ICICI Bank is one of the largest private sector banks in India, offering a wide range of financial products and services to its customers. It has a diverse range of savings accounts to choose from and also provides great features and products such as Internet and Mobile banking, Investment options, Insurance, credit cards and much more.
In this blog post, we shall take a closer look at ICICI Savings account interest rates, Minimum balance in ICICI saving accounts, its features, benefits and eligibility criteria for opening a savings account in ICICI Bank which in turn will guide you to better understand and make a firm decision regarding opening a savings account in ICICI bank.
First of all, let’s take a look at ICICI savings account interest rate.
ICICI Savings Account Interest Rate, 2023
The below mentioned are the interest rates offered by ICICI on its savings accounts
|Deposit Slabs||Applicable Rate of Interest w.e.f. 4th June 2020|
|Less than Rs 50 lakhs||3.00%|
|Rs 50 lakhs and above||3.50%|
(Disclaimer: Interest rates are subject to changes. Please check the official bank website for the most recent data.)
Types of ICICI Savings Accounts
ICICI Bank Insta Savings Account
- Can be opened online through video KYC
- Minimum monthly average balance requirements: Rs 10,000(Metro/urban), Rs 5000 (Semi-Urban locations), Rs 2000 (Rural locations), Rs 1000 (Gramin Locations)
- Comes with a Smart Shopper Silver Debit Card
- Provides up to 5 free ATM withdrawals per month at any bank’s ATM facility
- Eligibility – Indian citizen above 18 years of age
ICICI Bank Seniors Club Savings Account
- Minimum monthly average balance varies according to account types ranging from Rs 4500 to Rs 1.25 lakh
- Higher interest rates apply when account balance exceeds Rs 75,000
- Accident insurance cover up to Rs 50,000
- Eligibility: Resident individuals (sole/joint account), foreign nationals and Hindu-undivided Families(HUFs) above 60 years of age
Note: These privileges fall under various plans (Silver, Gold, Gold-plus, Titanium)
ICICI Bank Young Stars Savings Account
- Minimum monthly balance requirements: Rs2500
- Comes with a Daily Debit Card spend limit of Rs 2500 and Withdrawal limit of Rs 5000
- Provides Free personalised chequebook
- Eligibility: For Young Stars Account: Should be below 18 years of age, Smart Star Account: Children between the age of 10 &18
ICICI Bank Smart Star Savings Account
- Comes with a personalized titanium debit card with withdrawal limit of Rs 5,000
- Has two variants: Smart Star Savings Account with Guardian Consent– Per financial year the debit transaction limit is set at Rs 2 lakh Smart Star Savings Account without Guardian Consent- Per financial year the debit transaction limit is set at Rs 50,000
- Eligibility: Minors above 10 years of age
ICICI Bank Retire Happy Savings Account
- Provides a lot of lifestyle benefits: Travel, dining, medical, events, fitness and much more
- Comes with Health Benefits: Health Insurance, air accident insurance and online medical consultations, allowance on hospitalisation up to 30,000
- Locker Facilities are available at 45% discount on annual rentals
- No minimum monthly balance requirement if there is a monthly pension credit of 25,000 within 8 months of account opening or minimum 10 lakhs investment across senior citizen savings scheme (Gold membership and double for Titanium membership)
- Eligibility: Indian resident 55 years and above, can be availed by pensioners and authorise for disbursement of pension and people who have opted for voluntary retirement and age 50 years or more
ICICI Bank Family Savings Account
- Single account for the whole family
- Minimum balance can be maintained in any one or more of the accounts and every member doesn’t need maintain a minimum balance requirement (same as savings account, FD or recurring deposits)
- Eligibility: Can be new or existing ICICI Bank Account Holders except for ‘No frills’ and ‘HUF’ account holders and a minimum 2 members and maximum 6 members can be a part of Family savings plan
ICICI Regular Savings Account
- Comes with silver debit card and with an option to win reward points
- Nominee facility is also available
