ICICI Bank Savings Account

ICICI Bank is an eminent private sector banks in India. It was founded in 1994 and has consistently offered quality service to its customers throughout the past three decades. They extend an array of services and products to their valued customers and have successfully become a prominent and successful private bank of India. 

Types of ICICI Savings Account

These are the various types of ICICI Bank Savings account available to Indian customers: 

1. Titanium Privilege Account: This type of account offers privilege banking benefits to the customers as well as their family members. There are additional features such as free debit cards, locker rental discounts, nomination facility as well as money multiplier facility; these facilities offer a convenient banking experience to the customers. 

2. Gold Privilege Banking: This account is meant to help customers in building savings easily. It offers a variety of services apart from the normal features of a savings account. Additional facilities like a free gold privilege debit card as well as unlimited cash withdrawals at any bank’s ATM are offered to customers. 

3. Silver Savings Account: Customers of this account get additional benefits such as lower locker rental rate, DD/PO charges waiver, “Anywhere Banking” facility for free and SMS alerts facility. This account by ICICI is extremely customer-centric.

4. Regular Savings Account: Although it is a regular savings account, it comes with innumerable privileges and benefits. It gives access to the money multiplier facility. Customers also get a smart shopper silver debit card along with other VISA benefits upon opening this type of savings account. 

5. Pockets Savings Account: Pockets is a unique “Digital Bank." It is a virtual vault to store money to use it whenever needed. Customers of any bank are allowed to create a 'Pockets' account and start using it instantly to send and receive money. 

6. Young Stars Account: Any minor above 10 years of age can open a Young Stars account and operate it all by themselves. Parents can use this type of account to plan their child’s needs. Parents can assign a special standing instruction to debit money from their account to the Young Stars account. 

7. Advantage Woman Savings Account: This account is loaded with special benefits as well as exciting offers for women.  This account offers zero balance facility, unlimited cash withdrawal options along with a debit card for managing household expenses. 

8. Senior Citizens Savings Account: This is a special savings account meant for customers above 60 years of age. The Senior Citizens account helps the elderly people in carrying out their banking transactions without facing any hassle. 

9. Basic Savings Bank Account: This account is a zero balance savings account which doesn't have any charges on ICICI debit card. These accounts are operated under PMJDY or Pradhan Mantri Jan Dhan Yojana. Account holders get a free passbook, RuPay Debit card and cheque leaves. 

10. Three-in-one Online Trading Account: This is a unique platform provided by ICICI bank. It integrates trading, banking and demat transactions of customers. This account lets a customer trade equity funds, mutual funds, derivatives as well as IPOs. 

Apart from the above-mentioned account, ICICI Bank also offers salary accounts and personalized accounts such as No Frills Account, Freedom Savings Account, Family Banking Account, Bank @ Campus, Professional Savings Account, Resident Foreign Currency Account, Easy Receive Savings Account, etc.

ICICI Savings Account Minimum Balance

Type of Savings Account	Urban and Metro	Semi-Urban	Rural
Savings Account	Rs.10,000	Rs.5,000	Rs.2,000
Silver Savings Account	Rs.25,000	Rs.25,000	Rs.25,000
Freedom Savings Account	RS.10,000	Rs.10,000	Rs.10,000
Easy Receive Account	Rs.10,000	Rs.5,000	Rs.5,000
Senior Citizens Account	Rs.5,000	Rs.5,000	Rs.5,000
Young Stars	Rs.2,500	Rs.2,500	Rs.2,500
Bank @ Campus	Rs.500	Rs.500	Rs.500
Privilege Banking for Non-Senior Citizens	Rs.10,000 for blue Rs.50,000 for gold Rs.1,25,000 for titanium	Rs.10,000 for blue Rs.50,000 for gold Rs.1,25,000 for titanium	Rs.10,000 for blue Rs.50,000 for gold Rs.1,25,000 for titanium
Privilege Banking for Senior Citizens	Rs.10,000 for blue Rs.50,000 for gold Rs.1,25,000 for titanium	Rs.10,000 for blue Rs.50,000 for gold Rs.1,25,000 for titanium	Rs.10,000 for blue Rs.50,000 for gold Rs.1,25,000 for titanium
Advantage Woman Savings Account	Rs.10,000	Rs.10,000	Rs.10,000
Self-help Groups	Nil	Nil	Nil
No Frills Account, Regular Salary Account, Salary Privilege Account, Retiral & Pension Salary Account, Defence Salary Account	Zero	Zero	Zero

