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NRI Smart Star Account

Key highlights:

  • NRI minor between <10> and <18> years of age can open the account
  • Minor can open and operate the account independently
  • Account is maintained in INR.

Why to choose a Minor’s Account?

  • To inculcate the habit of savings, our Minor’s Account caters to your special needs – ensuring you maximum convenience.

Overview

Features and benefits

  • Convenient access to your account with Debit Card, Internet Banking access# and cheque book.
  • #For Internet Banking access, user ID and password will be given to the minor.
  • Choose Silver Chip Debit Card with daily cash withdrawal limit at ATM of INR <50,000>. To know more, click here .
  • Low Balance required: Minimum balance required is INR <10,000> only.
  • Anytime, anywhere account access: With domestic ATM-cum-Debit Card, access at over 15,000 ATMs and 5,000 branches all over India, Phone Banking and Internet Banking.
  • Beneficial interest rates: Interest rate at <4>% per annum for end of day balances equal to or above INR <50> lakh and <3.50>% per annum for end of day balances below INR <50> lakh.
  • Money2India: Safe and simple online money transfer tracking service with online transfer to over <100> banks in India.
  • There is a debit transaction limit of INR <5,00,000> in a financial year. In case of breach of this limit, total freeze will be marked in the account.
  • To remove the freeze, NRI Smart Star Account has to be converted into NRI Young Star Account.

Service charges

Monthly Average Balance

  • Monthly Average Balance (MAB) requirement of INR <10,000> at account level or INR <25,000> at Customer ID level.
    • Customer ID level: MAB in NRE Savings/Non-interest bearing Account + MAB in NRO Savings/Non-interest bearing Account + Month end balance in Fixed Deposit/s and Recurring Deposit/s within the same Customer ID.
  • Non maintenance charges – INR <100> + <5>% of the shortfall in required MAB or INR <500> whichever is lesser.

Click here for the complete list of other service charges

Documents required

When you submit application for account opening at ICICI Bank branch in India or overseas, you will need:

  • Photocopies of:
    • Passport of minor: First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph and signature). The signature/thumb impression should be clearly visible and match the signature/thumb impression on your registration form.
    • Passport of guardian: First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph and signature). The signature should be clearly visible and match the signature on your registration form.
    • NRI status proof of minor: Foreign Passport/Visa (Dependent Visa)
    • NRI status proof of guardian: Foreign Passport/Visa
    • If place of birth of minor/guardian is not India: Person of Indian Origin (PIO) Declaration of minor/guardian with a documentary evidence supporting India connect.
    • Address proof of minor and guardian: View complete list of permanent address proofs here.
    • Understanding minor will not have address proof in his/her own name: Guardian’s address proof along with relation proof with the minor
    • PAN/Form 60 of guardian
    • PAN/Form 60 of minor (if available)
    • FATCA declaration as applicable

FAQs:

Who is an NRI?


A Non-Resident Indian (NRI) is an Indian citizen who stays outside India:
(a) for purposes of carrying out employment or any business or vocation;
(b) under circumstances indicating an intention to stay outside India for an uncertain duration;
(c) any Indian citizen deputed outside India for a temporary period in connection with employment.

Who is a PIO?


A citizen of a foreign country (other than a citizen of Bangladesh or Pakistan) is a Person of Indian Origin (PIO) if
(a) he/she at any time held an Indian passport; OR
(b) he/she or either of his/her parents or any of his/her grandparents was a citizen of India; OR
(c) spouse (not being a citizen of Bangladesh or Pakistan) of an Indian citizen or (a) or (b) above.

What is the minimum amount with which I can open minor Savings Account?


The minimum amount for opening an NRI Young Star Account is INR <50,000>.

What type of bank accounts can be opened by NRIs/PIOs?


Following types of bank accounts can be opened:

  • Non-Resident External (NRE)
  • Non-Resident Ordinary (NRO)
  • Foreign Currency Non-Resident (FCNR)

Can I open my account in any currency?


Yes, you can open your account with INR or any convertible foreign currency. We will convert your currency into INR and open the NRO Savings Account. Your NRI Young Star Account will be maintained only in INR.

What minimum balance would be required to maintain in minor account?


The minimum Monthly Average Balance (MAB) required to be maintained is INR <10,000> at account level or INR <25,000> at Customer ID level.

  • Customer ID level: MAB in NRE Savings/Non-interest bearing Account + MAB in NRO Savings/Non-interest bearing Account + Month end balance in Fixed Deposit/s and Recurring Deposit/s within the same Customer ID.

How do you calculate MAB?


MAB is the sum of the daily balances of your account divided by number of days in that month.

What should be the age of minor to open Young Star Account?


Minor age should be between 1 day and 18 years.

Can Minor operate Young Star Account?


No, this is guardian operated account, so guardian can open and operate this account.

In cheque book, whose signature will be accepted for Young Star Account?


For NRI Young Star Account, guardian signature will be accepted in the cheque.

Is there any restriction on debit transactional limit in a financial year in Young Star Account?


No, there is no debit transactional limit in a financial year.

How can I get Internet Banking access in Young Star Account?


Minor account can be linked to guardian User ID. Guardian can link his/her User ID with minor account through Internet Banking by raising a Service Request (Link Bank Account to my User ID).

What should be the age of minor to open Smart Star Account?


Minor age should be between 10 and 18 years.

Can Minor operate Smart Star Account?


Yes, this is minor operated account so minor can open and operate this account independently.

In cheque book, whose signature will be accepted for Smart Star Account?


For NRI Smart Star Account, minor signature will be accepted in the cheque.

Is there any restriction on debit transaction limit in a financial year in Smart Star Account?


Yes, there is a debit transaction limit of INR 5,00,000 in a financial year.

What will happen if the debit transaction limit of INR <5,00,000> is breached in a financial year in Smart Star Account?


In case of breach of this limit in a financial year, freeze will be marked in the account.

How to remove freeze from the NRI Smart Star Account in case of breach of debit transaction limit of INR <5,00,000> in a financial year?


To remove freeze, Smart Star Account has to be converted into Young Star Account.

How can I get Internet Banking access in Smart Star Account?


Customer will be given IKit which will include Internet Banking User ID and Password in the name of minor.