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ICICI Bank Savings Account- Interest Rate, Types, Charges

ICICI Bank provides a range of savings accounts designed to meet the needs of diverse customers. This article will tell us about the benefits of the various savings accounts that ICICI Bank offers, as well as the requirements for eligibility, paperwork, opening a digital savings account, and other information.

Customers of ICICI Bank can open several savings accounts. Depending on their needs, people can select from a range of savings accounts offered by the bank. With these savings accounts, the bank offers the ease of Banking whenever and whenever you want. The consumer can select from a variety of savings accounts, ranging from basic to premium, based on their specific needs. Tell us in detail about the savings accounts offered by ICICI Bank.

Savings Account with ICICI Bank

One of the best five private banks within the nation is ICICI Bank. The availability of several crucial financial services and the highest level of money security are the main causes of it. Simply by establishing an ICICI Bank savings account, you may have access to several advantages.
Read More:
HDFC Bank Savings Account

Types of ICICI Bank Savings Account 

You may select the ICICI Bank saving account sort that best meets your needs from a variety of options. Among these kinds are a few of them:

Account Type Interest Rate Minimum Balance Required Debit Card Issued
Titanium Privilege Savings 3.00% INR 1,25,000 Titanium Privilege Debit Card
Gold Privilege Savings 3.00% INR 50,000 Gold Privilege Debit Card
Silver Savings 3.00% INR 25,000 Personalized Pocket Debit Card
Regular Savings 3.00% INR 10,000 (Metro)INR 5,000 (Semi Urban)INR 2,500 (Rural) Smart Shopper Silver Debit Card
Pocket Savings 3.00% Not Required Customized Pocket Debit Card
Young Stars 3.00% INR 2,500 Personalized Pocket Debit Card
Advantage Women’s 3.00% INR 10,000 MasterCard World Debit Card
Senior Citizens 3.00% INR 5,000 Smart Shopper Silver Debit Card
Basic 3.00% Not Required ICICI Bank Debit Card
Digital Savings Varies Not Required Customized Debit Card
Salary Varies Depends on Employer Employer-specific Debit Card
Pension Varies Varies Pension-specific Debit Card
Online Trading & Demat Varies Varies Online Trading & Demat Card
PayLater by ICICI Bank Varies Not Required PayLater Card
Campus Power Varies Not Required Campus Power Debit Card

 

  • Titanium Privilege Account  

ICICI Bank offers Titanium Privilege Accounts for people who can keep large amounts of money in their current, savings, or fixed deposit accounts. In order for consumers to create this savings account, they must uphold any one of the following relationship principles with the bank: The average monthly balance of a savings account is Rs. 1,00,000, the average monthly balance of a current account is Rs. 3,00,000, or the total amount of deposit (savings account + current account + fixed deposit) is Rs. 5,00,000.

  • An annual free Titanium Privilege debit card will be given to the account holder.
  • There is supplied personal accident coverage of Rs. 10 Lakh and air accident coverage of Rs. 40 Lakh.
  • There is a specialized relationship manager available.
  • All ICICI branches will grant account holders privilege access.
  • Gold Privilege Savings Account

ICICI Bank offers gold privileges and services to its savings account customers. This savings account may be opened by any citizen of India, either alone or jointly. For no senior citizens, the account user must have an average monthly balance of Rs. 50,000.

  • There is a complimentary Titanium debit card offered.
  • The account holder is eligible for a 20% reduction on the safe deposit locker yearly charge.
  • Free SMS alert feature
  • Individual account holders can use the free passbook facility.
  • Email statements are offered at no cost.
  • Silver Savings Account 

The ICICI Bank Silver Savings Account is designed for young professionals with fixed incomes. You may open this savings account right away. Additionally, the account provides safe mobile and online banking. The debit card offers reward points to customers as well. The Silver Savings Account must have a MAB of Rs. 25,000 maintained by account holders.

  • The consumer gets a Titanium debit card.
  • Choice to get a 15% annual Locker Rent refund
  • There is a money multiplier option available.
  • Free email statements will be sent to customers.
  • Free SMS alert service is offered.
  • There is a free passbook available for individual accounts.
  • The ability to take cash indefinitely from any bank’s ATM without incurring fees
  • A free multicity payable at par cheque book is offered.
  • Regular Savings account

This savings account from ICICI Bank is intended for people who wish to perform regular tasks like paying bills, requesting FDs, checking their balance, and so forth. The average monthly balance for those who intend to open this account ought to be Rs. 10,000 in metropolitan and urban areas, the equivalent of Rs. 5,000 in semi urban regions, Rs. 2,000 in rural areas, and Rs. 1,000 in gramin areas.

