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Cashless transactions are on a rise in today’s digital age. Children are no exception to the influence of the magic of a growing cashless society. In order to keep them at par with this growing inclusion, financial institutions are coming up with debit cards to meet their needs.
The idea is to keep the parents accountable for every transaction since the child can spend the amount in their account only. It’s a good option to transfer pocket money and keep a check on their expenditure, isn’t it?
Students can access educational loans and other benefits via these debit cards while also familiarising themselves with budgeting.
ICICI Bank offers cash Debit Card to students from selected educational institutes. This debit card provides ease of transactions along with security. It brings the Bank@Campus account to students. ICICI Bank also offers a debit card called young stars for children between the age group of 1-18 years.
The child should be a student and be above 18 years of age. It is important to note that all the documents should furnish the personal details of the students during the opening of the account with the bank.
The Youth Debit Card is designed for the age group of 18 to 25 years. Keep the youth's financial needs in mind, this debit card offers attractive benefits across premium brands along with higher limits for daily withdrawal.
There is a fee charged for the debit card. Axis Bank Youth Debit Card charges an issuance fee of Rs. 400 and annual fees of Rs. 400.
The table below gives an account of withdrawal limits and insurance cover.
Features | Fees/Limits |
---|---|
Daily Cash Withdrawal Limit | Rs. 40,000 |
Purchase limit per day | Rs. 1,00,000 |
ATM withdrawal limit (per day) | Rs. 40,000 |
POS Limit per day | Rs. 200,000 |
Lost card liability | Rs. 50,000 |
personal accident insurance cover | Nil |
Airport Lounge access | No |
Get Best Debit Cards Online
HDFC Debit Card offers youth benefits like digital banking, loans, offers on food, travel, mobile recharge, movies, etc. DigiSave Youth account provides students with Millenia Debit card.
The following people can open DigiSave youth account.
The DigiSave account holders can be from metro/urban areas or rural areas. Therefore the minimum initial deposit and average monthly balance (AMB) varies.
The following table gives an account of the same.
Parameters | Metro/Urban Branches | Semi-Urban/Rural Branches |
---|---|---|
Minimum initial Deposit | Rs. 5,000 | Rs. 2,500 |
Average Monthly Balance | Rs. 5,000 | Rs. 2,500 |
This card is designed for students who are pursuing professional courses and for the first time working professionals, in the age group of 18-25 years. You can access the debit card across the world.
This student debit card can be used at any merchant establishments and ATMs for your convenience.
The daily cash withdrawal limit is mentioned in the table:
Withdrawals | Limits |
---|---|
Daily cash withdrawal | Rs 25,000 |
Daily purchases at Point of Sale (POS) | Rs. 25,000 |
Parents can opt for these student debit cards to open savings accounts for their children or help them access an educational loan. One of the major benefits is that parents can keep a track on their child’s spending habits while also teaching them to budget from a young age.
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