To give those less fortunate a chance to save for the future, ICICI Bank has rolled out the Basic Savings Bank Account. For this account, customers do not need to have KYC documents as their fingerprint and attestation is all that is required. The ICICI Bank Basic Savings Bank Account is a zero-balance account and comes with the convenient features of a savings account.
Features and Benefits of ICICI Bank Basic Savings Bank Account
- As already mentioned, the ICICI Bank Basic Savings Bank Account is a zero-balance account, meaning that there is no requirement for a minimum balance.
- Customers are granted a free personalised RuPay debit card when opening the account.
- Free cheque book with 15 leaves.
- This savings account comes with the benefit of free internet banking facilities.
- Customers can make four free transactions a month at their base branch. A charge of Rs.90 is applicable from the 5th transaction onwards.
- Interest added on the deposits in the account are compounded half-yearly.
- Cash transactions at branches other than the base branch are charged at the nominal rates.
- Customers are also granted a free passbook when opening the account.
- Account holders of this savings account are allowed to nominate one beneficiary. The beneficiary can operate the account on behalf of the account holder.
- No foreign remittances can be made if the account holder has not yet submitted his/her KYC documents.
- On submission of KYC documents, account holders can convert this Basic Savings Account into a regular savings account.
Eligibility for ICICI Bank Basic Savings Bank Account
To be eligible for this account, applicants need to meet certain eligibility criteria:
- Should be a resident of India.
- Should be 18 years or above.
- Individuals belonging to HUV Kartas are not eligible for this savings account.
- NRIs are not eligible for this account.
- To be eligible for this account, the applicant should not hold any other savings account with ICICI Bank.
Documents Required for ICICI Bank Basic Savings Bank Account
Customers can open the ICICI Bank Basic Savings Bank Account either by submitting:
Simplified KYC documents:
- Customers will be required to submit only their photo identification and address proof.
- All residents of India from a financially excluded segment can opt for this process.
- This can be an option only if the customer does not have another savings account with ICICI Bank.
- Customer can opt for this process if they are unable to submit complete KYC documents.
ICICI Bank Basic Savings Bank Account opened through Simplified KYC documents will be frozen if:
At any point the credits in the financial year surpass Rs.1 lakh and if in case the day end balance in the account happens to exceed Rs.50,000 at any point.
Complete KYC documents:
Customers can also open the ICICI Bank Basic Savings Bank Account by submitting their KYC documents. In this case, there will be no cap on the transaction limit in the account. To open this account through this process, applicants will have to submit:
- Proof of identity - Passport, Driving license, Voter’s ID card, etc.
- Proof of address - Passport, Driving license, Voter’s ID card, etc.
- Latest passport size photographs.
Self-attested photograph and signature or thumbprint for Basic Savings - Small Deposit Account:
Customer can opt for this process to open the account if:
- They do not have a photo identification proof and address proof.
- Do not have any other existing savings account with ICICI Bank.
- The account holder agrees to have applied for his/her KYC documents within 12 months from the date of opening the account.
- Agrees to submit his/her KYC documents within 24 months from the date of opening the account.
Cases when the Basic Savings - Small Deposit Account will be frozen
The bank will freeze the account of the individual if the following cases occur:
- If the account holder fails to submit his/her KYC documents within 24 months from the date of opening the account.
- If the credits in the account surpass Rs.1 lakh in a financial year.
- If any point the day end balance is more than Rs.50,000.
- If the total withdrawals in the month exceed Rs.10,000.
- If the customers fails to prove evidence of applying for the requisite KYC documents within 12 months from the date of opening the account.
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