ICICI Bank Savings Account

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ICICI Bank Savings Account

A savings account is the most common form of an interest-bearing deposit account which is held with a bank and provides a nominal interest rate. A savings account is often the first bank account for many people.

It is one of the most liquid forms of investment. Cash stored in a savings account can be accessed at any time. This is unlike some kinds of investments like an FD, where you would be required to store the money for a certain period and unable to easily withdraw. With a savings account, you can easily access the money should an emergency ever arise.

Here are some if the advantages of a Savings Account:

  • Having a savings account helps keep a track of all the transactions made by the account holder.
  • It also encourages a habit of savings.
  • Money transfers are made easy when you have a savings account.
  • A savings account is also used to store the cash safely. Having a savings account also gives you access to various banking services.

A downside to having a savings account is that there are various fees and charges to maintain it. You need to maintain a certain balance each month; if your balance falls below the requisite balance, you would be charged a penalty. The minimum balance required, interest rate and fees and charges vary from bank to bank. In general, there is a limit on the number of withdrawals you can make from the account each month. Savings account have low interest rates, meaning your money won’t grow as much when compared to other forms of investment, say for instance, a fixed deposit. Though SB accounts are liquid investments and easily accessible in times of need, they offer low yields in comparison to other forms of savings.

ICICI Bank Savings Account

An ICICI Bank savings account provides a host of banking benefits including reward points for various transactions, lifestyle and privilege offers, trading and portfolio solutions, flexible easy accounts management, special banking facilities for senior citizens, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with an ICICI Savings Account.

Features and Benefit of ICICI Savings Account

There are various benefits to having a savings account with ICICI Bank. Following is an overview.

  • You can choose your account number.
  • Rewards Program: MySavings Rewards. Earn reward points for a variety of transaction done with your ICICI Debit card. You can redeem these points for a range of rewards.
  • Thomas Cook Holiday RD: you can now start saving for your dream vacation with more ease! All you need to do is select your dream destination, save in 12 monthly installments and go on a holiday next year at the current year's prices.
  • Expressions Debit Card: You can get a picture of your choice on your ICICI Debit Card.
  • Get offers on dining, entertainment, shopping, gifting and a lot more.
  • Get discounts on Apollo Healthcare Services
  • Avail Internet Banking facilities. Conveniently transfer money, pay bills, shop, book tickets and do much more with ICICI Bank internet banking.
  • Mobile Banking: Bank on the go. You can safely manage your bank Account, Credit Card payments and loans from wherever you are through your mobile phone. click here.
  • Touch Banking: Banking enabled even on holidays, through self service branches.
  • Atal Pension Yojana: A defined pension programme depending on the contribution and period selected.
  • My Money: Take charge of your finances. Plan your finances and track your expenses with the My Money tool ICICI Bank
  • Pre-paid Mobile Recharge: Now you can recharge your mobile number by just sending an SMS. SMS MTOPUP (space) 10-Digit Mobile Number (space) Telecom Operator Recharge Amount (space) Last 6 Digits of your ICICI Bank Account Number, and top-up your prepaid mobile card. Pockets Wallet: this is a virtual place to store your money and use it wherever it is required.

Types of ICICI Bank Savings Accounts

Titanium Privilege Account

  • Enjoy personalised service and banking with special advantages
  • Dedicated Privilege Banker
  • Exclusive Privilege Banking Zones in branches
  • 40% discount on annual locker rentals
  • Free unlimited access to other banks’ ATMs

Gold Privilege Banking

  • Priority service and exclusive banking benefits
  • Exclusive Privilege Banking Zones in branches
  • 20% discount on annual locker rentals
  • Free unlimited access to other banks’ ATMs

Silver Savings Account:

  • Free Anywhere Banking across all branches
  • 15% discount on locker annual locker rentals
  • Free unlimited access to other banks’ ATMs

Regular Savings Account

  • Convenient, safe and rewarding banking experience
  • User-friendly Internet and Mobile Banking
  • 24 X 7 banking with 100+ Touch Banking branches
  • MySavings Rewards loyalty program that lets you earn up to 10,400 PAYBACK points on Savings Account transactions. Redeem these points at PAYBACK, one of the largest customer loyalty program in India.

