In the year 1955, ICICI Bank, an Indian multinational bank was established. It has nearly 5,900 branches across India and is headquartered in Mumbai with a registered office in Vadodara. The bank offers an array of financial and banking services along with products. Among these offerings, the ICICI Bank savings account is widely known among Indians as an ideal choice for parking their idle funds.
In this blog, we will walk you through a comprehensive guide on ICICI savings account interest rates along with all the associated details that you need to know.
Latest ICICI Savings Account Interest Rates 2024
The below table includes the applicable ICICI Bank SB account interest rate on different types of savings accounts offered by the bank.
| Balances (in ₹) | Interest Rate (% p.a.) |
| Below ₹50 Lakhs | 3.00 |
| Above ₹50 Lakhs | 3.50 |
ICICI Savings Account Minimum Balance Required
You can get an attractive ICICI SB interest rate by opening an account today. Before doing so, you must be well aware of the minimum balance required for the following types of ICICI savings accounts:
| Savings Account Type | Minimum Balance Required |
| Titanium Privilege Savings Account | ₹1,25,000 |
| Gold Privilege Savings Account | ₹50,000 |
| Silver Savings Account | ₹25,000 |
| Regular Savings Account | ₹10,000 in Metro/Urban locations |
| ₹5,000 in Semi Urban locations | |
| ₹2,000 in Rural locations | |
| ₹1,000 in Gramin locations | |
| Young Stars Account | ₹2,500 |
| Advantage Women’s Savings Account | ₹10,000 |
| Senior Citizens Savings Account | ₹4,500 |
| Basic Savings Account | NIL |
ICICI Bank Savings Account Charges 2024
Here are all the charges applied to ICICI bank saving schemes:
| Types of Charges | Service Charges Applicable |
| Cash Transaction Charges | ₹150 per transaction, post 4 free cash transactions per month. ₹5/₹1,000, post free limit of ₹1 lakh, per month or ₹150, whichever is higher. ₹5/₹1,000, for transaction value above ₹25,000 at non-home branch in a day or ₹150, whichever is higher. Third-party cash transactions are charged at ₹ 150/transaction. Per transaction value capped at ₹ 25,000. |
| ATM Interchange (Transactions non-ICICI ATMs) | 6 metro locations: ₹21 per financial transaction & ₹8.5 per non-financial transaction, post 3 transactions.| Other than 6 metro locations: ₹21 per financial transaction and₹8.5 per non-financial transaction, post 5 transactions. Maximum of 5 transactions free in a month, across locations, with a cap of 3 transactions at 6 metro locations. |
| Transactions at ICICI Bank ATMs / Cash Recycler Machines (cash withdrawals) | ₹21 per financial transaction, post 5 transactions. All non-financial transactions are free. |
| Issue of DD drawn on ICICI Bank by cheque/transfer | ₹50 per D.D. up to ₹10,000; ₹5 per thousand rupees or part thereof for DD of more than ₹10,000, subject to a minimum of ₹75 and a maximum of ₹15,000 For Rural locations – For amounts up to ₹10,000–₹40, For amounts above ₹10,000 till ₹50,000–₹60, For amounts above ₹50,000- ₹5 per thousand rupees or part thereof (maximum of ₹15,000) |
Why Choose an ICICI Bank Savings Account?
Read below to know some of the significant points which make ICICI Bank savings accounts stand out among other savings accounts of numerous banking institutions.
- It is one of the safest investment options, unlike other options. The bank does not invest your money but still offers assured returns of up to 45% via exclusive cashback and offers.
- By maintaining the minimum balance in your savings account, you can earn a higher ICICI deposit interest rate.
- With ICICI Bank, you get to access your account 24×7 through their online banking portal.
Key Benefits of ICICI Bank Savings Account
Below are a few prime benefits of an ICICI savings account:
- By opening an ICICI savings account, you can get access to its net banking facility. One can easily carry out their utility bill payments, mobile recharges, online shopping, money transfers, and many more from the ICICI Bank internet banking portal.
- The bank offers various facilities like SMS alerts, e-statement downloads, etc.