- Minimum account balance: Rs10,000(Metro and urban), 5,000(semi-urban)
- Eligibility: Indian citizen above 18 years
ICICI Silver Savings Account
- Minimum average balance requirement: Rs 25,000
- Comes with a titanium debit card with irresistible offers
- You can avail unlimited ATM withdrawals ant any ICICI Bank ATM
- Provides free SMS alerts, email statements, passbook and much more
- Eligibility: Resident individuals (sole or joint account), Foreign nationals, and Hindu undivided(HUFs) above 18 years of age, Minors below 18 years,Senior citizens above 60 years
ICICI Basic Savings Bank Accounts (BSBDA)
- Minimum balance requirements: No minimum balance is required
- Minimum Initial deposit is not required
- Free Rupay Debit card and passbook facilities are provided
- Eligibility: Indian citizen above 18 years of age and you should not hold any other savings account/BSBDA with ICICI Bank prior to opening this account
ICICI Bank Easy Receive Savings Account
- Minimum balance requirements: None- If at least one inward balance is received in the last 3 months
-Rs 10,000 if no inward remittance in the past 3 months
-Rs 5,000(semi-urban and rural areas)
- Has Rs50,000 cash withdrawal limit per day
- Provides other facilities such a nominee and money multiplier facility
ICICI Bank Defence Salary Account
- Specialised for defence personnel
- Personal accident death covers of Rs 50 lakhs with 10 lakhs additional incase of casualty in terrorist action.
- Free and Unlimited usage of ICICI bank and other bank ATMS
- Provides 4 Zero balance accounts for family
- Eligibility: Indian citizen above 18 years, should be a defence personnel
Features of ICICI Savings Accounts
Let’s take a look at the various features of an ICICI Bank Savings Account:
- ICICI Bank offers various types of savings accounts to choose from that include Regular Savings accounts, Basic Savings Account, Women’s Savings Accounts, senior Citizen Savings account and more.
- It’s MAB (monthly average balance) or minimum balance requirements vary according to the different types of savings accounts.
- Provides absolutely free and unlimited access to mobile banking, internet banking, and phone banking services.
- Comes with Free Debit card attached with various benefits such as earning reward points, contactless payment and much more on certain account types.
- Provides multiple sources to deposit as well as withdraw money including multiple branches, ATMS and cash deposit machines.
- Free services such as SMS alerts for transactions and balance updates and also emails for maintenance and such.
- Facilities to set standing instructions for bills, recurring payments, EMIs and many more.
- Comes with easy funds transfer facilities within ICICI Bank and also to other bank accounts through NEFT, RTGS and IMPS.
- Online Account opening through e-KYC, video KYC and provides reliable customer service executives for a hassle-free experience
Note: The features and other details may vary based on the specific savings account variant chosen by the customer
How to open ICICI Bank Savings Account?
The ICICI Bank offers various kinds of savings accounts that cater to diverse individuals’ requirements.
STEP 1: Visit your nearest ICICI Bank branch
STEP 2: Ask for an application for opening a savings account and fill it up with all the necessary details
STEP 3: Choose the kind of savings account that fits your need
STEP 4: Carry your identity proof and address proof documents (Aadhar cards, PAN card, voter ID card, Passport size photograph, utility bills etc.)
STEP 7: Submit the application form and depending on the minimum balance requirement, an initial deposit is to be made depending on the account type.
STEP 8: After the documents are verified successfully you will receive your account information and details.
STEP 9: Once the activation of your account is complete, you can start using it for transactions, withdrawals and much more.
How to Open ICICI Bank Savings Account Online (iMobile app)?
To open an ICICI account online, follow these steps:
STEP 1: Download the iMobile ICIC Bank mobile app from the Google Play Store or the App Store.
STEP 2: Click on the “Create Savings Account” option and then select the type of savings account you want to open.