  • All cities offer this savings account.
  • The consumer receives a Titanium debit card, and they may use online and mobile banking.
  • There is also a nomination facility accessible.
  • Pockets Savings Account

Pockets offer a distinctive digital banking experience, providing a virtual space to securely store money and access funds whenever necessary. Customers from any bank can swiftly create a Pockets account, enabling seamless money transfers and transactions.

  • Young Stars Account

This account is tailored for minors aged 10 and above, empowering them to independently manage their finances. Parents can also utilize this account to plan for their child’s future needs. Additionally, a convenient standing instruction feature allows for automated transfers from the parents’ account to the Young Stars account.

  • Advantage Woman Savings Account

Specifically designed to cater to the financial needs of women, this account comes with a host of exclusive benefits and enticing offers. Features include a zero balance facility, unlimited cash withdrawals, and a dedicated debit card for managing household expenses.

  • Senior Citizens Savings Account

Geared towards customers aged 60 and above, the Senior Citizens account offers a hassle free banking experience tailored to meet the unique requirements of elders. It facilitates seamless banking transactions and ensures convenient financial management for senior citizens.

  • Basic Savings Bank Account

This zero balance savings account, aligned with the Pradhan Mantri Jan Dhan Yojana (PMJDY Zero Balance Account), offers essential banking services without any charges. Account holders benefit from a complimentary passbook, a personalized RuPay Debit card, and free cheque leaves.

  • Salary account

ICICI Bank offers a versatile Salary Account, catering to both employees and employers. This zero balance account is tailored to suit the financial needs of employees, eliminating the necessity for maintaining a minimum balance. Employers can enroll in this program if their organization comprises a minimum of 20 employees, each with an average salary of Rs. 25,000. Here are the variants available under the Salary Account:

Silver Salary Account:

  • Zero balance account.
  • Unlimited ATM transactions at ICICI Bank ATMs.
  • Free personalized cheque book.
  • Free SMS alert facility.
  • Free online NEFT interbank transfers.
  • Instant welcome kit with a debit card and cheque book.

Gold Salary Account:

  • Zero balance salary and reimbursement account.
  • Personal accidental death insurance of Rs. 5 Lakh and air accident death insurance of Rs. 30 Lakh.
  • Unlimited ATM transactions at ICICI Bank ATMs.
  • Free SMS alert facility.
  • Option for zero balance companion accounts for up to 5 family members.
  • Online PPF account opening option.
  • Eligibility for a lifetime free credit card.

Titanium Salary Account:

  • Zero balance salary and reimbursement account.
  • Discount on locker charges.
  • Personal accident insurance cover of Rs. 10,00,000 and air accident insurance cover of Rs. 40,00,000.
  • Zero balance companions account for up to 5 family members.
  • Free personalized cheque book.

Defense Salary Account:

  • Exclusively for Defense Personnel.
  • Unlimited ATM transactions at ICICI Bank and Other Bank ATMs.
  • Option to open zero balance accounts for up to 4 family members.
  • Lifetime free credit card variants based on rank.

Select plus Salary Account:

  • Tailored for high net worth salaried individuals.
  • Free Titanium debit card with higher withdrawal and spending limits.
  • Zero balance and reimbursement account.
  • Benefits extended to family members with zero balance accounts.
  • Complimentary insurance for air accidents and accidents.
  • Online PPF account opening facility.
  • Trading & Demat Account

ICICI Bank’s Online Trading & Demat Account offers a comprehensive platform for stock trading and investment management. Key features include:

  1. Convenient online account opening.
  2. Low brokerage rates.
  3. Free research recommendations on individual stocks.
  4. 3in1 Savings, Demat & Trading Account option for seamless stock investments.

Additional benefits of the Online Trading & Demat Account:

  • Single account for all investments.
  • Tailored brokerage plans for different financial products.
  • Seamless trading experience.
  • Portfolio tracker for monitoring investments.
  • PayLater by ICICI Bank

  • PayLater offers instant digital credit to eligible customers for up to 45 days. Key features include:
  • Payment options for bills, online shopping, and UPI transactions.
  • Available to customers with preapproved offers.
  • Activation fee of Rs. 500 and a service charge of Rs. 75+applicable taxes on monthly spends of Rs. 3,000.

Note: PayLater cannot be used for credit card payments, fund transfers to other bank accounts, or person to person transfers.

