ICICI Bank Savings Account – Types, Features & How to Open

ICICI Bank savings account comes with countless unique features and personalised services. With an extensive branch and ATM network, phone banking and internet services, ICICI savings account holders will have easy access to money anytime. Also, you can earn more than just interest with ICICI’s Reward Point scheme.

Features of ICICI Bank Savings Accounts

The following are the key features of ICICI Bank Savings Accounts: 

1. Ease access to account through mobile banking service 

1. Offers 24x7 internet banking facility 
2. Provides a touch banking on Sundays through self-service branches 
3. Allows easy financial planning for Public Provident Fund, My Money, and Atal Pension Yojana 
4. Enable user to choose their preferred account number 
5. Provides systematic saving option 

1. Allows users to choose an image for a personalised debit card 
2. Users can avail 45% return on savings accounts through internet banking, cashback, and other offers 

Types of ICICI Bank Savings Accounts  

Customers often prefer Savings Accounts due to their security and liquidity. However, simply opening a Savings Account is not enough – choosing the right type of Savings Fund is essential to fully enjoy the benefits. Here's an overview of the different options available: 

1. Regular Savings Account: Regular Savings Account offers secure savings with a stable interest rate, ideal for those who want to keep their money safe and accessible. It's perfect for customers looking for liquidity without fluctuations in interest rates. 

1. Student Savings Account: A students savings account designed as Campus Accounts caters to students aged 18-27 enrolled in pre-approved courses. There are also Student Accounts available for NRI students, offering tailored banking services for their unique needs. 

1. Instant Savings Account: An Insta Savings Account, like ICICI Bank's InstaSave, can be opened online without visiting a branch. This option is convenient for those who prefer a hassle-free account setup using Aadhaar, PAN, and basic details. 

1. Savings Account for Women: Designed for financially independent women, accounts like ICICI's Advantage Women's Savings Account provide benefits such as reward points on debit card use and easy, instant account opening. 

1. Privilege Savings Account: Privilege Accounts offer exclusive perks, such as discounted locker facilities, unlimited withdrawals, priority services, and access to a dedicated banking assistant. ICICI Bank offers several types of Privilege Savings Accounts with exciting features. 

1. Family Savings Account: A Family Savings Account allows multiple family members to manage their banking needs through a single platform, offering advantages like lower minimum balance requirements and wealth management services. 

1. 3-in-1 Account (Trading, Demat, and Savings): This account combines a Savings, Demat, and Trading Account under one roof, making it ideal for those actively engaged in retail trading. More financial institutions, like ICICI Bank, are offering this option. 

1. Salary Accounts: Specifically for salaried employees, this account offers the benefits of a Regular Savings Account, with the added advantage of a zero minimum balance requirement, meaning no need to maintain a minimum amount. 

Note: Different types of Savings Accounts may offer varying interest rates, with some providing higher returns than regular accounts. 

Family 360° Banking Features & Benefits 

Exclusive Perks for You: 

1. Flexibility to manage account balances across Personal, Business & Family Accounts 

1. Special rates on remittances 

1. Premium Credit, Travel, and Debit Cards 

1. Complimentary accident insurance of up to Rs. 40 lakh 

Unmatched Benefits for Your Family: 

1. Program benefits extended to family members 

1. Savings Account with Debit Card & chequebook for minors 

1. Campus Power Savings Account for higher education needs 

1. Priority assistance for Senior Citizens through a dedicated Senior Citizen Desk & Doorstep Banking 

1. Comprehensive health protection with Health Shield 360 

Top Privileges for Salary Accounts: 

1. No minimum balance requirement 

1. Unlimited access to ICICI Bank and other bank ATMs 

Complimentary airport lounge access: two visits per quarter for you and three guests with Family Debit Card (on family account linkage) 

1. Complimentary ICICI Bank Gemstone Credit Card (subject to CIBIL score and salary eligibility) 
2.  First-year discount on locker rent (based on availability) 

