Future Stars Savings Account (Kids Savings Account)

The Axis Future Stars Savings Account is designed to help your child save money from a young age. This savings account can help your child learn how to save, from a young age and can help fulfil their financial goals and obligations, be it their future education and career aspirations or their health and well-being.

Help your child secure their future and all their aspirations through this savings account that offers numerous benefits while enabling them to create a savings corpus till the age of 18 years and earn interest on their savings as well!

A kids bank account can be opened for children on a joint basis. If the child is below 10 years of age, the account will need to be operated by the guardian. Children above the age of 10 years can open on their own or jointly with their parent/guardian.

This savings account helps the child learn how to make transactions and save money regularly until the age of 18 years, and the balance amount in the account will continue earning interest thereafter. These funds can be utilised by the child for various purposes such as their education or any other lifestyle needs.

Children below the age of 10 years receive an ATM card with a daily withdrawal limit of ₹ 1,500 While children above 10 years of age are eligible to receive a personalised Visa Platinum debit card when they open the account. The debit card comes with a daily ATM withdrawal limit of ₹1500 so that one can keep track of their savings.

The Future Stars Savings Account offers a host of benefits, some of which are:

• Attractive interest rates on daily balances between 3.00 – 3.50%
• Low average monthly balance requirement for the savings account
• A personal accident insurance cover worth ₹2 lakh
• A Visa Platinum debit card with the Future Stars Savings Account
• Low issuance charge for the debit card for easy banking
• A daily ATM withdrawal and POS limit of ₹1500 on the debit card
• Liability protection of up to ₹50000 for the debit card
• Option to personalise the debit card with one’s image

Here are the details of basic fees and charges applicable for kids bank account:

• Visa Classic Debit Card Issuance / Annual Fee is Rs 200.
• Cash Transaction charges:
  • Beyond the first 4 transactions or Rs 1 lakh/month, Rs 5 per Rs 1000 or Rs 150 (whichever is higher) shall be charged.
  • Account Closure Fee is Rs 500.
• IMPS Fees:
  • Up to Rs 1,000 to Rs 1 Lakh - Rs 2.5 per transaction
  • From Rs 1000 to Rs 1 Lakh – Rs 5 per transaction
  • Rs 1 Lakh to Rs 5 Lakh - Rs 10 per transaction
• NEFT services are free for online savings account for kids and charges for branches are:
  • Up to Rs 10,000 – Rs 2 per transaction
  • Rs 10,001 to Rs 1 Lakh – Rs 4 per transaction
  • Rs 1 Lakh to Rs 2 Lakh – Rs 14 per transaction
  • Above Rs 2 Lakh – Rs 24 per transaction
• Axis / Non-Axis ATM financial transaction fee beyond limits is Rs 21 per transaction.
• Axis / Non-Axis ATM non-financial transaction fee beyond limits is Rs 10 per transaction.
• Card Replacement Fee is Rs 200.

• You can automate funds transfer from your account to your child’s account for effortless money management.
• You can simply swipe your card once every 6 months to access insurance coverage for Rs 2 lakh (subject to T & C).
• You can enjoy combined lost card liability & purchase protection liability of up to Rs 50,000 for added security and peace of mind.
• You can also participate in the eDGE Loyalty Rewards Program and earn points on various transactions and redeem them for rewards across multiple categories.
• You can personalise your card with the image of your choice if you are above 10 years old, adding a touch of personality to your banking experience.

• When you open a Future Stars Savings Account, you earn interest daily on the end of day balance amount at the prevailing interest rates. The interest is credited to your account on a quarterly basis.
• The funds in this minor savings account continue earning interest even after the child completes 18 years of age. The account is a safe and secure place to park your funds for future use.
• As a parent or legal guardian of the minor account holder of this savings account, you can transfer funds from your bank account to the Future Stars Savings Account.
• The daily ATM withdrawal limit of ₹1500 on the free Visa Platinum debit card that can be issued to the savings account helps keep a check on the expenses.
• While you have the benefit of opening the account with a low deposit, a higher balance in the account will translate to higher earnings through the interest rates.

The minor savings account interest rates on the Future Stars Savings Account will be calculated daily on the end of day balance in the savings account and will be credited to the savings account on the first day of the next quarter. Effective June 01, 2022, we offer an interest rate of between 3% and 3.5% on the Future Stars Savings Account, subject to the daily balance maintained in the account.

If you earn an interest of up to ₹10000 on your Future Stars Savings Account during a financial year, this interest will be tax-free.

To open the Future Stars Savings Account online, you can visit the Future Stars Savings Account page to schedule a call back to be guided on the account opening process. You can also choose to open the account offline and then operate it through Axis Bank’s internet and mobile banking facility. For that, you will have to submit:

• The duly filled account opening form
• One latest passport-size photograph
• Proof of your child’s date of birth
• Documents for proof of address and identity