STEP 3: Type in your mobile number and validate it by using the OTP sent to your phone.
STEP 4: Select the ‘video KYC’ option and schedule your appointment with a bank representative.
STEP 5: The bank representative will then get in touch with you at the scheduled time and initiate a video call with you to guide you through the whole process.
STEP 6: Get your Aadhaar Card, PAN Details verified by showing it to the representative via the video call.
STEP 7: Create your debit card PIN and MPIN.
STEP 8: Thoroughly review the application provided by you so as to ensure compliance and then proceed to submit the application.
Note: The initial deposit amount specified by the bank must be deposited by you into the bank account after its creation through various available methods like net-banking or UPI.
Once activated, you will receive an update on your registered mobile number
Note that the ICICI mobile app account is available to new customers who have not held a savings account with ICICI Bank before and is subject to eligibility criteria and other terms and conditions
What are the documents required to open a ICICI Bank Savings Account?
- Any Government-issued identification such as Aadhaar card, Passport, Voter ID card, Driving license, PAN card can serve as a proof of identity.
- Aadhaar card, Passport, Driving license, Voter ID card, Utility bills such as electricity bill, gas bill, telephone bill and bank statement or passbook can serve as a proof of address.
- A passport-sized photograph (Preferably in colour).
- PAN card or Form 60/61 in case of absence of a PAN card.
Customers must take a note of the fact that different additional documents may be required for specific types of accounts.
Eligibility Criteria for Opening ICICI Bank Savings Account
The below stated constitutes as the eligibility criteria for opening an ICICI Bank Savings Account
• ICICI Bank allows qualified NRIs, HUFs, and resident Indians to open savings accounts.
• The account holders must be of 18 years of age, meaning they must have attained majority.
• Individuals who have not attained the age of 18 or are legally minors, enjoy the option of opening an account with their parents or legal guardians.
• Enterprises, corporations, businesses, partnerships, estates, sole proprietorships and other body corporate also have an option to open accounts with ICICI Bank.
• The individual wishing to open the account must fulfill the criteria’s set by Reserve Bank of India and must provide the requisite address proof.
• In particular saving account types, a minimum account balance is fixed, in these type of accounts, the holder must be fit to maintain the set minimum balance.
NOTE: There are different specialized requirements for certain kinds of savings account. It is advisable to check the details before applying.
Benefits of Opening a ICICI Bank Savings Account
- High Interest Rates: ICICI bank Provides its customers with attractive interest rates which are higher than many banks in India
- Wide variety of savings accounts: ICICI bank provides its clients with various types of savings accounts to choose from such as women’s savings accounts, senior citizen savings accounts, family savings accounts and much more. Each one of them comes with its unique features and benefits
- Accessible: With its vast network of branches and ATMS, ICICI provides immaculate service to its customers making their financial decisions fast, secure, and hassle-free.
- Personalized services: ICICI Bank comes with free internet banking, mobile banking and other services such as 24X7 customer support, SMS alerts, email notifications making transactions and updates very reliable
- Additional Benefits: Provides its saving account holders with additional benefits such as accident insurance cover, personalised cheque books, reward points on debit cards, cash back offers and much more
ICICI Bank Savings Account vs. Current account -Differences
ICICI provides both savings and current type accounts to its clients, so here are some key differences which will give you a clear idea and help you make an informed choice.
- Purpose: The major reason for opening a savings account is to save money and earn periodic interest on the deposited amounts, while current accounts are made for people who have a higher frequency of transactions such as businesses.
- Minimum average balance criteria: As savings accounts are made for the common man and employed individuals its minimum balance requirements are less as compared to the current accounts (though they do vary for different account types) as they usually have larger transactions
- Interest Rates: While savings accounts offer interest on the sitting amount, current accounts usually don’t offer interest on the maintained balance
- Withdrawals limits: As current accounts are primarily used for frequent transactions they do not have withdrawal limits on them while savings accounts come with limited free transactions with added charges after crossing the limit.
