ICICI Bank Savings Account

The following are some of the leading types of ICICI Bank savings account that are available to individuals from various walks of life:

1. Titanium Privilege Savings Account: This ICICI Bank savings account is a premium account with the following features:

• The ICICI Bank savings account offers privilege banking benefits to the customer and his family members
• Free Titanium Privilege Debit Card with higher limits on cash withdrawals and purchases which also includes unlimited cash withdrawals from non-ICICI Bank ATMs free of cost
• 40% discount on annual locker rent for existing account holders
• Trading account opening fee of Rs. 975 and first year’s Demat Account Maintenance Charge of Rs. 500 is waived
• Money multiplier facility wherein the surplus cash in the Savings Account is automatically transferred to a Fixed Deposit account to earn a higher rate of interest.
• Pay utility bills online through the Bank’s Bill Pay Service
• Free cheque book, passbook and e-mail statement facility
• Convenience of 24x7 banking from anywhere through Phone Banking, Customer Care and internet banking.
• Nomination facility is available
• This savings account with ICICI Bank can be ported between different ICICI Bank branches on request of the accountholder

Eligibility: Following are the eligibility requirements of an ICICI Bank savings account:

• The account can be opened by Resident Individuals, NRIs, HUFs, senior citizens above the age of 60 and also for minors below the age of 18 years (with parent as joint holder).
• ICICI Bank’s minimum balance requirements (average monthly balance) is Rs. 1.5 lakhs for this particular savings bank account

2. Gold Privilege Savings Account: A savings account from ICICI Bank which gives exclusive banking benefits. The leading features of the account are as follows:

• Free Gold Privilege Debit Card which gives the customer great offers and Visa card-holder privileges including with higher limits on cash withdrawals and purchases which also includes unlimited cash withdrawals from non-bank ATMs free of cost
• 20% discount on annual locker rental for account holders
• Trading account opening fee of Rs. 975 and first year’s Demat Account Maintenance Charge of Rs. 500 is waived
• Money multiplier facility wherein the surplus cash in the Savings Account is transferred automatically to a Fixed Deposit account to earn a higher rate of interest.
• Pay utility bills online through the Bank’s Bill Pay Service
• Free cheque book, passbook and e-mail statement facility
• Convenience of 24*7 banking from anywhere through Phone Banking, Customer Care and internet banking
• Nomination facility is available
• This ICICI Bank savings account can be ported from one branch of the bank to the other branch on request of the accountholder

Eligibility: ICICI Bank savings account eligibility is as below:

• The account can be opened by Resident Individuals, NRIs, HUFs, senior citizens above the age of 60 and also for minors below the age 18 years.
• There should be a Minimum monthly average balance of Rs. 50,000 in the account non-maintenance of which will incur charges as per the bank’s rules.

3. Silver Savings Account: An account which promises extra benefits to the accountholders. The features of the account are as follows:

• The account offers Smart Shopper Silver Debit Card for ATM withdrawals and purchase at outlets without having to carry cash
• Unlimited cash withdrawals from any bank’s ATM
• 15% discount on annual locker rent
• Money multiplier facility wherein the surplus cash in the Savings Account is transferred automatically to a Fixed Deposit account to earn a higher rate of interest.
• Waiver of DD or PO charges and free SMS alert Facility
• Pay utility bills online through the Bank’s Bill Pay Service
• Free of charge passbook, cheque books and e-mail statement facility
• Convenience of 24*7 banking from anywhere through Phone Banking, Customer Care and internet banking
• Nomination facility is available
• The account can be ported from one branch of ICICI bank to the other branch on request of the accountholder

Eligibility

• The account can be opened by Resident Individuals, NRIs, HUFs, senior citizens above the age of 60 and also for minors below age 18 years.
• There should be a Minimum monthly average balance of Rs. 25,000 in the account non-maintenance of which will incur charges.

