ICICI Bank Savings Account – Types, Interest Rates, How to Apply

ICICI Bank, one of India’s largest private-sector banks, offers a variety of savings bank accounts to individuals to handle their banking needs. An ICICI Bank savings account can be a premium account or a basic account, an account for children or one for senior citizens. On this page, you can check and compare the latest ICICI Bank savings account interest rates applicable in 2023, the minimum balance requirement on different ICICI Bank savings accounts, documents required and more.

ICICI Bank Savings Account Interest Rates 2023

ICICI Bank provides decent interest rates on savings accounts to all account holders. However, these rates change as per the decisions made by the bank from time to time. Latest ICICI Bank savings account interest rates are mentioned below:

Note: The above-mentioned ICICI Bank savings account interest rates are updated on 5th June 2023.

Also Read: Top Savings Account Interest Rates

Types of ICICI Bank Savings Account– Features & Benefits

1. ICICI Bank Insta Save Account

ICICI Bank’s Insta Save Account can be opened instantly online using your Aadhaar. Some key features of this account are:

2. ICICI Bank Advantage Woman Aura Savings Account

ICICI Bank’s Advantage Woman Aura Savings Account is customised specially for working women. It comes with various lifestyle offers across different brands, exciting offers, and cashback on travel, shopping, etc. It comes in 5 variants – Regular, Silver, Gold, Magnum and Titanium. Some key features of the ICICI Bank savings account are:

3. ICICI Bank Advantage Woman Savings Account

ICICI Bank’s Advantage Woman Savings Account is specifically designed for modern, financially independent women, keeping their different needs in mind. This ICICI Bank savings account offers women an array of exciting features, shopping benefits and more. It comes in 4 variants- Regular, Silver, Gold and Titanium. Some key features of this savings account include:

4. ICICI Bank Seniors Club Savings Account

Seniors Club Savings Account by ICICI Bank is specifically designed for senior citizens. The savings account offers higher interest rates, greater banking convenience, etc. This ICICI Bank savings account comes in 5 variants – Regular, Silver, Gold Privilege, Gold Plus Privilege, and Titanium. Some key features of this savings account are:

5. ICICI Bank Young Stars Savings Account

Young Stars Savings Account is a savings account for kids offered by ICICI Bank. Its key features are:

6. ICICI Bank Smart Star Savings Account

ICICI Bank’s Smart Star Savings Account is designed for minors above 10 years of age where they can independently operate their account. It aims to instill a habit of savings and responsibility to spend wisely.

7. ICICI Bank Retire Happy Savings Account

This ICICI Bank savings account is designed to enrich your life post-retirement. It helps to take care of your hard-earned money and cater to your wellness across health, lifestyle and banking with several benefits. You can also get your monthly pension credited to this savings account. Some key features of this account are:

8. ICICI Bank Family Savings Account

Savings Family Banking lets family members consolidate all of their accounts into a single  – Family Savings Account or Family id. These accounts can be anything from a savings account to an FD or a recurring deposit account. This helps you bank whenever and wherever you want. It also helps you carry out routine operations like bill payments, balance inquiries, and FD creation requests. Some key features of the account are:

• • Single account for the entire family to meet their different banking needs
  • You can maintain a minimum balance in any one or more of the accounts. Every family member need not maintain a minimum balance. Thus, a lower balance requirement at the family level.

Eligibility: 

• New or existing Resident Indian ICICI Bank Savings Account holders except for ‘No Frills’ and ‘HUF’ account holders
• Only Savings Account, LifePlus Senior Citizen Savings Account, Advantage Woman Savings Account, and Young Stars Savings Account can be a part of the Savings Family.

•  Minimum 2 members and a maximum of 6 members can form a Family Banking relationship with ICICI Bank
•  Family members include parents, children, spouse, grandparents, grandchildren, siblings, and  in-laws

9. ICICI Bank Regular Savings Account

ICICI Bank’s Regular Savings account is suitable for performing routine transactions like bill payments, balance enquiry, and FD creation requests apart from earning decent interest on your daily savings.

