Debit Card with customisable daily withdrawal and spending limits (limits can be amended in the iMobile Pay app)
Personalised chequebook can be availed on re-issue
Digital Banking enabled
Free e-mail statement
Prepaid mobile recharge facility
Smart Stars Savings Account without guardian consent – has a debit transaction limit of Rs 50,000 in a financial year
Smart Stars Savings Account with guardian consent – has a debit transaction limit of up to Rs 5 lakh in a financial year.

Benefits of Young Stars and Smart Stars Savings Accounts

Free International Debit Card: Account holders get a complimentary Titanium Debit Card their child can use to withdraw money or shop through a POS machine

Control over finances: Debit Cards with these accounts come with daily spending limits that keep such limits in check

Cash transfer: There is a ‘Standing Instructions’ feature to transfer cash from the guardian’s account to the Young Stars Savings Account, whenever needed.

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