Reply #50: And now, a debit card for children... (India)

[54anickel]

http://www.mumbaimirror.com/nmirror/mmpaper.asp?sectid=13&articleid=41920062236342964192006223559453

Mumbai: The big banks are beginning to bet on the little brats. At least that’s what one can infer from ICICI Bank introducing the ‘Young Stars Account’, complete with a customised debit card for those aged from 7 to 18. True, parents will have most of the control what with them required to operate the controlling account and pay the bills. But with daily spending/withdrawal limits of Rs 2,500, is this new product akin to a lighting a match in a tinderbox? We spoke to a few parents to get their take on the issue...


• “Who’d want kids to get such power at such a young age? We’re already living in a materialistic society. Let them grow. I mean, I know I’m being the Devil's Advocate, but we need to realise the possibility of kids getting carried away. After all, how many working parents have the time to analyse bills?”
Shaina N C, Fashion Designer
Daughter (6 yrs)


• “This is one banking product that will actually teach the child to spend more, especially those in high and middle class groups as they are not bothered about how much the child spends. And with most families having only one child now, parents give in to their demands. And what if the child is kidnapped?”
Prof Neelima Diwakar, SIES College of Commerce and Economics, Twin daughters (17 years)

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