• Anytime and anywhere banking
• Silver debit card and earn reward points
• Nomination facility available

10. ICICI Bank Silver Savings Account

This ICICI Bank savings account is for young professionals with fixed incomes. Some key features of the savings account are:

11. ICICI Bank Basic Savings Bank Account (BSBDA)

This is a zero-balance savings account. Some key features of this account are:

12. ICICI Bank Professional Savings Account

This ICICI Bank savings account exclusively caters to the financial and banking needs of discerning professionals. It comes with an array of privileges, services, and lifestyle benefits. It comes in 4 key variants:

1. Regular Professional Account
2. Gold Professional Account
3. Titanium Professional Account
4. Wealth Professional Account

The following are the key features of this savings account:

• Exclusive debit card that is valid both nationally and internationally
• Privileged banking
• Dedicated relationship manager and access to wealth manager
• Link current account to CASA family
• Higher limits on banking
• Free multi-city chequebook

13. ICICI Bank Easy Receive Savings Account

ICICI Bank’s Easy Receive Savings Account meets your domestic banking needs and also provides additional incentives for remittances. Some of its key features are:

14. ICICI Bank Defence Salary Account

Defence Salary Account is an exclusive account for defence personnel to meet their lifestyle, financial and banking needs. Some benefits offered under this account include:

• Personal Accident Insurance Cover of Rs. 30 lakh
• Permanent Total Disability Insurance Cover up to Rs. 30 lakh
• Unlimited free usage of ICICI Bank and other bank ATMs
• 4 Zero balance accounts for family

15. ICICI Bank@Campus Savings Account

Bank@Campus by ICICI Bank is specially designed for students to manage their savings and encourage financial independence. It has a fully online account opening process and requires students to provide their college ids to open the account. Some key features of the ICICI Bank savings account are:

• Free ICICI Bank Ncash Debit Card and personalised chequebook with your name
• Free phone and internet banking
• Parents can transfer funds to their child’s account without any charges
• In case a parent has an ICICI credit card, they can give a supplementary card to their children and can also set a spending limit

Other ICICI Bank Savings Accounts

How to Open an ICICI Bank Savings Account

Most of the ICICI Bank savings accounts can be opened online by visiting the  ICICI Bank website, filling up the online account opening form and completing the video KYC. Alternatively, you also open an ICICI Bank savings account offline by visiting the nearest ICICI Bank branch. 

Steps to Open an ICICI Bank Savings Account Online

Follow these simple steps to open ICICI Bank savings account online:

1. Visit ICICI Bank website or open the iMobile Pay app
2. Click on the “Open an Account Instantly” option
3. Provide basic details such as name, date of birth, address, mobile number, email ID, PAN, etc.
4. Provide your Aadhaar and authenticate using the Aadhaar-based OTP feature
5. Complete the account opening process by video KYC and provide actual PAN and Aadhaar

How to Open an ICICI Bank Savings Account Offline

Applicants, who want to open a bank account traditionally, can visit the bank’s branch. Here’s what they need to do:

1. Fill the savings account opening form
2. Attach self-attested copies of your Aadhaar card and PAN card with the form
3. Carry your original Aadhaar and PAN card for verification purposes
4. Submit the form along with a cheque, demand draft, or cash to deposit the money in the new savings account
5. Once the application is processed, the account is opened instantly

The account holder also gets the savings account welcome kit containing the debit card, chequebook (if the relevant savings account is chosen), MITC, and other documents on successful opening of the savings account.

Documents Required for Opening an ICICI Bank Savings Account

Some key documents required to open a savings account with ICICI Bank are:

• Duly filled and signed account opening form
• Latest passport-size photograph(s)
• Identity Proof – Driving License, Aadhar Card, Voter ID, PAN Card, Senior Citizen Card, or any Government ID Card (Any one)
• Address Proof – Aadhaar Card, Passport, Utility Bills, Bank statement with a cheque (Any one)
• In case of a  minor below 10 years, ID proof of the guardian who will operate the account on his/her behalf

Note: This is not an exhaustive list. ICICI Bank may ask for additional documents as deemed necessary depending upon the individual applicant profile and the account type desired.

FAQs

Q1. How much interest is paid currently on the ICICI Bank savings account? Also, what is the interest payment frequency?

Currently, ICICI Bank savings account interest rate is 3% p.a. on balances up to Rs. 50 lakh and 3.50% p.a. for balances of Rs. 50 or above. As per RBI mandate, banks must pay interest on savings accounts every quarter and thus, ICICI Bank pays interest to its account holders every quarter.

Q2. Does ICICI Bank offer internet banking on its savings accounts?

Yes, ICICI Bank provides both internet and mobile banking facilities to their saving account holders.

Q3. What is iMobile Pay?

iMobile Pay is ICICI Bank’s mobile banking application that you can download and activate on your phone. It lets you perform key banking activities like checking your balance, transferring funds, bill payments, etc. using your mobile phone. Read more

Q4. Is it mandatory to have an Aadhaar card to open an ICICI Bank savings account?

No, you need not mandatorily have an Aadhaar card to open an ICICI Bank savings account as per the latest government guidelines.

Q5. Is it possible to transfer my ICICI Bank savings account to a different branch?

Yes, you can transfer your ICICI savings account to a different branch by submitting a duly filled account transfer form.