ICICI Bank vs Karur Vysya Bank: Children’s Savings Accounts

ICICI Bank has two dedicated children’s accounts called the Young Stars Account and Smart Star Savings Account. Likewise, Karur Vysya Bank offers two dedicated accounts for children called the Jumbo Kids Savings Account and the Student Savings Account.

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 Karur Vysya Bank

Karur Vysya Bank offers two dedicated accounts for children called the Jumbo Kids Savings Account and the Student Savings Account.

Jumbo Kids Savings Account

Unlike most other banks that offer children’s accounts for kids up to the age of 18 years or more, Karur Vysya offers this account for children below the age of 12 years. This by itself is something that makes this account special. Let us look at features too.

Features

  • The account is available for children up to the age of 12 years (we are repeating what we have written above but we like what the bank has done and so there)
  • There is no minimum balance requirement
  • The account is in the name of the child though the authorised signatory is the guardian
  • All cash withdrawals are to be done through the ATM and the bank offers a Visa ATM card for that purpose
  • One can send or use (remittance is the word used on the bank website) up to Rs. 50,000 per day at the branch
  • Children who open a Jumbo Kids Savings Account get a Jumbo (elephant) Doll
  • The account does not come with a chequebook and neither does it have online or mobile banking facilities

Student Savings Account

The second account offered by the bank for children. It is meant for kids who have go to school or college and offers facilities that are meant to help children with school fees and other education-related payments.

Features

  • The account can be opened by kids below 12 years of age through a guardian, while they can open and operate one on their own if they have reached the age of 12 years
  • The maximum age limit up to which one can have the account is 29 years
  • The ATM debit card can be used for cash withdrawals for free at Karur Vysya ATMs and up to 5 times for free at other ATMs of banks that belong to the National Financial Switch. There is an annual maintenance charge of Rs. 75 on the card
  • The chequebook is only offered to students after they have crossed 18 years of age
  • There is no limit on cash remittance at the base branch though it is capped at Rs. 10,000 at non-base branches for the Student Savings Account
  • An important thing to note here is that the total number of debit transactions on the account and any other linked accounts for the same person cannot be more than 90 for every six months

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
  • Karur Vysya Bank Website: www.kvb.co.in and www.kvbin.com (net banking)
  • Headquarters: Karur, Tamil Nadu
  • Call Centre Number: 1860 200 1916