One of the major private banking organisations in India, ICICI Bank provides a variety of financial services. The financial services feature high interest rates, including loans, ICICI Bank savings accounts, and others. One of the accounts that people choose the most is the savings banking facility.
Women up to elderly adults and children as young as 10 have an ICICI Bank savings account. Customers of the bank may easily use the services whenever and wherever they want, thanks to the high interest rate and online account opening.
Let’s take a closer look at the features and interest rates of the various ICICI Bank saving account plans in this post, along with the advantages that ICICI provides to its clients.
What is Savings Account?
A savings account is a fundamental kind of bank account that enables deposits. You can transfer your funds from it, and the majority of banks will provide you with compound interest on the remaining sum. A savings account provides a secure location to save cash that isn’t being used for monthly expenses.
In complement to other accounts, many financial institutions, credit unions, as well as other banking institutions also provide savings accounts. Even better interest rates on savings accounts may be found in rare cases.
The Federal Deposit Insurance Corporation (FDIC) insures deposits made into savings accounts (FDIC). You’ll get your money back—up to a specific amount—if the institution where it is stored experiences some sort of loss.
Compound interest is typically offered by savings accounts as a perk for saving money. Money that is deposited earns interest and is then re-deposited into the account. Interest is earned on the new balance, and so forth.
Table of contents
- ICICI Savings Account Interest Rate
- What is the ICICI Savings Account Registering and Login Process?
- Types of ICICI Savings Bank Account
- ICICI Bank Savings Account Opening Process
- Features of ICICI Savings Account
- Benefits of ICICI Savings Account
- Documents Required to Open ICICI Bank Savings Account
- ICICI Bank Savings Account Customer Care
- Frequently Asked Questions (FAQ’s):-
ICICI Savings Account Interest Rate
ICICI offers competitive interest rates on the bank balance of an individual’s savings account.
| Savings Account Balance | Interest Rate Per Annum |
| Below ₹ 50 lakhs | 3.00% per annum |
| Above ₹ 50 lakhs | 3.50% per annum |
The ICICI Bank Savings Account interest rates vary for each scheme. The interest rates on the accounts are tabulated below:-
| ICICI Bank Savings Account | ICICI Bank Interest Rates |
| Insta Save Account | 3% per annum to 3.50% per annum |
| Advantage Woman Aura Savings Account | 3% per annum to 3.50% per annum |
| Advantage Woman Savings Account | 3% per annum to 3.50% per annum |
| Seniors Club Savings Account | 3% per annum to 3.50% per annum |
| Young Stars Savings Account | 3% per annum to 3.50% per annum |
| Smart Star Savings Account | 3% per annum to 3.50% per annum |
| Regular Savings Account | 3% per annum to 3.50% per annum |
| Silver Savings Account | 3% per annum to 3.50% per annum |
| Basic Savings Bank Account | 3% per annum to 3.50% per annum |
| Professional Savings Account | 3% per annum to 3.50% per annum |
What is the ICICI Savings Account Registering and Login Process?
To register and log in to your ICICI Bank Savings Account, you can visit the net banking portal of the bank. To register, enter the customer ID and get the password. Then, log in to your account with the same ID and password to access the savings account.
Types of ICICI Savings Bank Account
The bank offers various ICICI Bank saving account openings to cater for the needs of customers around the globe. These are as follows:-
| Type of ICICI Bank Saving Account | Average Required Monthly Account Balance | Debit Card For The Respective Scheme | Eligibility Criteria |
| Insta Save Account | ₹ 10,000 | Smart Shopper Silver Debit Card | Indian residents above the age of 18 |
| Advantage Woman Aura Savings Account | ₹ 10,000 up to ₹ 200,000 | ICICI Debit Card with Cashback offers | Women above the age of 18 with Indian citizenship |
| Advantage Woman Savings Account | ₹ 10,000 | ICICI Debit Card with Cashback offers | Women between the age of 18 and 59 with Indian citizenship |
| Seniors Club Savings Account | ₹ 4,500 up to ₹ 125,000 | ICICI Debit Card | Indian Residents, Hindu Undivided Families (HUFs), and foreign national above the age of 60 |
| Young Stars Savings Account | ₹ 2,500 | – | Children below the age of 18 |
| Smart Stars Savings Account | ₹ 2,500 | – | Children below the age of |
| Silver Savings Account | ₹ 25,000 | – | Children above the age of 10 and below 18. |
| Basic Savings Bank Account | Nil | ICICI Debit Card | Indian citizens above the age of 18 who do not hold a BSBDA account with the bank. |
- Home Assure Savings Account – A premium ICICI Bank savings account opening for home loan customers. The EMI for the loan will be paid through Auto Debit. Also, the customers do not need to pay an additional cost for the management with non-maintenance of the account balance.
- NPS Plus Savings Account – ICICI Bank’s Account helps save on taxes and increases savings. The account holder can also avail several banking benefits and offers and save for their retirement.
- Salute Doctors Banking Solutions – Savings account curated for the nation’s heroes, doctors. This account offers secure, fast, digital services and enticing offers.
- BizSavings – Self-employed individuals can avail of the benefits of this account. ICICI Bank’s savings account opening procedure is simple. Additionally, it provides solutions for all the business, family, wealth management, lifestyle, and relationship features.
- 3 in 1 Savings Account – This savings account has made bank account, Demat, and online trading easy in just a single savings account choice. It gives the account holder ease to make three mechanisms easier by compiling them into one account.