4. Regular Savings Account: A simple account for banking convenience. The features are as follows:

• Smart Shopper Silver Debit Card for ATM withdrawals and purchase at outlets without having to carry cash
• Unlimited cash withdrawals from any bank’s ATM.
• Money multiplier facility wherein the surplus cash in the Savings Account is transferred automatically to a Fixed Deposit account to earn a higher rate of interest.
• Pay utility bills online through the Bank’s Bill Pay Service
• Free cheque book, passbook and e-mail statement facility
• Convenience of 24*7 banking from anywhere through Phone Banking, Customer Care and internet banking
• Nomination facility is available
• The account can be ported from one branch of the bank to the other branch on request of the accountholder.
• This savings account with ICICI Bank can be opened jointly by two applicants. Both the owner should act as co-applicants in this joint savings account.

Eligibility

• The account can be opened by Resident Individuals, NRIs, HUFs above the age of 18 years
• There should be a Minimum monthly average balance of Rs. 10,000 in the account in case metro and urban locations, Rs. 5,000 in semi-urban locations and Rs. 2,000 in rural areas.

5. Young Stars & Smart Star Account: ICICI Bank savings accounts for children to educate them about banking. The features of these accounts are as follows:

• Free Young Stars Debit Card for ATM withdrawals and making payments for purchases at retail outlets
•  ICICI Bank offers a debit card which has a daily limit of Rs. 1,000, Rs. 2,500 or Rs. 5,000 depending on the limit chosen
• The account provides a Standing Instructions Facility to debit the parent’s account and credit the child’s account in case of balance shortfall in the child’s account
• ICICI Bank offers money multiplier facility wherein the surplus cash in the Savings Account is transferred automatically to a Fixed Deposit account to earn a higher rate of interest.
• A minor above the age of 10 years can open and operate a Smart Star Account himself.
• The Smart Star Account promises free personalised debit card with a daily withdrawal limit of Rs. 5,000, free cheque book, passbook, email statement, prepaid mobile recharge facility and the convenience of banking with internet and mobile banking facility.
• This savings bank account can be opened with the guardian’s consent wherein the account will have a debit transaction limit of Rs. 2 lakh every year or without the guardian’s consent wherein the debit transaction limit is reduced to Rs. 50,000 a year.

Eligibility

• The account is meant for minors in the age group of 1 day to 18 years. The parent or guardian of the child can open and operate the account on the child’s behalf.
• In case of Smart Star Account, the account is to be opened and maintained by a child above the age of 10 years
• The minimum balance that should be maintained is Rs. 2,500 per month on an average

Documents required: The following is key documentation necessary for opening ICICI Bank savings account:

For Young Stars Account:

• ID and Address Proof as well as Photograph of parent/guardian
• Birth Proof of Minor
• Aadhar Card
• Declaration from the Guardian

For Smart Stars Account:

• ID and Address Proof of Minor
• Photograph of the Minor
• Declaration from Minor
• Declaration and ID proof of Parent/Guardian for Consent Account

6. Advantage Woman Savings Account: This ICICI Bank women’s savings bank account is designed especially for women with the following features and benefits:

• A special Woman’s Debit Card which promises unlimited cash withdrawals and gives extra rewards on everyday shopping expenditures
• Unlimited cash withdrawals at any bank’s ATMs
• Money multiplier facility wherein the surplus cash in the Savings Account is transferred automatically to a Fixed Deposit account to earn a higher rate of interest.
• Pay utility bills online through the Bank’s Bill Pay Service
• Free cheque book, passbook and e-mail statement facility
• Convenience of 24*7 banking from anywhere through Phone Banking, Customer Care and internet banking.
• Nomination facility is available.
• The account can be ported from one branch of the bank to another branch at no extra cost on request of the accountholder.

