ICICI Bank Student Card – Benefits, Fees & Eligibility

Introduction

The ICICI Bank Student Prepaid Card is designed to offer students a convenient and secure way to manage their daily expenses without the need for a traditional Savings Account. Issued by ICICI Bank, this reloadable card is ideal for students aged 10 years and older, providing financial independence and control. It stands out with features like contactless payments, no requirement for a minimum balance, and a generous annual spending limit of ₹10 lakh, making it suitable for various expenses including fees, travel, and shopping.

This card is widely accepted nationwide at ATMs, Point of Sale (POS) machines, and online platforms, ensuring students can use it wherever they go. Its focus on security, ease of use, and accessibility makes it a practical financial tool for young individuals.

Fees

• Annual Fee: ₹199 + GST
• Card issuance fee: ₹299 + GST
• Card replacement fee: ₹200 + GST
• Manual loading charges: ₹8.5 + GST
• Annual Maintenance Fee: ₹25 + GST

Card Eligibility Criteria

• Age: Students aged 10 years and above are eligible to apply for the ICICI Bank Student Prepaid Card.
• Documents Required:
  • Aadhaar Card
  • Pan Card (Optional)
• No physical documents are required for the application process.
• There is no need for students to have a Student Minor Account or their parents' Savings Account; the ICICI Bank Student Prepaid Card is a standalone product.

Card Review

Pros

• Manages student expenses securely without needing a savings account.
• Offers convenient 24x7 loading options via IMPS, NEFT, and UPI.
• Provides a high annual spending limit of ₹10 lakh for flexibility.
• Ensures secure transactions with an embedded microchip, PIN, and OTP.
• Features contactless payments for quick and effortless usage.

Cons

• Incurs an annual fee and card issuance fee upon application.
• Manual loading of funds is subject to additional charges.
• Lacks a dedicated rewards program or cashback benefits.
• A card replacement fee is applicable if the card is lost or damaged.

Ideal User Profile

The ICICI Bank Student Prepaid Card is ideally suited for students aged 10 and above who need a secure, easy-to-manage card for their daily expenses, travel, and online purchases. It's perfect for those who do not have or do not wish to open a traditional bank account but require a reliable payment method with spending limits.

Verdict

The ICICI Bank Student Prepaid Card is a practical and secure financial tool for students, offering convenience and control over spending. While it comes with some fees and lacks a rewards program, its core benefits of no minimum balance, high spending limit, and robust security make it an excellent choice for managing student finances effectively.

Important Product Details

• Reloadable and Contactless: The card is reloadable and supports contactless payments for quick and effortless transactions.
• No Minimum Balance: There is no requirement to maintain a minimum balance on the card.
• High Spending Limit: Enjoy an annual spending limit of ₹10 lakh.
• Eligibility: Available for students aged 10 years and older.
• Nationwide Acceptance: Widely accepted at ATMs, POS machines, and online platforms across India.
• Enhanced Security: Features an embedded microchip for high-level security, PIN-based security for POS transactions, and OTP validation for online transactions.
• Fast Activation: Digital Card activation is completed within 5 hours after successfully completing the KYC process.
• 24x7 Card Loading Options: Funds can be loaded conveniently through various modes:
  • Via ICICI Bank’s iMobile app / Net Banking: Log in, go to Fund Transfers, add beneficiary (9595 followed by 9-digit reference number as account number, IFSC: ICIC0000104), then transfer via NEFT/IMPS.
  • Via Other Banks’ Apps or Websites: Log into your bank’s app/Net Banking, go to Fund Transfers, add beneficiary (16-digit Card number as account number, IFSC: ICIC0000106), then transfer via NEFT/IMPS.
  • Via UPI Apps: Log in, go to Bank or Account Transfers, add beneficiary (16-digit Card number as account number, IFSC: ICIC0000106), then transfer via UPI.
• No Savings Account Required: The card is a standalone product and does not require an associated Savings Account.

Other Details

• Attractive Offers: Cardholders can take advantage of exciting offers available with the Student Prepaid Card.
• Dedicated Customer Care: For any queries or concerns, customers can reach out to 1800 1080 or 022-50405238.
• Terms & Conditions: Detailed terms and conditions are available for review.