- Smart Star Savings Account – Minor preceding with the age bar of 10 years can open this ICICI Bank saving account. The children can open and operate this account themselves and encapsulate savings habits from a young age.
- Young Stars Savings Account – Young Stars Savings Account is designed for parents looking to invest in their child’s bright future. This account keeps in mind the requirement of children for their planned future needs.
- Senior Citizens Savings Account – A ICICI Savings account designed to cater to senior citizens’ needs. It offers high returns on their savings and makes banking convenient with several other benefits.
- Advantage Woman Savings Account – This ICICI Savings account is designed for financially independent working women, considering their various needs. It offers a wide array of benefits in shopping and other exciting attributes.
- Advantage Woman Aura Savings Account – An especially tailored ICICI Bank saving account for women, fuelling the needs and aspirations of working women. This account offers several benefits to the women’s section, such as travel, housing allowance, enhancement of knowledge, shopping, etc.
- ‘THE ONE’ Savings Account – This savings account by ICICI Bank is the perfect option for high income or high net-worth people. With this account, smart investment options are also available for the account holders to secure their family’s future.
- Insta Save Account – Open an account instantly with ICICI Bank saving account with the Aadhaar card. It offers five free withdrawals every month from the ATM. With Insta Save Account, get a platinum card and enjoy free rewards.
ICICI Bank Savings Account Opening Process
Most ICICI Bank savings accounts can be opened online through their official website. Visit the official website of ICICI Bank, fill up the ICICI account opening form, and complete the video KYC procedure. In addition to that, you can also visit the nearest ICICI Bank to open a savings account with the required documents.
Features of ICICI Savings Account
- Minimum Balance to be maintained in the ICICI savings account – The account holder’s minimum balance between accounts management is ₹ 10,000. Also, in most accounts, the customer does not need to maintain a balance. In semi-urban branches, the minimum balance is as low as ₹ 5,000 and ₹ 2,000 in the rural localities.
- Easy transfer of funds – With an ICICI savings account, fund transfer is at your fingertips with ease. The customers can transfer funds to any bank account via the modes of RTGS, UPI, NEFT, or IMPS.
- ATM card facility offered with the account – ICICI offers debit cards on all savings accounts. But, the type, functionality, limit, benefits, and features are different for all the ICICI Bank Saving Accounts.
Benefits of ICICI Savings Account
- Safe Investment – Since there is no volatility question, the ICICI Bank savings account is the safest investment option.
- The facility of Internet Banking – ICICI Bank also offers internet banking frailties for their savings account. The internet banking facility makes it easier to pay utility bills and withdraw and invest from the term deposit accounts like recurring deposits, fixed deposits, and mutual funds. Through the internet, fund transfer, balance enquiry, and online shopping have also been easier for the account holders.
- The facility of Mobile Banking – The ICICI savings account services are now available on mobile too. The mobile banking facility allows the account holder to enquire about their balance, pay utility bills, on-demand bank statements, IMPS transfers, request cheque books, and make enquiries in no time.
- E-statement and SMS Alerts – ICICI makes banking easier for customers with their e-statement and SMS alert services.
- Personalised Way of Banking – A personalised bank account number, debit card, and cheque book is ensured to every customer to make banking transactions safe.
- Auto-Sweep Facility – The bank lets the customers link their ICICI Bank saving account to any multi-option deposit account.
Documents Required to Open ICICI Bank Savings Account
There are a few documents required for the ICICI Bank Savings Account opening. The bank might ask for more documents apart from the one listed below, depending on the requirements of the account. Some documents asked by the bank as listed below:
- Duly filed ICICI savings account opening form.
- Passport size photographs (at least three).
- Proof of Identity (any of these documents) – Voter ID card, PAN card, Aadhaar card, Government ID card or Senior Citizen card.
- Proof of Address (any one of the following) – Passport, Aadhaar card, Bank statement, and a cheque or Utility Bills.
- In the case of minors (kids below the age of 10), the identity and address proof of the guardian who will operate their account must be submitted on their behalf.
ICICI Bank Savings Account Customer Care
The savings account holders can contact the ICICI Bank customer care service with their queries or any other questions related to the services.
| Method | Contact Details |
| Customer Care Number | 1860 120 7777 / 1800 120 8181 |
| Customer Care Mail | customer.care@icicibank.com |
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Frequently Asked Questions (FAQ’s):-
Q1. How to open a savings account in ICICI Bank?
Ans: To open a savings account in ICICI Bank, visit their official website and complete the video KYC or nearest branch with the required documents.
Q2. What is the minimum balance in an ICICI Bank savings account?
Ans: The minimum balance required in an ICICI Bank savings account is ₹ 25,000. The bank also offers zero balance savings accounts that do not require maintaining a minimum balance.
Q3. Is the ICICI savings account a zero balance account?
Ans: A Basic ICICI Bank Savings Account is a zero balance account that does not require the account holder to maintain a minimum balance.
Q4. Is the ICICI chequebook free?
Ans: ICICI Offers a free chequebook with some of its savings accounts at the time of account opening. For every additional chequebook, the account holder must pay ₹ 20.
Q5. What happens if the minimum balance is not maintained in the ICICI Bank?
Ans: If the minimum balance is not mentioned in the ICICI Bank savings account, the bank will charge a 5% charge on the minimum monthly average balance (MAB).
