Private sector bank ICICI Bank on Wednesday launched a savings account for minors above 10 years of age.
The account, which will be opened in the name of the minor, will offer a personalised cheque book and a debit card with a picture of his or her choice, the bank said in a statement.
“We are pleased to offer the ‘Smart Star’ account, which allows minors to operate their accounts independently. This will help to inculcate a habit of saving and responsibility of spending wisely,” bank’s executive director Rajiv Sabharwal said.
Minors will be able to undertake 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.