Outstanding Business Benefits: 

1. No minimum balance required if Total Relationship Value is maintained 

1. Pricing benefits by grouping Family, Personal, & Business Accounts 

1. View & transact across linked Current Accounts via Corporate Internet Banking 

1. Seamless fund pooling between Current and Savings Accounts 

1. Switch between Personal and Business Internet Banking platforms 

1. Single Current Account for both domestic & international transactions 

Exceptional Loan Benefits: 

1. Home and Car Loans with discounted processing fees 

1. Education Loans for India and overseas with competitive interest rates 

1. Complimentary Gold Business Debit Card 

Special Investment Benefits: 

1. No account opening charges & waiver of first-year Annual Maintenance Charges for Demat Account 

1. Access to the Government-backed Senior Citizen Savings Scheme (SCSS) 

Young Star Regular Savings Account Features & Benefits 

1. Guardian-operated account on behalf of a minor 

1. Free Titanium Debit Card 

1. iWish goal-based savings to help reach your child’s milestones 

1. Manage transaction limits via the iMobile Pay app 

1. 25 complimentary cheque leaves per year 

1. Rs. 2,500 minimum Monthly Average Balance required 

Young Star Wealth & Private Banking Savings Account Features & Benefits 

1. Guardian-operated account on behalf of a minor 

1. Complimentary MasterCard World Debit Card for wealth management 

1. iWish goal-based savings to plan for your child’s future milestones 

1. Manage transaction limits via the iMobile Pay app 

1. Unlimited complimentary cheque leaves 

1. No minimum Monthly Average Balance required 

Smart Star Regular Savings Account Features & Benefits 

1. Self-operated account, with or without guardian consent 

1. Seamless UPI payments via iMobile Pay 

1. Complimentary Titanium Debit Card 

1. Annual debit transaction limit of Rs. 2,00,000 with guardian consent, Rs. 50,000 without guardian consent 

1. Manage transaction limits via the iMobile Pay app 

1. 25 complimentary cheque leaves per year 

1. Minors can independently issue cheques within the cumulative debit card transaction limit 

1. Rs. 2,500 minimum Monthly Average Balance required 

Smart Star Wealth Savings Account Features & Benefits 

1. Self-operated account with guardian consent 

1. Seamless UPI payments via iMobile Pay 

1. Complimentary MasterCard World Debit Card 

1. Annual debit transaction limit of Rs. 5,00,000 

1. Manage transaction limits via the iMobile Pay app 

1. Unlimited complimentary cheque leaves 

1. Minors can independently issue cheques within the cumulative debit card transaction limit 

1. No minimum Monthly Average Balance required 

Campus Power Savings Account 

The Campus Power Savings Account is designed to meet all your banking needs as a student. Whether it's making hassle-free daily payments via UPI, enjoying the freedom of spending with a complimentary Credit Card, planning for financial independence with smart investments, or benefiting from preferential rates on Education Loans, this account has everything covered. 

Features and Benefits of Campus Power Savings Account 

1. Privilege Banking Access: Enjoy the benefits of ICICI's Privilege Banking Programme for both you and your family. 

1. Complimentary Credit Card: Choose from a variety of Credit Cards with no annual or joining fees for eligible students from select institutes. 

1. Zero Balance Account: No minimum balance is required, allowing you to focus on your studies without financial stress. 

1. Digital Banking: Seamlessly manage your finances through the ICICI Bank iMobile Pay app, offering convenient digital banking solutions. 

1. Investment Options: Easily invest in stocks, mutual funds, and more with a flat brokerage of just Rs. 20. 

1. Education Loans: Access preferential rates for Education Loans, both for studying in India and abroad. 

1. Insurance Coverage: Benefit from complimentary Air Accident Insurance coverage of Rs. 50,000. 

1. Premium Alumni Credit Card: Receive a special alumni credit card after graduation, subject to eligibility. 

1. Exciting Offers: Unlock exclusive discounts and deals on your favourite brands. 

1. The Orange Book: Stay updated with monthly editions of ICICI Bank's 'The Orange Book', providing financial tips and insights. 

