ICICI Bank vs North East Small Finance Bank: Children’s Savings Accounts

ICICI Bank has two dedicated children’s accounts called the Young Stars Account and Smart Star Savings Account. North East Small Finance does not offer a dedicated savings bank account for minors. However, its standard and premium savings accounts may be available to minors, possibly jointly and to be operated by the parent or guardian.

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 North East Small Finance Bank

North East Small Finance Bank does not offer a dedicated savings bank account for minors though its standard and premium savings accounts may be available to minors, possibly jointly and to be operated by the parent or guardian.

Regular Savings Account

This is the standard savings account of the bank.

Features

  • The account has a minimum balance requirement of Rs. 500 in rural areas, Rs. 1,000 in semi-urban and Rs. 2,000 in urban areas
  • Accountholders get access to personalised debit cards
  • The bank offers doorstep banking facilities
  • The Regular Savings Account comes with free passbooks
  • Accountholders can manage and access their account details through the SMS facility or through online banking

Premium Savings Account

This savings account is one step up from the regular savings account.

Features

  • The account has a minimum average quarterly balance requirement of Rs. 25,000
  • Accountholders can get five demand drafts made in a month without any charge
  • The bank also offers two free NEFT, RTGS or IMPS transactions per month
  • Like the standard account, the Premium Savings Account also offers free passbooks, an SMS facility and online banking options

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
  • North East Small Finance Bank Website: www.nesfb.com
  • Headquarters: Guwahati, Assam
  • Call Centre Number: 1800 121 1905