ICICI Senior Citizens Savings Account - Life Plus
ICICI Senior Citizens Savings Account is a specially designed savings scheme for individuals aged 60 and above, offering enhanced banking convenience and exclusive benefits. Enjoy priority assistance, doorstep banking, and access to retirement-focused financial solutions with this senior-friendly account.
An individual above 60 years of age can avail the special privileges and benefits provided through this savings account scheme and enjoy the convenience of superior banking solutions as well.
Overview of ICICI Senior Citizens Savings Account
Bank | ICICI Bank |
Category | Savings Account |
Minimum Balance Requirement | Rs.4,500 |
Interest Rate | Up to 3.50% annually |
Eligibility Criteria | A Resident Individual, Foreign national and/or a Hindu undivided family (HUF) customer, who is 60 years old or above, can apply. |
Features of ICICI Senior Citizens Savings Account
The features of ICICI Senior Citizens Savings Account are given below:
1. Priority Assistance
- Senior Citizen Desk: Dedicated desk for quick service at all branches for senior citizens.
- Doorstep Banking: Convenient services like cash deposits/withdrawals, demand draft or cheque pickup, KYC document submission, and life certificate submission at no extra cost.
- Phone Banking: For any inquiries, call 1800 1080.
2. Retirement Solutions
- Monthly Payout FD: Secure investment option with regular income.
- Senior Citizen Savings Scheme (SCSS): Offers higher returns with tax benefits.
- National Pension System (NPS): Quarterly interest payouts along with tax benefits.
- Public Provident Fund (PPF): Guaranteed, tax-free returns.
- ICICI Direct Prime: eATM feature ensures money is credited to your account within 5 minutes of selling shares.
3. Banking Anytime, Anywhere
- Form 15H Submission: Digitally submit Form 15H via Internet Banking or the iMobile Pay app.
- Fund Transfers: Safe and secure fund transfers at your convenience.
- FD Online: Instantly open a fixed deposit through Internet Banking or the iMobile Pay app.
- Tax Payments: Make secure digital tax payments.
4. Essential Services
- Life Certificate: Digital submission available for both ICICI Bank and non-ICICI Bank customers.*
- Passbook Update: Available at all branches.
5. SCSS/NPS/PPF:
- SCSS: Quarterly interest payouts
- NPS: Instant online PRAN generation
- NPS/PPF: Online fund transfers
*Note: Life certificate submission is available digitally for ICICI Bank customers through doorstep banking. Non-ICICI Bank customers can submit at any branch.
6. Safety and Security for Digital Banking
- Two-Step Verification: For secure online fund transfers.
- Online Transaction Facilities: Block/unblock transactions, set payment limits using debit or credit cards.
- Timed Logouts: Automatic logout for inactive users.
- Encryption Protection: Secured with 256-bit end-to-end encryption.
Fees and Charges of ICICI Senior Citizens Savings Account
Non-maintenance of minimum deposit requirement | For a balance amount less than Rs. 5,000/-, Rs.100 will be charged as penalty. |
E-mail statement | Free |
Passbook | Free |
First Account Holder Debit Card fee | Free |
Joint Account Holder Debit Card fee | Free |
ICICI Bank ATM transactions | Free |
Other bank ATM transactions | Free |
Domestic transaction limit | Rs.100,000 (daily spending limit)Rs.50,000 (daily withdrawal limit) |
International transaction limit | Rs.100,000 (daily spending limit)Rs.50,000 (daily withdrawal limit) |
Additional cheque book | Rs.4 per leaf. First 25 cheque leaves are free of cost |
SMS Alert Facility | Free |
Cash transactions made in branches in the same city | Unlimited transactions can be made, free of charge. |
ICICI Bank ATM transactions | Free |
Other bank ATM transactions | Free |
Charges on cash transactions at branch made when minimum balance is not maintained | 5% of the shortfall in the minimum balance requirement or Rs.100 whichever is lower. |
Multi City cheque payment charges | Rs.0/- |
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GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on ICICI Senior Citizens Savings Account
- What is the Life Plus Senior Citizen Savings Account minimum amount that needs to be kept in place?
The minimum monthly average balance (MAB)* for the Life Plus Senior Citizen Savings Account is Rs. 5,000. (Effective June 1, 2016: Rs. 4,500). There is a monthly fee of Rs 100 for failing to maintain the minimum monthly average balance (NMMAB). (As of June 1, 2016: Rs. 100, or 5% of the needed MAB deficiency, whichever is less).
- What qualifications must one meet in order to open a Life Plus Senior Citizen Savings Account?
Customers who are Hindu undivided families (HUFs), foreign nationals, and resident individuals (solo or joint accounts) who are over 60 years old can open an account.
- How does ICICI Bank guarantee the security and safety of its clients?
ICICI Bank employs a number of features, such as two-step verification for fund transfers, online transaction banning and unblocking, delayed logouts for inactive users, and many more, to guarantee the protection and security of their customers.
- Can I get my questions answered from the comfort of my own home?
By making a free call to 1800 1080 from your registered mobile number, you can take advantage of the ICICI Bank’s doorstep banking service.
- Is there a customer service number or helpline I may call if I have any questions?
Indeed, ICICI Bank offers devoted client service. For any questions, you can reach 1800 1080 using the registered mobile number.
- In addition to development and wealth protection, I desire a monthly income. What services does ICICI Bank provide for a client such as myself?
Through the Public Provident Fund (PPF), National Pension System (NPS), Senior Citizen Savings Scheme (SCSS), and other programs, you can guarantee the growth and protection of your savings in addition to earning a monthly income.
- If I invest in SCSS, will I receive tax benefits?
Under Section 80C of the Income Tax Act, you can receive tax benefits of up to Rs. 1.5 lakh by investing in SCSS. The SCSS now allows investments up to Rs. 30 lakh, up from Rs. 15 lakh previously.
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