How can an NRI minor open a bank account in the USA?
Millions of people from India travel abroad to pursue career opportunities. They may choose to settle down in western countries like Canada and the USA due to their employment and start their families.
These individuals, termed as NRIs or Non-Resident Indians, often require NRI bank accounts that specially cater to their unique needs. As NRIs, they may have to maintain their relations in India while staying abroad and have to look after their financial affairs back home.
With ICICI Bank NRI Young Star Savings Account, NRIs can also open minor savings accounts for their children. In today’s world, having the habit of saving and managing one’s own finances right from a young age can really prepare your children for their future.
Read on to find out more about the NRI Young Star Savings Account from ICICI Bank for NRI minors.
What is the NRI Young Star Savings Account?
The NRI Young Star Savings Account is a type of savings bank account specially designed for NRI minors. For example, if you live in the USA and you have a minor child, you can open the NRI Young Star Savings account on their behalf with the aim of saving funds for your child’s future needs.
Key Highlights of the NRI Young Star Savings Account
- NRI minors between the age of 1 day and 18 years can have an NRI Young Star Savings account opened for them. This can be done on their behalf by a legal guardian.
- The account can be opened and managed by a legal guardian with the goal of creating funds for the child’s future.
- The NRI Young Star Savings Account is maintained in INR.
Features of NRI Young Star Savings Account
- You can easily access the account using a Debit Card, internet banking or via cheque book.
- The account can be operated by the guardian, and hence they can link the account to their existing ICICI User ID.
- The savings account comes with a Debit Card with a daily limit of Rs. 2500 / Rs. 5000 for shopping and cash withdrawal.
- The minimum balance required for this account is just Rs. Rs.2500
- You can access the account from anywhere at any time using the ATM-cum-debit card with access to over 15,000 ATMs across India.
- Avail free passbook facility for individual account holders as well as free email statements to know your transactions.
Photocopies of the following documents are required to open an NRI Young Star Savings Account:
- Birth proof of the minor
- Photograph of the guardian
- ID and Address proof of guardian
- Declaration from Guardian
Thus, NRI minors can have a savings account opened for them by their guardian. To open an ICICI Young Star Account, one can visit any ICICI Bank branch or simply apply online for a completely paperless account opening experience.