Eligibility

• Any Resident woman can open the account as the primary applicant
• The minimum Monthly Average Balance required is Rs. 10,000 failing which charges will be levied

7. Senior Citizens Savings Account: A savings account for senior citizens above 60 years of age with the following features:

• A Special Senior Citizens Desk for dealing with all the necessary banking transactions without the customer having to wait in line
• Special Senior Citizens Debit Card free of cost with cash withdrawal and payment facility
• Unlimited free cash transactions at the branch and SMS alert facility
• Money multiplier facility wherein the surplus cash in the Savings Account is transferred automatically to a Fixed Deposit account to earn a higher rate of interest.
• Pay utility bills online through the Bank’s Bill Pay Service
• Free cheque book, passbook and e-mail statement facility
• Convenience of 24*7 banking from anywhere through Phone Banking, Customer Care and internet banking
• Nomination facility is available
• The account can be ported from one branch of the bank to the other branch on request of the accountholder

Eligibility

• The account can be opened by Resident Individuals either solely or jointly, NRIs, HUFs above the age of 60 years.
• The minimum Monthly Average Balance required is Rs. 5,000 failing which charges will be levied.

8. Basic Savings Bank Account: A zero balance savings account without the requirement of maintaining any Monthly balance. The features are as follows:

• A zero balance account with no minimum balance requirement
• A free Debit Card
• A free 15 leaves cheque book every year
• 4 free monthly transactions at the branch
• Nomination facility is available

Eligibility

• Any Resident Individual above the age of 18 years can open the account
• The individual should not be holding any other savings account with the bank

Documents Required

• KYC Documents which include a valid ID and Address Proof of the individual
• A self-attested Photograph and signature or thumb-print of the individual

9. Pocket Savings Account: This ICICI Bank savings account offer unique features and benefits. This savings bank account is a rare digital bank that comes with a mobile first interface. The very first offering is a mobile wallet, a virtual place to stock your money and use it in times of need. These digital savings accounts can be upgraded to Rs. 5,000 savings bank account by applying through a smartphone app and submitting the appropriate documents.

All you have to do to get started with a Pocket Account is to download the app, enter the basic details like your email address and mobile number and get them verified. Once it is done, you can create a user ID and password of your choice. And if you are an existing ICICI customer, your internet banking password is all you need to get started. There is no hard and fast rule related to its eligibility criteria and documentation process for accessing this savings account with ICICI Bank. The features of this account are:

• Allows users to access all account information on the go
• Powered by VISA that offers online shopping abilities at any Indian website
• Can be funded using any other bank’s accounts include ICICI Bank savings accounts
• Offers a Pockets Physical Card to shop at stores
• Allows funds payments and transfers by simply tapping the phone
• Instant Chat facility helps to resolve any problems without any lag time
• Provides a range of deals and offers

10. 3-in-1 Account: ICICI Bank savings accounts are known for delivering best quality of banking products and services to their customer. This savings account with ICICI Bank allows to you to link all your accounts in one go. This means that your banking account is linked to your demat account and you can manage investments conveniently. The account’s other features include:

• Gives the benefit to the individual of managing all of his/her accounts from a single platform
• Individual can invest in over 2,000 mutual funds and get detailed research reports on over 200 mutual fund plans
• Offers cash trading, Systematic Equity Plan (SEP) investment and VTC investment options
• Allows users to trade in derivatives including futures and options
• Savings accounts can be used to make transactions up to Rs. 50,000

11. Other Accounts : Other types of Savings Accounts offered by ICICI Bank are as follows:

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

A savings account with ICICI Bank can be opened online through the Paisabazaar website. Just click on the “investments” tab and click on the “savings account” option and then fill out the simple form in order to view your various options with regards to savings accounts available to you. You can then compare you options and choose the one that suits your requirements and apply online with the click of a button.

Interest Rate on ICICI Bank Savings Account

The rate of interest is 4% per annum calculated on the daily end of day balance and payable half-yearly. The ICICI Bank savings account interest rate is same across India, though it may vary for certain accounts in special cases or under specific conditions.

Documents Required when applying for a ICICI Bank Savings Account  

The key documents required include bank approved government issued photo ID, address proof as well as photographs and any other supporting documents as requested by ICICI Bank. The list of documents would include others such as declaration by Karta (in case of HUF accounts) and VISA copy along with passport in case of NRIs opening savings bank account with ICICI Bank.