ICICI Bank Student Card – Benefits, Fees & Eligibility

Introduction

The ICICI Bank Student Prepaid Card, issued by ICICI Bank, is designed as a convenient and secure financial tool specifically for students. It enables them to manage expenses effectively without the necessity of maintaining a Savings Account. Its key differentiating features include contactless payment capabilities, the absence of a minimum balance requirement, and a generous annual spending limit of ₹10 lakh, making it suitable for various student expenses like fees, travel, and shopping.

Fees

• Annual Fee: ₹199 + GST
• Card Issuance Fee: ₹299 + GST
• Card Replacement Fee: ₹199 + GST
• Manual Loading Charges: ₹8.5 + GST
• Inactivity Fee: ₹25 + GST

Rewards

• Contactless Payments: Experience the ease of tap and pay at Point of Sale (POS) machines for quick and effortless transactions.
• High Spending Limit: The card comes with an annual spending limit of ₹10 lakh.
• No Minimum Balance: There is no requirement to maintain a minimum balance on the card.
• Nationwide Acceptance: The card is widely accepted at ATMs, POS machines, and online platforms across the country.
• 24*7 Card Loading Options: Funds can be loaded onto the card conveniently at any time through various modes such as IMPS, NEFT, and UPI.
• Attractive Offers: Cardholders can take advantage of exciting offers available with the Student Prepaid Card.
• Enhanced Security: The card features an embedded microchip for high-level security.
• Transaction Security: Provides PIN-based security for transactions at POS terminals and OTP validation for online transactions.
• Faster Card Activation: Enjoy digital card activation within 5 hours after successfully completing the KYC process.
• No Savings Account Required: This is a standalone product, eliminating the need for students to have a Student Minor Account or their parents' Savings Account.
• Dedicated Customer Care: Support is available for any queries or concerns at 1800 1080 or 022-50405238.

Card Eligibility Criteria

• Eligibility Rules: 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 application.

Card Review

The ICICI Bank Student Prepaid Card is an excellent financial tool for students aged 10 and above, providing a secure and convenient method to manage expenses without the need for a traditional savings account.

• Pros:
  • Offers robust security features including an embedded microchip, PIN-based POS transactions, and OTP validation for online transactions.
  • Facilitates quick and effortless contactless payments.
  • Eliminates the burden of maintaining a minimum balance.
  • Comes with a high annual spending limit of ₹10 lakh.
  • Provides flexible and easy fund loading options via IMPS, NEFT, and UPI.
  • Ensures fast digital activation post-KYC completion.
  • Widely accepted across various transaction platforms.
  • As noted by customers, it is a reliable and convenient way to manage finances, helping students stay within budget while enjoying its perks.
• Cons:
  • Various fees are associated with the card, including annual, issuance, replacement, manual loading, and inactivity charges.
• Overall Value: This card serves as a reliable and convenient solution for students to manage their finances, helping them stay within budget while offering a secure and easy-to-use payment experience.

Important Product Details

• Positive Highlights:
  • Offers a convenient and secure way for students to manage their expenses.
  • Supports contactless payment functionality.
  • Does not require maintaining a minimum balance.
  • Features an annual spending limit of ₹10 lakh.
  • Accepted nationwide at ATMs, POS machines, and online platforms.
  • Provides 24*7 card loading options through IMPS, NEFT, and UPI.
  • Equipped with an embedded microchip for high-level security.
  • Ensures transaction security with PIN for POS and OTP for online transactions.
  • Allows for faster digital card activation within 5 hours after KYC.
  • Functions as a standalone product, not requiring an associated Savings Account.
  • Backed by a dedicated customer care service.
• Negative Highlights:
  • An Annual Fee of ₹199 + GST is applicable.
  • A Card Issuance Fee of ₹299 + GST is charged.
  • A Card Replacement Fee of ₹199 + GST applies.
  • Manual Loading Charges of ₹8.5 + GST are incurred.
  • An Inactivity Fee of ₹25 + GST is charged.

Other Details

• How to Load the ICICI Bank Student Prepaid Card:
  • Via iMobile / Internet Banking:
    • Log in and navigate to the Fund Transfers section.
    • Add a beneficiary: Select ‘Other bank’, use 9595 followed by the 9-digit reference number (found below the Card Number in the kit) as the account number, re-enter the number, enter IFSC code: ICIC0000104, and enter the payee name.
    • Select the added payee, enter the amount and remarks, choose NEFT/IMPS as the transfer type, select the source account, and proceed with OTP validation.
  • Via Other Banks’ Apps/Websites:
    • Log into your respective bank’s mobile banking app or internet banking portal and go to the Fund Transfers section.
    • Add a beneficiary: Select ‘Other bank’, use the 16-digit Card number as the account number, re-enter the card number, enter IFSC code: ICIC0000106, and enter the payee name.
    • Select the added payee, enter the amount and remarks, choose NEFT/IMPS as the transfer type, select the source account, and proceed with OTP validation.
  • Via UPI Apps:
    • Log in and go to the Bank/Account Transfers section (select ICICI Bank if prompted).
    • Add a beneficiary: Use the 16-digit Card number as the account number, re-enter the card number (if needed), enter IFSC code: ICIC0000106, and enter the payee name.
    • Select the added payee from recent/saved beneficiaries, click ‘Pay’, enter the amount, and confirm with your UPI password.
  • Note: For subsequent loads, the beneficiary addition step (Step 3) is not required.
• Customer Care Service: For any queries or concerns, you can reach out to 1800 1080 or 022-50405238.
• Terms & Conditions: Comprehensive Terms and Conditions for the Student Prepaid Card and for corporate use are available.