- ICICI Bank offers personalised bank account numbers and debit cards to ensure optimal safety.
- An ICICI savings account holder can easily link their savings account with other deposit accounts.
- The bank allows its customers to complete their KYC process over video calls.
- You will also get insurance benefits like air accident coverage, purchase protection coverage, etc.
Additional Benefits Associated with ICICI Bank Savings Account
Here are the other additional benefits of opening an ICICI savings account:
- The bank will offer a complimentary platinum debit card to the ICICI savings account holder.
- The bank also offers virtual debit card facilities.
- You can earn thousands of rewards by opening a savings account with this bank.
- One will get exclusive offers on various third-party shopping platforms like Amazon, Flipkart, Swiggy, PharmEasy, etc.
- An individual can earn up to one payback point for each spend of ₹200 on the ICICI debit card.
- From the ICICI savings account, you will also get VISA privileges.
How to Open an Online ICICI Savings Account?
In case you are looking for steps on how to open an online savings account with the ICICI bank, read below.
- Step 1: Go to the official website of the ICICI bank.
- Step 2: Take your cursor to the left of your screen and click on the ‘Accounts’ option.
- Step 3: Click on the ‘Savings Account’ option.
- Step 4: Tap the ‘Open Savings Account Instantly’ option.
- Step 5: Select the applicable profile within the given options.
- Step 6: After carefully reading the privileges, tap on the ‘Proceed’ button.
- Step 7: Specify your personal details that are required to open a savings account.
- Step 8: Add funds to your ICICI savings account.
- Step 9: Get ready for the video KYC by keeping your PAN card handy.
How to Open an Offline ICICI Savings Account?
Apart from the online mode, one can open an ICICI savings account through the offline method. Read along to know the steps.
- Step 1: Visit the nearest ICICI branch.
- Step 2: Ask for the savings account opening form from the representatives of the bank.
- Step 3: Carefully fill up the form with some personal and other details.
- Step 4: Select the type of savings account you want to open.
- Step 5: Attach all the self-attested documents like PAN card, Aadhaar card, etc with the duly filled form.
- Step 6: Collect and fill up the deposit cash slip followed by submitting it.
After the verification process is done from the bank’s end, your ICICI savings account will be created. From that day onwards, ICICI savings account interest rates will be levied on your account.
Eligibility Criteria to Open ICICI Bank Savings Account
One needs to meet the following eligibility criteria to enjoy attractive ICICI savings account interest rates and other benefits.
- Resident Individual
- HUFs (Hindu Undivided Families)
- Foreign national individuals
- Must be above 18 years old
- Must be below 18 years old (in the case of Young Star/Smart Star savings account)
- Should be above 60 years old (in case of senior citizens savings account)
Documents Required For Opening ICICI Savings Account
For a hassle-free account opening experience, keep all the below-listed documents handy.
Communication Address Proof
- Utility Bills (for the last two months)
- Municipal tax receipt (not older than one year)
- Property tax bill (not older than one year)
- Letter of allotment for accommodation issued by Central or State Government, public sector undertakings, etc.
- Pension/family pension payment orders issued by Central or State Government, public sector undertakings, etc.
- Leave and licence agreement
Identity Proof
- NREGA Job card
- Aadhaar card
- Voter ID
- Passport
- Letter from the National Population Register
- Driving licence
Types Of ICICI Savings Account And Its Features
A savings account is the first step in the journey of personal finance. However, you will get a varied array of types of savings accounts in ICICI Bank. As per your choice, you can open the desired savings account. It is important to know a few salient features of all the types thus here is a detailed overview.
