ICICI Bank Savings Account
Nirmala started a small business to support her family during the difficult times of Covid-19. She believes that a little extra income never hurts and wants to save up the money for a secure future or use it in times of need.
Now Nirmala wants to open a bank account that will allow her to store her cash cushion and also benefit by gaining interest over it. She went to different banks and also got the information off the Internet with the help of her children. Here are Nirmala’s findings of the best way to store money and other details regarding savings accounts:
What is a savings account?
Savings accounts are interest-bearing money deposit accounts held by a bank or any other financial institution. These accounts generate a modest amount of income but are mostly preferred due to their safety and reliability. It is one of the most reliable methods to store money for short-term needs.
Savings accounts avail you the option of keeping your money liquid while earning interest on it.
ICICI Bank Savings Account
ICICI bank offers versatile banking/financial products and services with branches spread all over the country. The availability of multiple types of savings accounts depending upon the customer’s needs makes them an ideal option. In addition to versatile choices are the attractive rates of interest varying from 3% to 3.50% per annum. You can quickly get your own ICICI bank savings to an account at your nearest branch, regardless of your geographical location. ICICI bank avails the minimum balance limit ranging from Rs. 1,000 to Rs. 10,000.
Types of Savings Account by ICICI Bank:
- Titanium Privilege Account
- Gold Privilege Banking
- Gold Plus Savings Account
- Silver Savings Account
- Regular Savings Account
- Advantage Woman Savings Account
- Seniors Club Savings Account
- Young Stars Account
- 3-in-1 Account
- Smart Secure Savings Account
- Basic Savings Account
The Process of opening of ICICI Bank Savings Account
Opening savings account in ICICI Bank Online
To open Online savings account in ICICI Bank, follow the given easy steps:
- Go to the ICICI bank’s website for Savings Account.
- Go through the various types of savings account services the bank offers and choose the one most suitable for you and your needs.
- Click on “Open an Account”
- Fill in your Aadhaar Card Number to begin.
- Fill out all the required information in the given form and attach all the required documents that match the information on the application form.
- Once the form is filled out, the bank will verify all the documents submitted, and you will be contacted to make an initial deposit and get the welcome kit. Within 3-5 business days, you will be able to use your savings account.
Opening savings account in ICICI Bank Offline
To open Offline savings account in ICICI Bank, follow the given easy steps:
- Visit your nearest ICICI branch and ask for the Account Opening Form.
- Fill in all the details required on the form carefully and in the given fields.
- Submit the form at the assigned counter with self-attested Know Your Customer documents and two recent passport size pictures
- Once the form submission and the documents are made, it will get verified.
- Upon completing the verification process, you have to make an initial deposit, depending on the savings account you have selected.
- Once the process is done, you’ll receive a welcome kit that contains a debit card, secret PIN, and passbook, among other things.
- Your savings account will get activated in a few working days; the bank will send a notification regarding the same on your registered mobile number.
Documents Required to Open ICICI Bank Savings Account:
Identity proofs and address proofs:
- Driving Licence issued by the Regional Transport Authority
- Voter ID
- Letter from the National Population Register
- Proof of possession of the Aadhaar number.
- Utility Bill not older than two months
- Property Tax Bill or Municipal Tax receipt,
Eligibility Criteria to Open Savings Account in ICICI Bank
Titanium Privilege Account:
- The applicant should be an Indian resident
- Should belong to the age category 18 – 60 years
Gold Privilege Banking:
- Must be an Indian Citizen
- Needs to be above 18 years
- Account is only available for minors and senior citizens over the age of 60
Gold Plus Savings Account:
- Resident Individuals, Hindi Undivided Family (HUF), and Foreign National Customers
- Applicant needs to be above the age of 57, and age is above 50 for any defense personnel
Silver Savings Account:
- Indians, HUF, and foreign national
- The age of the applicant should be above 18 years
- Parents/guardians can open Account on behalf of minors (below 18 years)
Regular Savings Account:
- Indian residents only
- Age should be 18 or above
Advantage Woman Savings Account:
- All Indian resident women
- Age must be 18 years or above
Senior Club Savings Account:
- All the Senior citizens ( Indian residents only)
- Specially made for senior citizens
Young Stars Account:
- For minors (children in the age group 1-18)
- Minor applicants below ten years of age can opt for Smart Star Account
- All Indian residents
Smart Secure Savings Account:
- Indian residents in the age group 18 – 45 years
Basic Savings Account:
- Only Indian residents
- A customer with no account in ICICI Bank
Features and Benefits of ICICI Bank Savings Account
ICICI Bank offers a plethora of services for its customers. These services are designed to make the customer’s life simpler and more convenient. Some of the exclusive features and benefits the ICICI bank customers enjoy are:
- Access to Investment Benefits like mutual funds, public provident fund, and National Pension Scheme
- Access to Deposit schemes like Fixed deposit, recurring deposit, IWISH
- Access to Life insurance like term insurance plans and health insurance plans
- Access to general Insurance like Car Insurance, health insurance, and travel insurance
- – Free Anywhere Banking across all branches
- 15% to 20% discount on locker annual locker rentals
- Exclusive Privilege Banking zones at branches
- Free unlimited access to other banks’ ATMs
- Availability of mobile banking app
- Easy Internet banking accessible
Savings was and always will be a safety net for many. Savings Account is the most practical way to store money safely and gain interest in it. ICICI Bank avails exciting choices for the customers to choose from and select their suitable Bank savings account. Our article contains all the essential information you will need to initiate your savings journey.
Can I choose to get a local cheque book through an ATM?
Yes, the ICICI bank customers can easily select local/multi-city cheques without any issues.
Is a PAN Card compulsory for opening a Savings Bank Account?
Yes. According to the regulatory guidelines, only individuals with PAN Cards can apply for a savings account.