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  • ICICI Bank Savings Account

    ICICI Bank Savings Account

    If you want to keep your money liquid even as it earns interest, then a savings bank account is the best option. Savings account can be created with minimal cash by people who earn a regular fixed income. Not only does it encourage saving habit, but a savings account will also help you keep track of all online transactions and allows immediate access to money through an ATM.

    ICICI Bank Savings Account Interest Rates & Minimum Balance RequiredUpdated on 01 Feb 2017

    Savings Account Interest Rate Minimum Balance Required Debit Car Issued
    Titanium Privilege Savings Account 4.00% INR 1,25,000 Titanium Privilege Debit Card
    Gold Privilege Savings Account 4.00% INR 50,000 Gold Privilege Debit Card
    Silver Savings Account 4.00% INR 25,000 Personalized Pocket Debit Card
    Regular Savings Account 4.00% INR 10,000(in Metro) INR 5,000(in Semi Urban) INR 2,500(in Rural Areas) Smart Shopper Silver Debit card
    Pocket Savings Account 4.00% Not Required Customized Pocket Debit Card
    Young Stars Account 4.00% INR 2,500 Personalized Pocket Debit Card
    Advantage Women's Savings Account 4.00% INR 10,000 MasterCard World Debit Card
    Senior Citizens Savings Account 4.00% INR 5,000 Smart Shopper Silver Debit card
    Basic Savings Account 4.00% Not Required ICICI Bank Debit Card

    ICICI Bank savings account comes with countless unique features and personalized services. With extensive branch and ATM network, phone banking and internet services, ICICI savings account holders will have easy access to money anytime. Also, you can earn more than just interest with ICICI’s Reward Point scheme.

    How to open ICICI Bank Savings Account?

    Applying for a Savings Account at BankBazaar.com involves three simple steps :

    Step 1: In the first step, the user must fill the Savings Account eligibility form available online with required personal data. Once submitted the Savings Account tool automatically checks for eligibility of the applicant and personalized Savings Account options.

    Step 2: In the second step, the applicant can compare various Savings Account options offered by the tool interface and apply for the best suitable Savings Account.

    Step 3: The last step involves receiving an instant e-approval from BankBazaar.com after successful submission of Savings Account application online.

    The application is sent electronically to the selected bank. The Savings Account department of the concerned bank gets in touch with the applicant directly. Users can check the status of their application through SMS alters as well as emails.

    ICICI Savings Account Interest Rate

    ICICI Bank savings account holders earn a handsome interest of 4%. This 4% interest rate is applicable to both normal customers and senior citizens.

    Types of ICICI Savings Account

    ICICI also offers different types of savings account, customized as per individual needs and requirements. The types of ICICI Bank Savings account are mentioned below.

    This account will give privilege banking benefits for you and your family members. Also, features like discounts on annual locker rentals, free debit card, nomination facility and money multiplier facility will provide you an easy and unique banking experience.

    Exclusively designed to make saving money easier, this account is designed to offer a range of services in addition to the normal features of a savings account. Customers are entitled for a free gold privilege debit card and unlimited cash withdrawal transactions at any bank’s ATM.

    Account holders get added benefits like lower locker rental, DD/PO charges waiver, free “Anywhere Banking” facility and SMS alerts facility with this customer-centric savings account scheme from ICICI.

    Even a regular savings account, when opened with ICICI, comes with an array of privileges and benefits. Get access to money multiplier facility, smart shopper silver debit card and other VISA benefits by opening this regular savings account.

    Pockets is a unique “Digital Bank” and is a virtual place to store your money and use it whenever needed. Customer of any bank can create a Pockets account and instantly start using it to send and receive money from anyone.

    Any minor above the age of 10 can open and operate the Young Stars account all by themselves. Also, you can use this account to plan your child’s need. A special standing instruction facility to debit money from parents account to Young Stars account is also available.

    Loaded with special benefits and exciting offers, this card comes with features like zero balance facility, unlimited cash withdrawals and a debit card to manage household expenses.

    A special savings account designed for customers above 60 years of age, Senior Citizens account will help the elders carry out their banking transactions without any hassles.

    With this zero balance savings account with no charges on ICICI debit card, basic savings account are operated under Pradhan Mantri Jan Dhan Yojana (PMJDY). Account holders will also get a free passbook, free personalized RuPay Debit card and free cheque leaves.