1. Exclusive for Select Institutes: This account is exclusively available to students from select institutions with no minimum balance requirement. 

Senior Citizens Savings Account Features and Benefits 

Priority Assistance: 

1. Dedicated Senior Citizen Desk: Quick and efficient service at all branches through a special desk for senior citizens. 

1. Doorstep Banking: Enjoy hassle-free cash deposits or withdrawals, DD or cheque pickup, KYC documentation, and life certificate submission, all at no extra cost. 

1. Phone Banking: Get assistance by calling the toll-free number 1800 1080 for any banking queries. 

Senior Citizen Savings Scheme (SCSS): 

1. Higher Returns with Tax Benefits: Maximise your savings with SCSS, offering competitive returns along with tax-saving advantages. 

Convenient Anytime, Anywhere Banking: 

1. Form 15H: Submit Form 15H digitally via Internet Banking or the iMobile Pay app. 

1. Fund Transfers: Secure and convenient fund transfers at your fingertips. 

1. Online FD Opening: Instantly open Fixed Deposits through Internet Banking or the iMobile Pay app. 

1. Tax Payments: Make secure digital tax payments with ease. 

Additional Services: 

1. Life Certificate Submission: Available digitally for both ICICI Bank and non-ICICI Bank customers. 

1. Passbook Updates: Get your passbook updated at any branch. 

1. SCSS, NPS, PPF: Access quarterly interest payouts through the Senior Citizen Savings Scheme (SCSS) and manage National Pension Scheme (NPS) or Public Provident Fund (PPF) accounts. 

Enhanced Digital Banking Security:

1. Two-step Verification: Added protection for online fund transfers. 

1. Debit Card or Credit Card Security: Easily block or unblock cards, set payment limits, and enjoy seamless online transactions. 

1. Automatic Logouts: Inactive sessions are automatically logged out for added safety. 

1. Data Protection: Transactions are secured with end-to-end 256-bit encryption. 

Eligibility Criteria for Opening a Savings Account in ICICI Bank 

To open a savings account with ICICI Bank, individuals must meet the following eligibility requirements: 

1. Resident individuals, foreign nationals, and HUFs (Hindu Undivided Families) above 18 years of age. 

1. Minors can open a savings account specifically designed for minors. 

1. Senior citizens aged 60 years and above. 

Note: For specific account eligibility criteria, visit the bank’s website. 

Steps to Open an ICICI Bank Savings Account Online 

Follow these steps to open a digital savings account online with ICICI Bank: 

Step 1: Visit ICICI Bank’s official website. 

Step 2: Navigate to the ‘Accounts’ section on the left side of the screen. 

Step 3: Select the ‘Savings Account’ option. 

Step 4: Click on ‘Open Savings Account Instantly’ and choose your applicable profile. 

Step 5: Review the benefits of a Digital Savings Account, then click ‘Proceed.’ 

Step 6: Fill in your personal details. 

Step 7: Add funds to your account (keep your UPI handle ready). 

Step 8: Complete the video KYC process with your PAN card handy. 

Step 9: Your digital account will be successfully opened. 

Steps to Open an ICICI Bank Savings Account Offline 

To open a savings account offline, visit the nearest ICICI Bank branch and follow these steps: 

Step 1: Collect and fill out the savings account application form. 

Step 2: Provide your basic details to the bank official and choose your preferred savings account. 

Step 3: Submit self-attested copies of your Aadhaar and PAN card. 

Step 4: Submit all required documents, along with a deposit cash slip or demand draft and identity proofs. 

Step 5: After successful verification, your account will be opened. 

Step 6: You will receive a welcome kit with all the necessary documents to help you manage your account. 

GST of 18% is applicable on all banking products and services from July 2017 onwards.