  • Campus Power Account

ICICI Bank’s Campus Power Account is tailored for students, parents, and educational institutions, providing comprehensive banking services such as:

  • Financial assistance for student education, including course and university selection.
  • Support for test preparation.
  • Debit/credit card issuance and assistance in creating overseas accounts for students.
  • Education loan options for parents.
  • Products and services for institutes and international schools.
  • Zero balance savings account for students of premium institutes.
  • Issuance of Titanium debit cards with high transaction and withdrawal limits.
  • Pension Accounts

Designed for individuals planning for their retirement, these savings accounts not only safeguard hard-earned money but also cater to various banking needs. ICICI Bank offers three variants of pension accounts, each tailored to different retirement goals and preferences:

Retire Happy – Gold Savings Account

  • Eligible for individuals opting for voluntary retirement.
  • No minimum balance requirement if:
  • Monthly credit of at least Rs. 25,000 is received within 8 months of opening the account, or
  • Minimum investment of Rs. 10,00,000 across the senior citizen savings scheme within 6 months from retirement or the customer’s 60th birthday, whichever is earlier.
  • Cash withdrawal limit of Rs. 75,000 per day and transaction limit of Rs. 1,25,000 per day.
  • Unlimited and free cash withdrawals at the branch.
  • Free and unlimited access to ATMs of all banks.

Retire Happy – Titanium Savings Account

  • Available for individuals opting for voluntary retirement.
  • No minimum balance requirement if:
  • Monthly credit of at least Rs. 50,000 is received within 8 months of opening the account, or
  • Minimum investment of Rs. 20,00,000 across the senior citizen savings scheme within 6 months from retirement or the customer’s 60th birthday, whichever is earlier.
  • Cash withdrawal limit of Rs. 1,00,000 per day and transaction limit of Rs. 1,50,000 per day.

Retire Happy – Wealth Savings Account

  • Eligible for individuals opting for voluntary retirement.
  • No minimum balance requirement if:
  • Monthly credit of at least Rs. 1,00,000 is received within 8 months of opening the account, or
  • Minimum investment of Rs. 30,00,000 across the senior citizen savings scheme within 6 months from retirement or the customer’s 60th birthday, whichever is earlier.
  • Cash withdrawal limit of Rs. 1,00,000 per day and transaction limit of Rs. 2,00,000 per day.

Digital Savings Account

The Digital Savings Account by ICICI Bank, also referred to as the Insta Savings Account, can be opened conveniently from anywhere without the need for an initial deposit. Below are the key features of this savings account:

  • Instant account opening process
  • Fully paperless application procedure
  • Access to 24×7 banking services
  • Provision of a virtual debit card for account holders
  • Opportunity to apply for additional services such as fixed deposits, Public Provident Fund (PPF), loans, etc.
  • Facility for money transfers and bill payments

Read More: Types of Savings Accounts at Bank of Baroda

What is the Minimum Balance for an ICICI Bank Savings Account?

For saving account holders at ICICI bank, the minimum required balance is Rs. 10,000 in metro cities and urban locations. In semi -urban areas, the minimum balance is Rs. 5,000. LAos, the minimum balance for rural locations is Rs. 2,000.

What is the Maximum Balance for an ICICI Bank Savings Account?

The maximum amount of money you may put into your savings account is not limited. As such, you are completely free to fund this account with any amount of money as you choose. As a result, the interest that you receive on your deposits is beneficial to you.

Charges for Savings Accounts at ICICI Bank? 

The various fees associated with an ICICI bank account for savings are as follows:

Savings Account Type Charges for SMS Alert Debit Card Fees ATM Interchange Fees
Regular Savings Account Rs.15 paisa per SMS In Gramin areas – Rs.99  In all other areas – Rs.150 Rs.8.50 for non-financial transactions  Rs.21 per financial transaction after free limit (3 free transactions in six metro cities and 5 free transactions in other locations)
Titanium Privilege Account NIL NIL Rs.8.50 for non-financial transactions  Rs.21 per financial transaction after free limit (3 free transactions in six metro cities and 5 free transactions in other locations)
Young Stars Account Rs.15 per quarter NIL Rs.8.50 for non-financial transactions  Rs.21 per financial transaction after free limit (3 free transactions in six metro cities and 5 free transactions in other locations)
Seniors Club Savings Account NIL NIL NIL
Salary Privilege Account NA NIL NIL
Freedom Savings Account Rs.15 paisa per SMS In Gramin areas – Rs.99  In all other areas – Rs.150 NIL

 

The service fees which ICICI bank charges for the services it offers are as follows: 