| Basic Savings Account | No Average Monthly Balance stated |
| No initial deposit to open the account | |
| Can be opened as both single/joint account | |
| Mobile and Internet Banking is available (on request) | |
| Get a free passbook and cash deposits | |
| Instant Savings Account | Smart Shopper Silver Debit Card will be issued |
| Get up to 5 free ATM withdrawals at any bank’s ATM/month | |
| Get free monthly email statements | |
| Exciting offers on restaurants, online shopping and also travel | |
| 24×7 banking services | |
| Privilege Savings Account | The account holder will get a free Titanium Privilege debit card with no annual charges |
| Air accident insurance of ₹40 Lakh is offered | |
| Personal accident insurance of ₹10 Lakh is provided | |
| A dedicated relationship manager is provided | |
| Account holders will get the privilege of accessing all ICICI branches | |
| Preferential rates on personal, home and education loans | |
| Savings Account for Women | Available with cashback offers |
| Unlimited access to ATMs of all banks | |
| Attractive offers on restaurants, online shopping and also travel | |
| Get cashback of up to ₹750/month on entertainment and jewellery purchases | |
| Locker Facility is available (moreover at 50% off) | |
| Family Savings Account | Various bill payments, balance enquiries, FD creation requests, etc can be done through this account |
| The entire family can meet their diverse banking needs through a single account. | |
| Each member of the family does not have to maintain the minimum balance. Therefore, a lower balance is required at the family level. | |
| 3-in-1 Account | You can easily open a demat account or trading account through a 3-in-1 ICICI savings account. |
| Such an account is ideal for investors looking to trade in markets. |
Steps to Open ICICI Bank Video KYC Savings Account
Below are the steps to open an ICICI Bank video KYC savings account:
- Step 1: Go to the official website of ICICI Bank.
- Step 2: Click on the ‘Inst Savings Account’ option.
- Step 3: Enter your PAN card number and authenticate it by using OTP and UID details.
- Step 4: Enter a few personal and other details.
- Step 5: After your account is created successfully, click on the ‘video KYC’ option.
- Step 6: You have to give access to the location on your device.
- Step 7: Keep your PAN card, black or blue dot pen, and a white sheet.
- Step 8: Proceed with the KYC video call to complete the process.
ICICI Savings Account Transaction Limit
The below table includes all the transaction limits applied to the ICICI savings account:
| Particulars | Transaction Limits |
| Domestic Transaction | ₹1,00,000 (daily spending limit) |
| ₹50,000 (daily withdrawal limit) | |
| International Transaction | ₹1,00,000 (daily spending limit) |
| ₹50,000 (daily withdrawal limit) | |
| Cash Transaction (made in branches) | No charges will be imposed on the first four transactions made in a month. After that, ₹90 will be charged/transaction. |
| ATM Transactions | The first five transactions are free. After that, ₹20 is charged for each financial transaction and ₹8.50 is charged for each non-financial transaction. |
| Charges on cash transactions at the branch are made when the minimum balance is not maintained | No charges are levied during the first two transactions made in a month. After that, ₹90 is charged as a penalty for each transaction. |
How to Close an ICICI Bank Savings Account?
Refer to these easy-to-follow steps for closing an ICICI savings account:
- Step 1: Go to the nearest branch of CIC Bank.
- Step 2: Collect the savings account closure form.
- Step 3: Carefully fill in the form with a few personal and other details.
- Step 4: Submit your KYC documents along with the duly filled form.
- Step 5: Return your ICICI savings account debit card, passbook, and chequebook to the bank.
Afterwards, the representative of the bank will verify all the submitted documents and will eventually close the account permanently.
ICICI Savings Account Onboarding Kit
After you successfully open an ICICI savings account, the representatives of the bank will give you an onboarding or welcome kit. Have a glance at the following items which you will receive in this kit:
- Private PIN
- Debit Card
- Passbook
Final Word
With subsidiaries in 17 other countries besides India, ICICI Bank is constantly optimising its online banking portal by incorporating unique technologies to facilitate your account opening procedure. Now that you know all about ICICI savings account interest rates, features, eligibility, types, and other aspects, make an informed decision. To enjoy the various benefits offered by the ICICI savings account, all you need to do is perform the above-stated steps.
FAQ
Yes, an ICICI savings account holder can make their payment via varied payment modes. Although, one must remember that three modes (at least) must be active for 6 months.
Yes, an individual can open two savings accounts with the ICICI bank.
Yes, the ICICI bank allows one to open zero-balance savings accounts which have no minimum balance requirement.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