ICICI Savings Account Fees and Charges

Type of Account	Debit Card Fees	Charges for SMS Alert	ATM Interchange cost
Savings Account	Rs.150 per annum	Rs.15 per quarter	Rs.20 for financial and Rs.8.50 for non-financial after the free transactions
Silver Savings Account	Rs.150 per annum and Rs.99 for Gramin Waived off for senior citizens	Free	Free
Freedom Savings Account	Rs.150 per annum and Rs.99 for Gramin locations	Rs.15 per quarter	Free
Easy Receive Account	Rs.150 per annum and Rs.99 for Gramin locations	Rs.15 per quarter	Nil
Basic Savings Bank Account	Free	Rs.15 per quarter	Rs.20 for financial and Rs.8.50 for non-financial after the free transactions
No Frills Account	Free	Rs.15 per quarter	Rs.20 for financial and Rs.8.50 for non-financial after the free transactions
Regular Salary Account	Free	NA	Rs.20 for financial and Rs.8.50 for non-financial after the free transactions
Salary Privilege Account	Free	NA	Rs.20 for financial and Rs.8.50 for non-financial after the free transactions
Retiral & Pension Salary Account	Free	Free	Free
Defence Salary Account	Free	Free	Free
Senior Citizens Account	Free	Free	Free
Young Stars	Free	Rs.15 per quarter	Rs.20 for financial and Rs.8.50 for non-financial after the free transactions
Bank @ Campus	Free	Rs.15 per quarter	Rs.20 for financial and Rs.8.50 for non-financial after the free transactions
Privilege Banking for Non-Senior Citizens	Rs.99 for Gramin locations and Rs.150 for others in blue category Free for gold and titanium customers	Rs.15 per quarter for blue Free for titanium and gold customers	Free
Privilege Banking for Senior Citizens	Nil	Free	Free
Advantage Woman Savings Account	Rs.150 per annum and Rs.99 for Gramin locations	Nil	Free
Self-help Groups	NA	NA	NA

Money2World

Money2World is a remittance service. ICICI Bank had launched it in order to facilitate easy and convenient money transfers online. Indian residents can use this facility to transfer money to overseas bank accounts quickly. Money2World claims to be the first ever online portal in India for overseas remittances. Non-account holders of ICICI can also use this facility to transfer funds to anywhere around the globe in 16 currencies.

How does Outward Remittance Work?

Outward Remittance refers to money transfers made internationally for various purposes that are approved under the Foreign Exchange Management ICICI Bank's Money2World services are available at Forex enabled branches of ICICI bank.

Salient Features of Money2World

• All Indian residents who have a savings account in Indian banks can use this facility.

• One must register online in order to transfer money.

• It locks the exchange rate and shields the customers against fluctuations of conversion rates.

• One need not visit the bank to initiate the money transfer.

• The facility is offered in 16 different currencies: US dollar, Euro, British Sterling Pound, Singapore Dollar, Canadian Dollar, Norwegian Kroner, Swedish Kroner, Australian Dollar

• New Zealand Dollar, Swiss Franc, Danish Kroner, Hong Kong Dollar, Japanese Yen, Saudi Arabian Riyal, Qatari Riyal, Arab Emirates Dirham.

• Money transfer can be done from any Indian bank to any bank abroad that are approved by Foreign Exchange Management Act.

• Transaction reference number for easy tracking of the transfer request.

• A maximum amount of $25,000 can be remitted using this facility.

How to Register for Money2World Service?

ICICI customers need not register separately for the Money2World service - the online ICICI account gives access to this facility.

• Other customers must have a bank account in any Indian bank.

• Register online through the Money2World web page.

• Enter all required personal details (such as address, PAN, Aadhaar number and your bank account information, etc.).

• Validate the information to get login credentials.

• Add the beneficiaries for transfer of funds.

• Fund transfers initiated before 3 pm have the exchange rates locked till 7 pm.

• Fund transactions initiated after 3 pm have exchange rates locked till 9:30 am of the next day.

FAQS

1. Can one apply for an ICICI Savings Account online?

   Ans: Yes. It can be done by providing relevant details in the "savings account opening form" available on the bank’s website.

2. Who can be added as a joint account holder in an ICICI Bank Savings Account?

   Ans: Anyone above 18 years of age can be a joint account applicant.

3. How many nominees can an account have?

   Ans: There can be only one nominee - whether the account has a single holder or joint holders.

4. Can a minor be nominated to an ICICI Savings Account?

   Ans: Yes, provided that a guardian is named for the minor until he/she becomes an adult.

5. How to change the nominee for a savings account?

   Ans: It can be done through a declaration of the change in the required form.

6. How to access the funds in the ICICI Savings account?

   Ans: Funds in the Savings Account can be accessed through ICICI Bank branches, Net Banking, Phone Banking, ICICI Bank ATMs, Mobile Banking

7. How to create a Savings Account in ICICI Bank?

   Ans: An ICICI Bank savings account can be opened by: 

   • Online application through the bank's website.

   • Calling on ICICI toll-free number 1800 200 3045.

   • Sending an SMS to 5676766 by typing "TAB."

   • Visiting any branch of the bank 

8. When is the savings account the interest paid?

   Ans: Twice a year in June and December.