Category Charges
Issue of passbook No charges if requested at the branch where the customer has maintained the account
Issue of duplicate passbook Issuing: Rs. 100, Updating: Rs. 25 per page
UPI transaction charges NIL
Account closure Closed within 30 days of account opening: No charges  Closed during 31 days to one year: Rs. 500  No charges after one year of account opening
Replacement of lost or damaged debit card Rs. 200 per card
De-hotlisting of debit card Rs. 100 per request
Attestation of photo Rs. 100 per attestation
Attestation of signature Rs. 50 per application/letter
Address change request at branches Rs. 50 per request
Issue of duplicate statement At branch or Customer Care (non-IVR): Rs. 100 per statement  Through Customer Care (IVR), ATM, and Net banking: Rs. 50 per statement
DD/PO – Cancellation/Duplicate/Revalidation For value up to Rs. 200: NIL  For value above Rs. 200: Rs. 100

How to Open an ICICI Bank Savings Account?

You can visit an ICICI Bank branch closest to your home to create a savings account. To start a savings account with ICICI Bank, take the following actions:

  • Step 1: Go in person to the closest bank branch. 
  • Step 2: Obtain an application form from the representatives and complete it with the necessary information to start a savings account. 
  • Step 3: After that, send in the application, the necessary paperwork, and the funds to be deposited into your account. 
  • Step 4: The account will be opened when the bank employees have verified the paperwork and application.

How to Open an ICICI Bank Account Online?

The steps listed below describe how to start an online digital savings account with ICICI Bank:

Step 1: Go to the official ICICI Bank website.

Step 2: Use the left portion of the display to navigate to “Accounts.”

Step 3: Select “Savings Account” by tapping on it.

Step 4: Select “Open Savings Account Instantly” from the menu on the website. From the list of possibilities, pick the profile that applies to you.

Step 5: Select “Proceed” after reading the benefits of a digital account for savings.

Step 6: Include further information about yourself.

Step 7: Top up your account with money.

Step 8: Have your PAN card ready for the video KYC.

Step 9: An opening of your online account will occur.

Eligibility Criteria for Opening ICICI Bank Account

To open a savings account with ICICI Bank, a person must meet the qualifying requirements listed below:

  • Individual residents, foreign nationals, and HUFs who are older than eighteen
  • Additionally, minors can start a savings account just for themselves.
  • Senior adults over sixty years of age

Read More: Eligibility Criteria For ICICI Bank Net Banking

Documents Needed to Open an ICICI Bank Savings Account

The following paperwork is required in order to start an ICICI Bank savings account:

  • Evidence of identity, such as a voter card, PAN card, or Aadhaar card
  • Proof of address, such as utility bills, passports, and Aadhaar cards, etc.
  • Form for starting an account 
  • Passport-size picture

Read More: Documents required for Yes Bank Net Banking

How Can an ICICI Bank’s Savings Account Be Closed?

To effortlessly end your ICICI bank’s savings account, just follow these steps: 

Step 1: Proceed to your savings account at ICICI Bank. 

Step 2: Ask for a form to close your account.

Step 3: Accurately fill out the account termination form.

Step 4: Send the completed form, the KYC documents, the passbook, the cheque book, and the debit card.

What are ICICI Bank’s Savings Account Features?

The following are only a few of the special benefits of an ICICI Bank savings account: 

  • Fund accessibility: You can transfer money from your account using mobile banking. Pay bills and make purchases without difficulty, day or night. 
  • Flexibility in choosing an account type: You have a variety of savings account alternatives to suit your individual needs, since there are many variations available.
  • Customized options available: You can add your favorite image on your debit card to make it uniquely yours, thanks to ICICI Bank. To preserve memorable experiences, you may even select your account number according to significant dates in your life. 
  • Special discounts and cashback: When you pay bills or make purchases online, you can get significant discounts on your online money transfers.

What Advantages Do ICICI Bank Savings Accounts Offer?

The following are some advantages of having a ICICI bank savings account:

  • Your funds will be as safe as possible if you keep them in an ICICI Bank savings account.
  • ICICI Bank enables you to rapidly transfer money to the beneficiary’s accounts using its online banking service.
  • Your banking experience is made simpler by the availability of e-statements and SMS alerts.
  • To automate your investments, you can connect your savings account to several deposit accounts.
  • You will receive personalized cheque books, debit cards, and other materials in the welcome box when you create a savings account.

When it comes to ICICI bank savings account interest rates, kinds, features, and other pertinent details, you may make an informed decision when it comes to creating a savings account. A few basic requirements must be met in order to create a savings account with ICICI Bank, including being an Indian resident and being at least eighteen years old. So, follow the instructions to start enjoying all the many advantages that ICICI Bank accounts have to offer.

 Read More: IndusInd Bank Net Banking | Fincare Net Banking | Bharat Bank Net Banking

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