For organisations/employers around the country, the ICICI Bank Salary Account comes with numerous benefits such as instant credit of salaries, free internet and phone banking facilities to carry out payrolls, offers on bill payments and so on. To be eligible to open this account, the employer of the organisation should have a minimum of 20 employees with an average monthly payroll of Rs.15,000 and an annual payout to the employees of Rs.36 lakh.
Features and Benefit of ICICI Bank Salary Account (For Employers)
- The ICICI Bank Salary Account comes with the benefit of zero-balance for its employees. With this salary account, there are no minimum balance requirements.
- Customers - employers as well as employees - can make free withdrawals at more than 11,000 ICICI Bank ATMs and can carry out banking procedures at more than 3,400 branches spread across the country.
- This salary account benefits employers as it reduces paperwork pertaining to maintenance of payrolls or salaries of individuals.
- Employers can make free remittances via cheque, Demand Draft, cash upto Rs.25,000 per day.
- This salary account comes with the perks of attractive loans and credit cards on offer.
- Employers can carry out banking transactions anywhere in the world.
- For employers interested in making investments, ICICI Bank has an investment advisory team that will come to their aid.
- When the employer has to pay his/her employees, all that they have to do is to send ICICI Bank an advice - either by cheque, debit card/credit card, ECS - with the total salary of the whole organisation as well as the salary details of each employee. ICICI Bank will then credit the salaries of the employees on the specified date.
- Through this account, salaried customers can link their EPF (Employees Provident Fund) and NPS (National Pension Scheme) accounts and claim tax benefits directly.
- Along with the salary account, employers can also set up a reimbursement account simultaneously to reimburse employees for travel, food, etc.
Eligibility for ICICI Bank Salary Account (For Employers)
To be eligible for this salary account, the organisation has to have a minimum of 20 employees and an average monthly payroll of Rs.15,000. In addition, the annual payout should amount to a minimum of Rs.36 lakh.
ICICI Bank Salary Account (For Employers) 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 lac – Rs.100 per instrument Above Rs.1 lac - 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 lac – Rs. 100 per instrument Above Rs. 1 lac - 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 lakhs – 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 Employers) FAQs
1. Is it possible to transfer this salary account from one ICICI Bank branch to another?
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.
2. Can I add nominees for the ICICI Bank Salary Account (For Employers)?
Yes, you can add nominees for this as well. 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.
3. You say that the net banking facility that comes with this account comes with certain benefits, can you name them?
Through your ICICI Bank Salary Account (For Employers) 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.
4. Where can I open this account?
You can either call the ICICI Bank customer care or email them to open this account. The whole process can also be done online or you can visit any ICICI Bank branch to open such an account - as per your wish.
5. In case of the reimbursement account, how will I receive the reimbursements from my employee?
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.