Kids Savings Account - Savings Account for Minors

• Guardian operated Savings Account is available for children in the age group of 1 day–18 years. The Guardian can open and operate the Savings Account on behalf of the Minor.
• Self-operated Savings Account is available for Minor customers above 10 years of age. Minor can independently open and operate the Savings Account.

• Guardian operated savings account will help you plan for your child’s needs, right from their young age.
• While with the self-operated savings account, Minors above the age of 10 years can open and operate the Account all by themselves. This will inculcate a habit of saving and help them spend wisely.

You may initiate minor account opening online through ICICI Bank’s website. A parent or guardian must complete documentation and verification as per applicable guidelines.

Debit card issuance depends on the specific minor account variant and eligibility criteria. Usage may be subject to parental controls and transaction limits.

There is no debit transaction limit for guardian operated savings account.

When the applicable debit transaction limit is breached, the Account is marked as frozen. To remove the freeze marked, the customer (Minor) along with Guardian will be required to visit the branch and upgrade the account variant

Interest earned on a minor Savings Account may be taxable as per prevailing income tax rules and clubbing provisions applicable to parents or guardians.

Once the minor attains 18 years, the account must be converted into a regular Savings Account after completing the required KYC and documentation formalities.