To conclude, it is wise to note that the reasons of using a savings account and a current account are quite different from each other. Customers use the accounts for various purposes and for their unique features. It is advisable to customers to check which type of account fulfils their requirements and select the type of account based on those parameters.
Tabular comparison of ICICI Bank Savings Account and Current Account
|INTEREST RATE||Usually Higher||Usually Lower|
|MINIMUM BALANCE||Required (in some)||Required (in some)|
|OVERDRAFT||Limited||Can be availed with interest|
|TRANSACTION FEES||Usually low||Usually high|
|CHEQUE BOOK ISSUANCE||Complementary||Chargeable|
|CASH DEPOSIT/ WITHDRAWAL||Complementary||Usually complementary for specific amounts|
Modes of Transferring Fund from ICICI Bank Savings Account
- NEFT/RTGS/IMPS: NEFT (National Electronic Funds Transfer) is one of the most used methods to transfer funds online, it requires one to provide the beneficiary’s bank account details. RTGS (Real Time Gross Settlement) is another form of electronic funds transfer that facilitates the transfer of large amounts of money to any other banks. (Min. 2 lakhs, no max limit) IMPS (Immediate Payment Service) is used to instantly transfer funds which is available 24X7 and uses beneficiary’s mobile number and MMID or account no. and IFSC code (limit 2 lakh /day)
- UPI (Unified Payments Interface): It’s the most popular way of funds transfer that allows the client to transfer their funds instantly using their UPI ID.
- ICICI Bank ATM: ICICI Bank account holders can insert their debit card in their nearest ATM and select “Fund Transfer” from the screen menu and follow further instructions to complete their transfer
- Cheque: Cheque leaves can also be used and written in favor of beneficiaries to deposit money in their account.
Be aware that some of these methods could include fees like NEFT Charges, RTGS Charges and so on, and the fees might change based on the amount of the transfer and the chosen method. Before beginning a fund transfer, it is essential to inquire with the bank about any relevant fees.
Steps to Transfer Fund from ICICI Bank Savings Account
The following steps can be followed for online transactions from your ICICI Bank Savings Account
STEP 1: Login to your ICICI Bank internet banking account using your login ID and password.
STEP 2: Select the “pay” tab and then select the “Money Transfer” option, post which you will be required to select your preferred method to transfer your funds (i.e. NEFT, IMPS etc).
STEP 3: Choose the account you want to transfer from and enter the beneficiary’s account details (if you wish to transfer to a new beneficiary, you will need to add their details first).
STEP 4: Enter the amount you wish to transfer.
STEP 5: Confirm that all the details before completion of transfer.
STEP 6: Authenticate the transfer by entering the OTP (one-time password).
STEP 7: On completion of the transaction you will receive a confirmation alert on your registered phone number.
ICICI Bank Savings Account Customer Care
1. ICICI BANK CALL: 1800 1080 (Toll free)
2. ICICI Bank Backup customer care number: 1860 120 7777
3. ICICI BANK Email: firstname.lastname@example.org
4. Visit the help desk at any ICICI branch
5. Customers can also avail the ICICI BANK Live Chat option by going to the bottom of the page and selecting “Customer Conversation Platform” where they will then find the “ICICI Bank STACK” which will help you find your account
To get a quicker response to your question or complaint, please have your account number and other pertinent information on hand when calling the ICICI Bank Customer Service.
Frequently Asked Questions
Yes, Basic savings bank account can be opened as a joint account
Yes, ICICI Bank provides the option to open a zero balance account online which is a hassle-free process
Yes, you can nominate an individual if they fulfil the nomination eligibility criteria
ICICI Bank provides a wide variety of savings accounts according to the consumer needs such as Insta savings account, Women’s Aura savings account, Regular savings account and much more
Yes, an ICICI savings bank account can be opened online using their website and iMobile mobile application by ICICI.