Opening a savings account helps with financial discipline and earning interest on savings. By being mindful of the bank’s charges and following guidelines, you can avoid unnecessary fees and make your banking experience beneficial. In this article, we will be explaining various ICICI Bank charges to get you prevented from unnecessary penalties.
A multinational banking and financial service company in India, ICICI Bank is one of the largest private sector banks and has a global presence. It offers a wide range of financial and non-financial services and products and caters to both retail, corporate, and business sectors.
Banks offer various services and products to their customers to make their financial management simple and convenient. The bank imposes fees and costs for the services provided which are termed bank charges. The charges include account maintenance, issuing of debit/credit cards, allowing cash transactions, funds transfer through various channels, etc.
Being aware of the Bank charges that vary with the institution you choose to deal with, will help you in the long run to make your finance dealings profitable.
The different types of ICICI Bank Charges are given below.
Overdraft facility charges
If you have availed overdraft facilities from the bank, you will have to bear charges like interest on the amount utilised, folio charges, statement charges, etc
Cash Deposit Charges
ICICI Bank has a stipulation for the number of times you can deposit cash into your account. The bank will not apply charges for cash deposits within the number of free transactions allowed. ICICI Bank cash deposit charges will be applied when you cross the free limit. The free transaction numbers will vary with the type of account you are holding with the bank.
Funds Transfer Charges
ICICI Bank provides NEFT/RTGS/IMPS services for transferring funds from your account. The bank provides this for free if you opt to carry out the transactions through digital channels. If you approach the bank for these services, you will have to pay a fee depending on the amount of transaction.
Safe Deposit Locker
ICICI Bank provides value-added services like locker facilities for the safe custody of important documents and expensive articles. Annual charges in the form of locker rent will be collected annually. Also, the bank will allow a certain number of free locker operations in a month and beyond the limit it will be for a fee.
Duplicate Statement Charges
If you place a request for duplicate account statements for a specific period, the bank will levy charges for providing these statements which depends on the number of transactions.
Cardless cash withdrawal charges
ICICI bank provides cardless cash withdrawal facilities for which you will incur a fee.
Here are some tips for you to avoid some common ICICI Bank Charges.
- Be aware of the minimum balance for your account and never allow the balance to fall below. This will avoid penalties on your account.
- Go for e-statements instead of physical statements.
- Use ICICI Bank ATMs as far as possible to get the advantage of unlimited free ATM transactions.
- Limit our expenses to the extent of the available balance in your account and steer clear of overdraft charges,
- Plan your finances and avoid instances of cheque, NACH, and ECS returns.
- Monitor your account closely and detect unauthorised transactions in your account and get it rectified before it is too late.
- Opt for cashless transactions like mobile wallets, UPI and avoid currency conversion charges.
- Consider bundling services or maintaining higher-tier accounts that offer fee waivers or discounted charges.
ICICI Bank has stipulated charges for opening Savings Account with the Bank. These ICICI Bank Charges depend on the type of account chosen. Here is a list of ICICI Bank Savings Accounts and the charges for opening the accounts.
|Type of Account||Minimum Monthly Average Balance|
|ICICI Bank Regular Savings Account||Urban/Metro areas: Rs. 10000 (Average Monthly Balance) Semi-Urban Areas: Rs. 5000 (AMB) Rural Areas: Rs. 2000 (AMB) Gramin Areas: Rs. 1000 (AMB)|
|ICICI Bank Silver Savings Account||Nil|
|ICICI Bank Young Stars and Smart Stars Saving Accounts||Rs. 2500 (Minimum Average Balance)|
|ICICI Bank BSBDA Account||Zero|
|ICICI Bank Defence Salary Account||Zero|
|ICICI Bank @Campus Savings Account||Zero|
|ICICI Bank Edge||Zero|
|ICICI Bank Titanium Privilege Family Account||Rs. 2.00 lacs (MAB)|
|ICICI Bank Gold Privilege Family Account||Rs. 1.00 lac (MAB)|
|Magnum Privilege Family Account||Rs. 1.00 lac )MAB)|
ICICI Bank allows 5 free transactions at other Bank ATMs. You can use the ICICI ATMs any number of times without incurring any transaction fee. The ICICI Bank ATM Withdrawal Charges for transactions beyond the limit are given below:
|Cash Withdrawals (Financial Transactions) beyond the limit||Rs. 20 + GST for each instance|
|Balance Enquiry (Non-Financial Transaction) beyond the limit||Rs.8.50 + GST for each instance|
There are various ICICI Bank Current Account Charges associated with the opening and maintenance of current accounts. The standard charges vary with the type of current account opened. Given below is the list of some of the common Standard Charges for Current Accounts.
