Indian private sector lender ICICI Bank has launched savings bank accounts for children – Smart Star.
The new product has been introduced three months after the country’s central bank issued guidelines allowing minors over 10 years to operate bank savings accounts independently. The only condition was that minors should not be given any overdraft or credit facility.
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The account, which will be opened in the name of the minor, will offer a personalized cheque book and a debit card with a picture of his/her choice, the bank said in a statement.
Apart from this, account holders will also be allowed to make various banking transactions including issuing cheques, paying bills, recharge mobile phones, open fixed deposits and recurring deposits among others.
They will also have access to banking channels such as ATM, mobile and internet banking.
Speaking on the initiative, Rajiv Sabharwal, executive director at ICICI Bank, said, "We are pleased to offer the ‘Smart Star’ account, which is specially designed keeping in mind the requirements of minors today. The unique proposition allows minors to operate their accounts independently. This will help to inculcate a habit of saving and responsibility of spending wisely. "
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By GlobalDataEarly this month, the country’ largest lender State Bank of India also launched two new savings bank accounts for children — Pehla Kadam and Pehli Udaan.
