The ICICI Bank Salary Account for employees is a zero-balance account and comes with benefits such as a free debit card and cheque book when opening the account, reward points for every transaction made, net banking, phone banking facilities and so on. Through this account, customers can also make investments and avail loans at the best market rates.
Features and Benefits of ICICI Bank Salary Account for Employees
- As already mentioned, this salary account offered by ICICI Bank is a zero-balance account - meaning that there is no minimum balance requirement.
- As soon as the customer opens the account, he/she will receive a welcome kit - containing a free debit card and cheque book.
- Customers can earn reward points for every transaction made using their debit card or through the phone and net banking facilities. With the accumulated points in the “My Savings Reward” program, customers can redeem the points in the form of gifts, travel tickets, discounts on purchases and so on.
- Customers have the option of availing an international debit card as well. This debit card comes with the benefits of no annual fees, higher spending limit per day, lost card liability up to Rs.2 lakh, and international withdrawals and transactions.
- ICICI Bank Salary Account holder can also avail phone and net banking facilities. Through these facilities they can make service requests, make fund transfers, request for an e-statement, make nominations and so on.
- Through this salary account, customers can invest in the Public Provident Fund (PPF), National Pension Scheme (NPS), and open a Pension Account as well. Account holders can also avail tax benefits for their contributions towards these schemes.
- Customers can also open a Family Plus Account - for their spouse, children, parents - and can manage the finances of the family in one account.
- Through this salary account, customers can avail personal loans, home loans, car loans, two-wheeler loans, and loans against securities. Customers will be offered the best loan interest rates in the market and the loan account opening process will be relaxed.
- Customers can transact in shares by opening a Demat account and can also invest in Government bonds, mutual funds, and foreign exchange.
Eligibility for ICICI Bank Salary Account for Employees
If the organisation is eligible to open the ICICI Bank Salary Account, its employees automatically are eligible for this account as well. To be eligible for this, the organisation/employer has to have a minimum of 20 employees and an average monthly payroll of Rs.15,000. Also, the annual payout should amount to a minimum of Rs.36 lakh.
Documents required for the ICICI Bank Salary Account for employees
When applying to open the ICICI Bank Salary Account, employees will have to submit the below mentioned documents for verification to be eligible for this account.
- Identity proof - Passport, Voter’s ID card, Driver’s licence, PAN card,etc.
- Address proof - Electricity bill, telephone bill, lease agreement, gas card, etc.
ICICI Bank Salary Account for employees fees and charges
|Minimum monthly average balance (MAB)||Zero|
|Charges for non-maintenance of MAB||NA|
|Cash transactions (deposits and withdrawals) at base branch in the same city||Free|
|Outstation cheque collection –through ICICI bank branch locations||Up to Rs. 5,000 – Rs.25 per instrument. Rs.5,001 to Rs.10,000 – Rs.50 per instrument. Rs.10,001 to Rs.1 lakh – Rs.100 per instrument Above Rs.1 lakh - Rs.200 per instrument|
|Outstation cheque collection –through non ICICI bank branch locations||Up to Rs. 5,000 – Rs.25 per instrument. Rs.5,001 to Rs. 10,000 – Rs.50 per instrument. Rs. 10,001 to Rs. 1 lakh – Rs.100 per instrument Above Rs. 1 lakh - Rs.200 per instrument|
|Issue of DD drawn on ICICI Bank by cheque/transfer||Free up to Rs.25,000 per day. After Rs.25,000, Rs.3 will be charged per Rs.1,000 - subject to a minimum of Rs.75 and a maximum of Rs.15,000|
|Charges for multi city cheque payment||Free|
|NEFT charges||Free on Internet Banking For NEFT from branches - Inward - Free NEFT Outward - upto Rs.10,000 – Rs.2.50 per transaction Rs.10.001 to Rs.1 lakh – Rs.5 per transaction. Above Rs.1 lakh to Rs.2 lakh – Rs.15 per transaction Above Rs.2 lakhs - Rs.25 per transaction|
|Bank statements||Free monthly e-mail statement Free monthly statement to be collected from branch|
|Transactions at ICICI Bank ATMs||First 5 transactions (inclusive of financial and non financial) in a month - Free After the first 5 transactions for the month, Rs.20 per financial transaction and Rs.8.50 per non financial transaction will be charged|
|ATM Interchange (Non ICICI Bank ATMs)||First 3 transactions (financial and non-financial) in 6 metro cities - Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad) in a month - Free First 5 transactions (financial and non-financial) in all other locations in a month - Free Thereafter, Rs.20 per financial transaction and Rs.8.50 per non financial transaction will be charged|
|Cash Transactions at Base Branch if MAB is not maintained||NA|
|Reorder of Cheque book if minimum MAB is not maintained||NA|
ICICI Bank Salary Account (For Employees) FAQs
Is it possible to add nominees for this ICICI Bank Salary Account (For Employees)?
Yes, is is possible to make nominations for this salary account. Customers can also open a family account to manage the finances of the entire family. If you submit a letter of mandate stating the name of the nominee and so on, the nominee can then operate the account on your behalf.
Can you name some of the benefits of the net banking facility of the ICICI Bank Salary Account (For Employees)?
Through your ICICI Bank Salary Account (For Employees) net banking facility, you can carry out fund transfers, check your bank statements to keep a track of the money in and out of your account, make a balance enquiry, request for a transfer, make investments, claim GST and so on.
Can I open this account abroad? If not, where all can I open this account?
No, you cannot open the account abroad. You can either call the ICICI Bank customer care or email them to open this account. Instead, the whole process can also be done online or you can visit any ICICI Bank branch to open such an account.
I can open a reimbursement account when opening this account. What are the benefits?
The reimbursement account is linked to your debit card that is granted when opening the salary account. As soon as your employer makes a reimbursement, you will receive the money in your reimbursement account and you can make transactions or withdrawals using the debit card granted to you in the welcome kit.
How can I transfer this salary account from one ICICI Bank branch to another? Firstly, is it possible?
Yes, it is possible. You can either do it online via your net banking account, or by calling the customer care or by visiting your present ICICI Bank branch with your KYC documents. If you are carrying out the procedure online, follow the steps mentioned below:
- Login to your ICICI Bank net banking profile using your username or password.
- Click on “My accounts”.
- Click on “Bank accounts”.
- Now, click on “service requests”.
- Next, click on “transfer requests”.
- Enter the branch you wish your account to be transferred to.
- Your account will be transferred within 2 bank working days.
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