ICICI Smart Star Accounts for Minors
ICICI launches new scheme for minors. Under this scheme, minors above 10 years of age can independently open and operate their accounts. The accounts are named as Smart Star accounts. The monthly average balance to be maintained is Rs.2500 and account holders have to pay Rs. 100 per month if the minimum balance is not maintained. The documents needed to open this account are: ID proofs of minor and their guardians, declaration from both the minors and their guardian, and photograph and address proof of minor.
Smart Star account holders are provided with a debit with a daily withdrawal limit of Rs. 5000, and a personalised cheque book. Cheques can be issued by the minors. The accounts holders can also have Free Internet Banking and Mobile Banking Access, Free email statement and Pre-paid Mobile recharge facility. These accounts have two variants. The Smart Star account holders can have a debit transaction limit of Rs. 2 lacs with the consent of their guardians in a financial year. Yet, it only limited to Rs. 50,000 of debit transactions without the consent of their guardians. If the applicable limits of Smart Star accounts are breached, then these account will be frozen.