Cited as the leading private bank in India, ICICI is an expert in customizing and re-customizing financial products and services so that every customer of their feel at home when banking with ICICI.
When visit the ICICI bank official website and search for various savings account choices, you are bound to stumble across a regular savings accounts as well as a distinct salary account. Salary account is like a customized savings account that helps your employer connect to for remunerating you every month. To pique the interest of potential customers in various arenas, ICICI has a range of such accounts. A salary bank account mainly aids your company to distribute the monthly salaries without difficulty. Yet it is as advantageous to the account holder as it is for your boss. ICICI Bank Salary Account is a merit-rich payroll account for best suited for both the parties alike. As a firm or enterprises, you shall go for ICICI’s Salary Accounts to facilitate quick and easy pay outs along with enjoying a slew of umpteen perks such as immediate credit of salaries, offers on utility bills, net banking, mobile/ phone banking among others.
Eligibility Criteria for ICICI Bank Salary Account
- Any company or organization with the staff strength of at least 20 employees.
- The firm should disburse a minimum of INR 36 lacs annually.
- The average payment per month for each account is at least INR 15,000.
ICICI Salary Account Interest Rates
|ICICI Bank Salary Savings Account||Interest Rate||Minimum Balance Requirement|
|Domestic||Normal||Retirees (Above age 60)|
|With cheque book availability||4 percent||4 percent||INR 10,000 in metro cities and urban regions; INR 5000 in semi urban areas & INR 2000 in rural areas|
|No Frills Account or Basic Savings Bank Account||4 percent||4 percent||Nil|
|NRIs||Normal||Retirees (Above age 60)|
|NRO / NRE||4 percent||4 percent||INR 15,000 in metro cities urban and semi urban regions; INR 5000 in rural areas|
Benefits to Employers with ICICI Bank Salary Account
I. Quick & Easy Distribution: As an organization, you may choose ICICI Salary Account to make monthly distribution of salaries a quick and hassle-free feat with minimal paperwork.
II. Zero Balance Accounts: No employee likes having an account that warrants a specific minimum balance. They tend to feel cheated, especially those who lead a pay cheque to pay cheque life.
III. World Wide Network: As country’s top private bank, ICICI boasts of a stupendous ATM and branch network of more than 3400 regional branches and over 11,000 ATMs, making it one of the most easily accessible lender.
IV. Less Paperwork: Earlier, the last week of the month in most organizations is usually spent in sorting out the paperwork for salary distribution. Now all of it is done in a matter of a few clicks and even fewer seconds. All the records too are auto-organized.
V. Save time, effort and money: The company can cash in on the time saved by focusing on more productive feats not to mention perks like free remittance of up to INR 25,000 on the same network.
VI. Special Offers: Frequent offers on credit cards and loans, bank anywhere anytime for free, privileges of 8-8 banking and free investment recommendations.
VII. National Pension Scheme (NPS): ICICI Bank is also recorded with PFRDA to deliver NPS (National Pension Scheme) services to their esteemed corporate clients. The organization is entitled to tax benefits for the sum given towards pension of employees as per the section 2 in 80-CCD.
VIII. Employee Reimbursement Account: Reimbursement account can be started concurrently along with the salary account. The company can opt to disburse expenses for travel, food etc. through reimbursement accounts.
Special Offers for Defense with ICICI Bank Salary Account
ICICI believes that people served/ serving in the Defense deserve special privileges in banking to show their respect to the brave soldiers. Hence the special Defense Banking Services for armed forces. It is quite a simple process. After opening an ICICI Bank Salary Account, you need to send ICICI Bank an advice (in form of a cheque or debit order, ECS, etc.) for the overall salary amount and the complete remuneration details of the all the staffs in a soft as well as hard copy form. Upon receiving, the bank will credit the corresponding employees' accounts as per the statement of advice.
Advantages to Employees with ICICI Bank Salary Account
Apart from the employees getting a free savings cum salary account without any hassle, there are a host of perks attached to it.