    • Three-in-one Online Trading Account

    The three-in-one trading account is a unique platform provided by ICICI bank which integrates banking, trading, and demat accounts transactions of customers. Here are some of the key features of the three-in-one online trading account.

    Equity

    ICICI bank account holders can use a wide range of options to trade in equity funds with their three-in-one online account. They can buy or sell stocks on the Online Securities Platform using the traditional methods with 100% cash. Further, the Systematic Equity Plan (SEP) allows you to invest in a timely and orderly manner. This accounts to a stable average investment portfolio built over a period of time with small investments. Using SEP, you can invest in stocks, gold, and index exchange traded funds. Also with the Valid Till Canceled (VTC) feature, one can place an order with a preferred price level which gets affected only if the stock reaches the chosen amount. The order remains valid only for a period of 45 days.

    Mutual Funds

    With the three-in-one trading account facility, one can invest in more than 2,000 mutual fund schemes hosted on the secure and reliable online trading platform of ICICI. It facilitates a myriad of transaction activities such as lump sum investment, systematic investment, systematic transfers and withdrawals, target investment plan, redemptions, etc. Customers will also have access to the well-researched model portfolios and research views of over 200 mutual fund schemes. The platform also allows one to get the capital gains statement in just one click.

    Derivatives

    You will have a greater exposure to trade facilities which will positively impact your cash and derivative transactions. With the FuturePlus option intraday traders can occupy buy/sell positions in future contracts and settle the transactions before the market closes. You can optimize the trade index and stock contracts while at the same time limiting any of the shortcomings. Your account also allows you to pledge your shares and avail extra limits for trading in F & O.

    Initial Public Offerings (IPO)

    IPO represents a company’s initial offering of equities to public investors. The ICICI three-in-one platform allows hassle-free IPO transactions without involving paperwork. It also facilitates easy refund, in case your shares are not allotted in the ASBA facility.

    Savings Bank Account

    Your three-in-one account gives you access to more than 3,000 ICICI bank branches and 10,000 plus ATMs across India. It also provides free internet and mobile banking through which you can withdraw or deposit cash up to Rs.50,000. Additionally, the account is linked to other services in insurance, NPS and comes with tax saving options.

    • My Goals Personal Financing Tool

    My Goals is a savings tool designed by ICICI to assist customers in making their savings plans. It introduces a goal-based savings concept which is ideal for better management of your finances. Given below are some of the salient features of My Goals personal financing tool:

    • Aids you in setting your short-term and long-term financial goals
    • View and choose services that help you in achieving your targets
    • Notionally allocates your investments towards your goals to track under performances
    • Allows you to consolidate your finances and assess your net worth
    • Classifying and monitoring your expenses to record timely changes
    • Set budgets and receive email notifications

    Setting your financial goals

    My Goals is an intuitive tool which allows the user to set his financial goals with respect to life events such as home renovation, higher education, buying a vehicle, retirement, etc. It also allows one to select the amount and time-frame required for achieving these targets. By theoretically assigning your assets towards your future objectives, you can make real-time achievements. ICICI banks also offers solutions tailored to meet the individual requirements of the customers. During each login, customers will be able to view their progress and if required, they can take necessary actions to make improvements.

    View net worth across multiple accounts

    You can view the details of all your accounts including non-ICICI accounts and non-financial assets under one single platform. Get your net worth at any time and view consolidated details related to your savings accounts, demat accounts, credit cards, etc. My Goals tool also allows you to upload the account statements of other banks, thus providing you an interface to view all your accounts together.

    Manage your expenses

    My Goals platform allows you to categorize your expenses yourself and get a detailed view of your spending pattern. It has been one of the best tools in tracking and managing expenses. Furthermore, the My Goals tool comes free of cost and with a lot of exciting features.

    ICICI Savings Account Minimum Balance

    The minimum Monthly Average Balance (MAB) depends on the type of savings account and also the geographical area of the customer. Here is a table to help you with the minimum balance of ICICI savings account types.

