ICICI Bank vs RBL Bank: Children’s Savings Accounts
ICICI Bank has two dedicated children’s accounts called the Young Stars Account and Smart Star Savings Account. RBL Bank does not offer a dedicated children’s savings bank account but instead may offer its generic savings account under guardianship of a 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
- 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
- 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 RBL Bank
RBL Bank does not offer a dedicated children’s savings bank account. We look at it standard savings account that like other banks that do not offer a specific children’s account is likely to be offered to minors through a parent or guardian.
Prime Savings Account
The prime savings account is the standard savings account of the bank and can be opened on behalf of a minor by the parent or guardian.
- The prime savings account is the standard savings account of the bank and comes with a minimum balance requirement of Rs. 5,000. Whether the same balance is required for minor account is not available on the site
- The minor account is closed on the child attaining majority and she has to submit KYC documents along with an account opening form to open a new account
- The account offers unlimited free transactions at RBL Bank ATMs and up to five complimentary transactions at other bank ATMs
- The account offers some of the best fixed deposit rates for banks in India
- RBL Bank offers wealth management options for its Prime Savings Account customers and it is likely to offer wealth growth options for its minor customers also
Note: The RBL Bank site has been designed for the mobile users and information is kept limited to perhaps enhance mobile user experience. It is suggested that you call the bank at the number below or visit the nearest branch if you are looking for more information on children’s or other accounts.
- 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
- RBL Bank Website: www.rblbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 123 8040