ICICI Bank vs DCB Bank: Children’s Savings Accounts

ICICI Bank has two dedicated children’s accounts called the Young Stars Account and Smart Star Savings Account. DCB Bank does not offer a dedicated children’s account but instead offers its Classic savings account for children through parents or guardians.

Children’s Savings Accounts from ICICI Bank

India’s second largest private sector bank offers two dedicated children’s accounts called the Young Stars Account and Smart Star Savings Account.

Young Stars Account

The account can be opened by a parent or guardian for the child who is between the ages of 1 day old and 18 years

Features

  • The children get a debit card with per day limit of 2,500 for ATM and POS transactions (A caveat here: the wording on the site is not clear if the limit is Rs. 2,500 or Rs. 5,000 but the FAQs section of the account puts the limit as Rs. 2,500 (for withdrawal and spends?)
  • The Young Star – Minor Under Guardianship Account has no transaction limit
  • The card has a Zero Liability feature that protects against unauthorised transactions if the card is lost or misplaced provided the same is communicated to the bank within 15 days
  • Kids can earn 1 reward point for every Rs. 200 spent on the card
  • The minimum monthly average balance needed for the Young Stars Account is Rs. 2,500. The charges in case of non-maintenance of this minimum amount is 5% of the shortfall
  • Parents can put in standing instructions to debit money directly from their account to the kid’s account
  • The account has a Money Multiplier facility or the sweep in-sweep out option to put the money in a fixed deposit if the amount crosses a certain limit

Smart Star Savings Account

The account is available for kids above 10 years and up to 18 years of age to open and operate independently on their own. It comes in two options. More on the second point in the features below. Most of the features and fees and charges are same as the Young Stars Account

Features

  • The account comes in two variants – with guardian consent and without guardian consent. In the former case, the account will have a limit of Rs. 2 lakh on debit transaction every fiscal. If the account does not have guardian consent, this limit is Rs. 50,000
  • Accountholders get a debit card with per day limit of 5,000 each for ATM and POS transactions
  • As with Young Stars Account, the card for Smart Star Savings Account has the Zero Liability feature that insures against unauthorised transactions if the card is lost, stolen or misplaced if the bank is told of the same within 15 days
  • Even here, the child earns 1 reward point for every Rs. 200 spent through the card
  • The minimum monthly average balance is also same at Rs. 2,500 and so are the fees for non-maintenance of this minimum amount

Children’s Savings Accounts from DCB Bank

DCB Bank, known previously as Development Credit Bank, does not offer a dedicated children’s account though its Classic account may be available for children through their parents or guardian.

Classic Savings Bank Account

This is the standard savings bank account from the bank.

Features

  • Accountholders need to maintain a minimum balance of Rs. 5,000 for Tier I branches and Rs. 2,500 for Tier 2 branches. This amount may be less for accounts opened on behalf of minors. Details of the same are not provided clearly on the bank website and as with such instances it may be a good idea to call and ask customer care at the numbers below
  • The Classic Savings Bank Account offers payable at par cheque book
  • Accountholders also get unlimited free access to all the bank’s ATMs and Visa ATMs in India, provided the account has an average monthly balance of Rs.10,000
  • One of the key features seems to be free unlimited use of online transfers through RTGS and NEFT
  • Account holders also get complimentary internet, phone and mobile banking facilities, through the access is likely to be limited for the child directly unless they have reached a certain age, as happens with most banks

Reference Facts

  • ICICI Bank Website: www.icicibank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 200 3344, 1800-103-8181 (Private Banking). Has specific number for different cities
  • DCB Bank Website: www.dcbbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 209 5363, 1800 123 5363