    Type of Savings Account Urban and Metro Semi-Urban Rural
    Savings Account Rs.10,000 Rs.5,000 Rs.2,000
    Silver Savings Account Rs.25,000 Rs.25,000 Rs.25,000
    Freedom Savings Account RS.10,000 Rs.10,000 Rs.10,000
    Easy Receive Account Rs.10,000 Rs.5,000 Rs.5,000
    Basic Savings Bank Account Zero Zero Zero
    No Frills Account Zero Zero Zero
    Regular Salary Account Zero Zero Zero
    Salary Privilege Account Zero Zero Zero
    Retiral & Pension Salary Account Zero Zero Zero
    Defence Salary Account Zero Zero Zero
    Senior Citizens Account Rs.5,000 Rs.5,000 Rs.5,000
    Young Stars Rs.2,500 Rs.2,500 Rs.2,500
    Bank @ Campus Rs.500 Rs.500 Rs.500
    Privilege Banking for Non-Senior Citizens Rs.10,000 for blue Rs.50,000 for gold Rs.1,25,000 for titanium Rs.10,000 for blue Rs.50,000 for gold Rs.1,25,000 for titanium Rs.10,000 for blue Rs.50,000 for gold Rs.1,25,000 for titanium
    Privilege Banking for Senior Citizens Rs.10,000 for blue Rs.50,000 for gold Rs.1,25,000 for titanium Rs.10,000 for blue Rs.50,000 for gold Rs.1,25,000 for titanium Rs.10,000 for blue Rs.50,000 for gold Rs.1,25,000 for titanium
    Advantage Woman Savings Account Rs.10,000 Rs.10,000 Rs.10,000
    Self-help Groups Nil Nil Nil

    ICICI Bank Savings Account Fees and Charges

    Type of Account Debit Card Fees Charges for SMS Alert ATM Interchange cost
    Savings Account Rs.150 per annum Rs.15 per quarter Rs.20 for financial and Rs.8.50 for non-financial after the free transactions
    Silver Savings Account Rs.150 per annum and Rs.99 for Gramin Waived off for senior citizens Free Free
    Freedom Savings Account Rs.150 per annum and Rs.99 for Gramin locations Rs.15 per quarter Free
    Easy Receive Account Rs.150 per annum and Rs.99 for Gramin locations Rs.15 per quarter Nil
    Basic Savings Bank Account Free Rs.15 per quarter Rs.20 for financial and Rs.8.50 for non-financial after the free transactions
    No Frills Account Free Rs.15 per quarter Rs.20 for financial and Rs.8.50 for non-financial after the free transactions
    Regular Salary Account Free NA Rs.20 for financial and Rs.8.50 for non-financial after the free transactions
    Salary Privilege Account Free NA Rs.20 for financial and Rs.8.50 for non-financial after the free transactions
    Retiral & Pension Salary Account Free Free Free
    Defence Salary Account Free Free Free
    Senior Citizens Account Free Free Free
    Young Stars Free Rs.15 per quarter Rs.20 for financial and Rs.8.50 for non-financial after the free transactions
    Bank @ Campus Free Rs.15 per quarter Rs.20 for financial and Rs.8.50 for non-financial after the free transactions
    Privilege Banking for Non-Senior Citizens Rs.99 for Gramin locations and Rs.150 for others in blue category Free for gold and titanium customers Rs.15 per quarter for blue Free for titanium and gold customers Free
    Privilege Banking for Senior Citizens Nil Free Free
    Advantage Woman Savings Account Rs.150 per annum and Rs.99 for Gramin locations Nil Free
    Self-help Groups NA NA NA

    Apart from the above mentioned account, ICICI also offers other savings account which includes salary accounts also. Other types of personalized accounts include the following-

    • No Frills Account
    • Freedom Savings Account
    • Family Banking Account
    • Bank @ Campus
    • Professional Savings Account
    • Resident Foreign Currency Account
    • Easy Receive Savings Account

    Money2World

    Money2World is a remittance service launched by ICICI Bank to facilitate easy and convenient online money transfer. Using this facility Indian residents can transfer money to overseas bank accounts in a fast manner. As per ICICI Bank reports, Money2World is the first ever online portal in India for outside remittances. This facility can be availed even by non-account holders to transfer funds in 16 currencies to anywhere around the globe.

    How does Outward Remittance Work?

    Money transfer made internationally for purposes approved under the Foreign Exchange Management Act are referred to as outward remittance. For transfer of funds overseas, you can either use Money2World service or by visiting a Forex enabled ICICI branch.