Advantage Woman Savings Account

  • Cashbacks and exclusive offers on Women's Debit Card
  • Recurring Deposit with an option to use maturity proceeds to buy jewelry
  • Unlimited free cash withdrawals at any bank’s ATM

Senior Citizens Savings Account

  • Dedicated Senior Citizens Desk at our branches.
  • Preferential interest rates for senior citizens on Fixed and Recurring Deposits
  • Unlimited cash transactions at branches

Young Stars Account

  • A Savings Account which is specially designed for children.
  • The parent / guardian can open and operate the account to plan the child’s need, right from a young age
  • Free Personalized debit card with spend and withdrawal limit of Rs. 5000
  • Personalized cheque book – cheques can be issued by the child
  • Free Internet Banking access
  • Free Mobile Banking Access
  • Free email statement
  • Pre-paid Mobile recharge facility

3-in-1 Account

  • Link your Banking, Trading and Demat accounts with ICICI Bank’s seamless, secure and integrated 3-in-1 account
  • Options to manage your investments conveniently.

Pockets Savings Account

  • A unique 'Digital Bank' with a mobile first interface. VISA-powered e-wallet that customer of any bank can use to recharge mobile, send money, shop online, pay bills and much more.
  • Get access to digital wallet - a virtual place to store your money and use it whenever it is required.
  • A Pockets wallet also comes with a physical shopping card which can be used to shop through retail stores.
  • Free monthly Bank statements

Basic Savings Bank Account

  • Zero balance Saving Account.
  • Free ICICI Bank Debit Card.
  • Get one chequebook of 15 leaves free every year.
  • Free Internet Banking.
  • Free cash deposit transactions at Home branch.
  • Make four free transactions every month at your home branch.

Other Savings Account

If the above savings account doesn’t match your requirements and needs, you can choose from other savings account like No Frill Account, Family Banking Account, Professional Savings Account amongst other SB products.

ICICI Savings Account Minimum Balance

The minimum balance required in ICICI savings account differs with each kind of account. It is advisable to contact the bank directly for details. Following is an overview:

Type of Savings Account Balance Required
Blue PrivilegeSavings Account (Non-Senior Citizen) MAB: Rs. 10,000
Gold PrivilegeSavings Account (Non-Senior Citizen) MAB: Rs. 50,000
Titanium PrivilegeSavings Account (Non – Senior Citizen) MAB: Rs. 125,000
Silver Savings Account MAB: Rs. 25,000
Regular Savings Account Metro and Urban locations - Rs. 10,000 MAB
Semi-urban locations - Rs. 5,000 MAB
Rural locations - Rs. 2,000 MAB
Gramin locations - Rs. 1,000 MAB
Advantage Woman Savings Account MAB: Rs. 10,000
Senior Citizen Savings Account MAB: Rs. 4,500
Young Stars and Smart Star Account MAB: Rs. 2,500

ICICI Savings Account Interest Rate

ICICI savings account comes with interest rates of up to 4%, depending on the daily balance, and the amount in your account. Do keep in mind that the rates are subject to change at the sole discretion of the bank.

ICICI Bank Savings Account Charges

Different ICICI Bank savings accounts have a different schedule of charges. It is advisable to contact ICICI Bank directly for the most up to date charges.

How to open an ICICI Bank Savings Account

ICICI Bank savings account opening is easy and hassle-free with options to open an account online or in person at the nearest branch. You can walk into your nearest ICICI Bank branch with copies of your KYC documents or choose to apply for a savings account online.

ICICI Bank Savings Account FAQS

What is the best interest rate on an ICICI Bank saving account?

The interest rates can go up to as high as 4%. For the latest interest rates, it is best to contact the nearest ICICI Bank branch.

How can I approach the bank to open a Savings account?

You can apply for ICICI Bank Savings Account through any of the following channels.

  • Apply online.
  • Invite ICICI Bank’s Tab Banking officer to open your account
  • Call ICICI Bank on their toll-free customer care number 1800 200 3045
  • Via SMS: Send an SMS 'TAB' to 5676766
  • Place request through the bank’s website
  • Walk into your nearest ICICI Bank branch

What is the eligibility to open an Advantage Women’s Saving Account?

The primary applicant should be a resident Indian woman of 18 years or above.

Do I need an introduction from an existing ICICI Bank account holder to open a savings account?

There is no such requirement if you possess valid ID proof and address proof.

However, if you do not have the requisite documents, then an introduction from an ICICI Bank account holder having a banking relationship of more than six months is required.

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