I. Zero Balance Salary Account: Employees needn’t retain any specific balance in the account.
II. Welcome Kit: Employees get free debit card and cheque books upon request. The debit card you get can be used globally. You don’t have to pay any yearly fees for the card. ICICI offers a greater money withdrawal limit daily. You can request for an increase or reduction as per your needs.
III. My Savings Reward: they can earn reward points every time they make a card payment to pay utility bills, shopping transaction, internet and mobile banking transaction, EMIs and more. These points can be exchanged for exciting gifts or can be used for yet more shopping.
IV. Zero Accountability for Lost Card: In case you lose your debit card, report the loss immediately to the bank and fear no liability. ICICI offers lost debit card liability up to INR 2 lacs.
V. International Shopping: You can use your ICICI debit card for online shopping on international websites too.
VI. N-Cash Debit Card: Receive a Global N-Cash Debit Card to access any ATM and point-of-sales in the world.
VII. Money Multiplier: As a user of ICICI Salary Debit Card, you can make more money by shifting your idle resources into high-interest-yielding Savings Account by putting together the liquidity of a Savings Account with what you make on your FD.
VIII. Net Banking: Do a host of online transactions with our free best in class internet banking service with the most comprehensive suite of products and services in the industry. All you need to do is log in with the user id and password provided to you in a sealed pack by the bank and enjoy the quick banking experience ICICI provides like no other.
IX. Online Money Transfer: The process of withdrawing cash, converting it into a cheque/ DD and then deposit it seem such a long ago banking method. Here, you can transfer money from anywhere.
X. Mobile Banking: Transfer money, pay off utility bills, purchase film tickets and more anytime, anywhere and while on the move with your smart phone. ICICI’s iMobile App is you ticket to do just that.
XI. Public Provident Fund (PPF): As the only private lender to provide salary account holders with a PPF account, a secure and reliable retirement investment that gives attractive returns with additional tax benefits as specified in the section 80 C of the Indian Income Tax.
XII. National Pension Scheme (NPS): As ICICI is registered with PFRDA to enable NPS (National Pension Scheme) services to users, the employee is entitled to tax benefits for the amount contributed towards pension under section 80CCD(1) with overall limit of 1 Lakh.
XIII. Pension Account: As ICICI Bank is a distributing agency for Civil Central Government, Defense and EPFO pensions, the employee can enjoy the perk of availing Zero Balance Pension Account for getting regular pension in your golden years.
Defense and Civil Central Government retirees can make Digital Life Certificate by enlisting themselves on the website of Jeevan Pramaan. They need to update their Aadhaar number in the bank account.
XIV. Easy Money Management: Expenses can be tracked easily with regular statements (daily, weekly or monthly). Other family members can be given supplementary cards for their usage. You can also keep up to date with cash transactions by checking with the bank’s customer care service centres.
XV. Avail Loans Quick & Easy: Personal Loans: Salary Account clients can take personal loans at minimal interest rate. Home loans and vehicle loans too are offered at enticing interest rates, where the bank official will come to your house to explain the proceedings and take it forward. Loans are authorized almost instantly with easy and minimal paperwork. Auto loans are especially endowed with a flexible financing choice. Apart from the aforementioned, you can avail Loans Against Securities such as mutual funds, property deeds etc.
XVI. Investment Services: You can transact in shares promptly and securely via Demat. Investing in Government bonds, mutual funds, overseas exchange and insurance schemes too is made easy and lucrative.
E-Mail Statement Subscription from the bank:
I. Account statement per month: You will get the account statement in the initial week, which is totally free. You can log in to your internet banking account and click on subscribe in the banking section. To get physical account statements, you have to be a TASC, GPC, Titanium Privilege, Wealth or Current Account Holder.
II. Hard copy of quarterly account statements: ICICI Bank will be sending you with complete account statements in the physical form every three months. This will be free as well.
You may also get in touch with the ICICI Customer Care number and notify them of your requirement.
|SL. No.||How often can the customer get his/ her Account Statement||Mode of receipt||Fee|
|1||Statement per month||Free|
|2||Statement per quarter||Physical||Free|