    Fund Transfer Online

    To transfer funds online you can use the ICICI Bank internet banking facility. To access the service you first have to login to the internet banking portal of the bank. Now from the options listed under the ‘Fund Transfer’ tab select “An overseas account through Money2World” option.

    Salient Features of Money2World

    • The service is available for all Indian residents who maintain a savings account in any of the banks in India
    • All you have to do is to register online and then you can transfer money
    • Simple online procedures for registration
    • It will shield you against fluctuations by locking the exchange rate
    • No need to visit a bank branch to initiate the transfer
    • Allows customers to place request anywhere, at any time
    • It is offered in 16 different currencies
    • Money can be transferred from any bank in India to any bank abroad for proposes approved by Foreign Exchange Management Act
    • You can easily track your transfer request using the transaction reference number
    • The maximum amount that can be remitted using the facility is $25,000
    • To avail this service, you should complete your one time registration
    • The sender can add the receivers details and carry out fund transfer at a fixed rate

    Currencies in which Money can be Transferred

    Money2World allows you to transfer funds in the following currencies:

    • US dollar
    • Euro
    • British Sterling Pound
    • Singapore Dollar
    • Canadian Dollar
    • Norwegian Kroner
    • Swedish Kroner
    • Australian Dollar
    • New Zealand Dollar
    • Swiss Franc
    • Danish Kroner
    • Hong Kong Dollar
    • Japanese Yen
    • Saudi Arabian Riyal
    • Qatari Riyal
    • Arab Emirates Dirham (AED)

    How to Register for Money2World Service?

    To avail this service you should necessarily have a bank account in India. If you are an ICICI customer you don’t have to register for the Money2World service separately. You can simply login to your account and use the facility. But if you maintain savings accounts in banks other than ICICI Bank, then you will have to register through the Money2World web page. It’s a one-time registration process and can be done online. To register for this service, you need to enter your personal details such as address, PAN details, Aadhaar number, and your bank account information. Once you have filled in the details, you need to validate the same. After the account is validated, you can login with the credentials and add the beneficiaries for transfer of funds. Note that for fund transfers initiated before 3 pm, the exchange rates will remain locked till 7 pm, and for transactions after 3 pm, it will be locked till 9:30 am of the following day.

    ICICI Bank Savings Account FAQS

    Q) Can I apply for an ICICI Bank Savings Account online?

    Yes. You can apply for a savings account by providing your relevant details in the savings account opening form available on the Bank’s website.

    Q) Who is eligible for being added as a joint account holder of an ICICI Bank Savings Account?

    Any individual who is 18 years old and above is eligible to be a joint account applicant.

    Q) How many nominees can I have?

    Whether you have a single savings account or joint savings account, you can have only one nominee.

    Q) Can a minor be made a nominee in my ICICI Savings Account?

    Yes. A minor can be a nominee for a savings account. However, a guardian should be also named for him/her until he/she reaches majority.

    Q) What is the process of changing the nominee to my savings account?

    By making a declaration of the change in the required form, a savings account holder can change his/her nominee.

    Q) How can I access the funds in my ICICI Savings account?

    You can access the funds in your Savings Account through the following channels:

    • ICICI Bank branches
    • Net Banking
    • Phone Banking
    • ICICI Bank ATMs
    • Mobile Banking

    Q) How do I approach ICICI Bank to open a Savings Account?

    You can apply for an ICICI Bank savings account through any of the following channels:

    • Apply online for a savings bank account
    • Call on ICICI toll free number 1800 200 3045
    • You can also send an SMS to open your ICICI savings account. Just type TAB and send it to 5676766, or
    • Walk into any of the ICICI branches and apply for a savings account

    Q) At what frequency will the interest be paid to me?

    Interests accrued on your savings account balance shall be credited to the account in the months of June and December. Interest is paid at the rate of 4% per annum and this is calculated on based on the daily closing balance of your account. In case of the linked Money Multiplier Account, the interest accumulated on FDs will be paid on maturity or on withdrawal (for premature withdrawals).

    Q) Whom can I include as Joint Applicants?

    Except for a minor less than 18 years of age, you can include anyone as a joint applicant for your ICICI savings account.

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