|Type of Charge||Amount|
|Non-maintenance of minimum balance||Rs. 1000 per month|
|Cash Deposit Charges above the free limit||The charges are collected for deposits beyond the free limit and denomination-wise Denomination of 500 and above: Re. 1/- per 1000 Denomination 200/100: Rs. 3 per 1000 Denomination Rs. 50 and below: Rs. 25 per 1000|
|Branch access charge for depositing cash||Rs. 150 per transaction|
|Branch access charge for other than cash transaction||Rs. 25 per transaction|
|DD/PO issuance above the free limit||Rs. 2 per 1000|
|Cheque book beyond the free limit||Rs. 2 per leaf|
|Cash Withdrawal at non-base branches beyond the free limit||Rs. 2 per 1000|
|Cash withdrawal at the base branch||NA|
|Mobile Alert||Rs. 25 per month|
|Cheque return (Outward)||Rs. 100 per instrument|
|Cheque return (Inward) including funds transfer-cheque issued by a customer||Rs. 750 per instrument|
|Account closure charges||For accounts closed after 14 days before 6 months: Rs. 1000 For accounts closed after 6 months: Rs. 500|
|Physical Account Statement charge||Rs. 25/- per month|
|Stop Payment, Standing Instructions, and DD cancellation||Rs. 100 per instance|
|Variant change to lower product||Rs. 150 per instance|
Besides the charges mentioned above, there are several other charges like Bank Guarantee Issue Charges, LC issue charges, Forex charges, Import-related charges, Export-related charges, Trade-related charges, etc.
ICICI Bank customers can avail the ICICI NEFT outward facility free of cost if initiated through digital channels. For NEFT outward transactions routed through the ICICI Bank branches the charges are as given below:
|Up to Rs. 10000||Rs. 2.25 + GST|
|Above Rs. 10000 up to Rs. 1.00 lac||Rs. 4.75+ GST|
|Above Rs. 1,00 lac up to Rs. 2.00 lacs||Rs. 14.75 + GST|
|Above Rs. 2.00 lacs||Rs. 24.75 + GST|
The Bank does not collect any charges for NEFT inward transactions
RTGS outward transactions routed through ICICI Bank online channels do not have any service charges. RTGS outward transactions initiated through ICICI Bank branches, the list of ICICI Bank RTGS charges are as given below:
|Rs. 2.00 lacs to Rs. 5.00 lacs||Rs. 25 + GST|
|Above Rs. 5.00 lacs||Rs. 50 + GST|
No charges are collected by the Bank for RTGS Inward transactions
|Up to Rs. 1.00 lac||Rs. 5 + GST|
|Rs. 1.00 to Rs. 5.00 lacs||Rs. 15 + GST|
ICICI Bank Charges : FAQs
The view and download statement option on the website is free. The bank provides free quarterly statements and free monthly email statements on request. A passbook facility is also provided at the branches without any cost.
ICICI Bank collects charges for cancellation or revalidation of instruments with a value above Rs. 200. The charges will be Rs. 100/- per instrument.
ICICI Bank does not collect any fee for certifying ECS mandates for its customers.
ICICI Bank does not collect any charges for cheque collection.
The bank does not collect account closure charges for accounts closed within 30 days from the account opening date and for closure after 1 year from the date of account opening. For accounts closed between 31 days to within 1 year from the date of account opening, the bank charges Rs. 500/-.