ICICI Bank Launches MINE Account- A Banking Programme For Millennials

On 5th November 2020, ICICI Bank Financial Institution launched a special banking programme for millennial customers called ‘ICICI Bank MINE’. ICICI MINE is India’s first comprehensive banking platform for customers from the age of 18 years to 35 years.

Features of ICICI MINE Account

• Any person between the age of 18 to 35 years is eligible for digitally applying for an ICICI Mine account
• It is a zero balance ICICI savings account
• Free in-app budget analyzer to plan your budget according to your monthly spendings
• Complimentary Rs. 50,000 air accident and Rs. 50,000 purchase protection
• Special offers on favourite brands
• Cardless cash withdrawal services after KYC verification
• Customers can earn a higher interest rate by setting a balance limit beyond which the money in the savings account will be converted into a fixed deposit (on request)
• 24×7 access to banking products and services using iMobile app and internet banking
• Free email statements
• Total 5 free monthly ATM withdrawals at any bank’s ATM

What does ICICI MINE Account offer?

Here are some of the key things that ICICI Mine has to offer:

• Instant Savings Account 

Customers can open savings accounts instantly online on the ICICI Bank website or iMobile application. The customer will be required to submit his/her Aadhaar card and PAN details to open a savings account. An account number and virtual debit card will be generated immediately which the customer can use to make online payments and transactions.

• Updated iMobile Application

A complete feature-driven application with a new UI/UX. This new version of iMobile app provides-

1. A customizable individual finance management instrument that utilizes real-time AI-based analytics to make one’s financial plan
2. Gives apprehensions on the transaction history
3. A tracker of spendings which alerts the users when the budget is utilized and recommends different other products & services such as credit/debit card upgrade, reward redemption, and investments according to the customer’s average spendings

Customers can also save for their future financial goals with this new version of iMobile app. They can select a suitable investment plan according to their risk tolerance and future goals. Besides that, Relevant fintech offerings are also integrated by the bank in this version for its millennial customers

• New Credit Card version with special features

ICICI Bank has curated India’s first Flexi-plan credit card to provide the ICICI Bank MINE account holders with an option to choose a monthly plan as per their lifestyle and monthly monetary requirements. There are three different types of plans available for MINE customers. This special card will offer multi-brand alliances with key digital brands such as Amazon, Swiggy, Zomato, Myntra among others and offers exclusive cashback of up to 5% on spends on these brands.

• Instant Personal Loan and Overdraft facility

With this offering, pre-approved MINE customers will be able to avail Insta Personal Loan facility of a maximum of Rs.25 lakh within seconds. This loan is designed to facilitate one-time requirements such as the purchase of consumer durables, wedding, relocation, etc. Moreover, the customers can use an overdraft facility to fund some unforeseen monthly recurring expenses with Insta Flexicash.

• ICICI Bank branch with experimental engagement space

The bank has also furnished a physical presence of an experiential branch, especially for millennials. This space will help with advisory on different banking products such as investments and different types of loans. This experiential space is a unique idea from ICICI Bank featuring proper digital self-service kiosks, digital banking terminals and a dedicated area for engagement and entertainment sessions. 

This space will also be used as the venue for the ‘Mine Live’ programme which is centralized to hosting virtual events, workshops, panel discussions, talent shows, entertainment, and much more for millennials. 

ICICI Bank MINE Account Debit Card Benefits and Plan Details

• Curated debit card for MINE account users with the facility to set transaction limits according to the spendings
• A virtual debit card is available instantly on account opening
• The debit card can be used for e-commerce transactions
• Customers can upgrade to MINE+ debit card to avail exciting offers on premium brands
• Cashbacks can be availed from different merchants such as zomato, myntra, etc.

Fees and Cashback on MINE+ Debit Card and Regular Debit Card

Parameters	MINE Regular Debit Card	MINE+ Debit Card
Subscription Fee	NIL	Rs.599 + GST
Customization	NIL	Card Image is customizable
Cashback	NIL	1% uncapped on selected brands and merchants*

*Zomato, BigBasket, BookMyShow, Myntra, and transactions such as Bill Payments and Tax Payments

How to open an ICICI Mine Savings account?

1. Go to Savings Account section on the homepage of ICICI bank website
2. Enter your PAN, Aadhaar, and other required details
3. Click to confirm and your Insta Save Mine Account will be opened

The idea behind ICICI Bank MINE Account

In the words of Mr Anup Bagchi, the executive director of ICICI Bank, “In the coming years, millions of youth are expected to join the workforce. We estimate that the country has around 40 million progressive young millennials, who would contribute significantly to the economy and banking in the years to come. Our extensive research shows that millennial customers want banking to be simple, digitally enabled and customised. ” 

Based on this understanding, ICICI Bank has launched ‘ICICI Bank Mine’ which will offer ‘a highly personalised and experiential led banking experience to the millennial generation’. However, it is also noticed that the said generation wants to benefit from ‘digital first’ and not ‘digital-only’ banking systems. Consequently, the bank has introduced ‘a new format experiential branch suited to the lifestyle of millennials.’ ICICI Bank Mine strives to provide investment guidance to millennial customers via a total customer-centric iMobile application 

Frequently Asked Questions

Q. Who is eligible for a MINE account?

Customers between the age of 18 years to 25 years can avail ICICI MINE account facility

Q. What is the minimum balance condition for a MINE account?

This is a zero balance account from ICICI which does not require any minimum balance.

Q. What is MINE+ debit card?

MINE+ is a personalized debit card for ICICI Mine account holders under which the customers are provided with exclusive offers and cashback from key brands and merchants.

Q. What documents do I need to open an ICICI Mine account?

You will need your KYC, PAN, and Aadhaar card details to open an ICICI Mine Bank account.

Q. What is the maximum balance condition for a MINE account?

ICICI Mine Bank account holders can keep a maximum balance of Rs.1 lakh in the savings account.