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- ICICI Savings Account Interest Rates 2024
- ICICI Bank Savings Account Fees and Charges
- Features of ICICI Savings Account
- Benefits of ICICI Savings account
- How to open an ICICI Savings Bank Account?
- Types of Savings Bank Account
- Frequently Asked Questions
ICICI Bank offers different savings accounts for different types of investor needs. The ICICI bank savings account interest rate up to 3.0% – 3.50% p.a. The interest computation is on a daily basis however, the payments are on a quarterly basis. The article covers the ICICI savings account, its features, benefits, interest rates and types in detail.
ICICI Savings Account Interest Rates 2024
| ICICI Savings Account | ICICI Bank Interest Rates | Minimum Balance |
| ICICI Insta Save Account | 3% – 3.50% | Rs. 10,000 |
| ICICI Advantage Woman Aura Savings Account | 3% – 3.50% | Rs. 10,000 – Rs. 2,00,000 (varies as per the Savings Account Variant) |
| ICICI Advantage Woman Savings Account | 3% – 3.50% | Rs. 10,000 |
| ICICI Seniors Club Savings Account | 3% – 3.50% | Rs. 4,500 – Rs. 125,000 (varies as per the Savings Account Variant) |
| ICICI Young Stars Savings Account | 3% – 3.50% | Rs. 2,500 |
| ICICI Smart Star Savings Account | 3% – 3.50% | Rs. 2,500 |
| ICICI Retire Happy Savings Account | 3% – 3.50% | Rs. 25,000 |
| ICICI Savings Family Banking | 3% – 3.50% | Nil |
| ICICI Regular Savings Account | 3% – 3.50% | Rs. 2,500 – Rs. 10,000 (varies as per the Savings Account Variant) |
| ICICI Silver Savings Account | 3% – 3.50% | Rs. 25,000 |
| ICICI Basic Savings Bank Account | 3% – 3.50% | Nil |
| ICICI Easy Receive Savings Account | 3% – 3.50% | Rs. 5,000 – Rs. 10,000 (varies as per the Savings Account Variant) |
| ICICI Defence Salary Account | 3% – 3.50% | Nil |
| ICICI Bank@Campus | 3% – 3.50% | Nill |
ICICI Bank Savings Account Fees and Charges
| ICICI Savings Account | Debit Card Fees | SMS Alert Charges | ATM Interchange Fees |
| Advantage Woman Aura Savings Account | INR 150 p.a.For Gramin locations – INR 99 p.a. | INR 15 per quarter | Nil |
| Advantage Woman Savings Account | INR 150 p.a.For Gramin locations – INR 99 p.a. | Nil | Nil |
| Seniors Club Savings Account | Nil | Nil | Nil |
| Young Stars Savings Account | Nil | INR 15 per quarter | INR 21 for FinancialINR 8.50 for Non-Financial after free transactions |
| Smart Star Savings Account | Nil | Nil | INR 20 for FinancialINR 8.50 for Non-Financial after free transactions |
| Retire Happy Savings Account | Nil | Nil | Nil |
| Regular Savings Account | INR 150 p.a.For Gramin locations – INR 99 p.a. | INR 15 per quarter | INR 21 for FinancialINR 8.50 for Non-Financial after free transactions |
| Silver Savings Account | Nil | Nil | INR 21 for FinancialINR 8.50 for Non-Financial after free transactions |
| Basic Savings Bank Account | Nil | Nil | Nil |
| Easy Receive Savings Account | INR 150 p.a.For Gramin locations – INR 99 p.a. | INR 15 per quarter | Nil |
| Defence Salary Account | Nil | Nil | Nil |
| Bank@Campus | Free | INR 15 per quarter | INR 21 for FinancialINR 8.50 for Non-Financial after free transactions |
Features of ICICI Savings Account
Following are the features of ICICI savings account:
- Minimum account balance: The minimum account balance of ICICI savings accounts is INR 10,000 in metro and urban cities. Also, for semi-urban locations, the minimum balance is INR 5,000 and INR 2,000 for rural locations.
- Fund Transfer: Transferring funds with ICICI bank is easy. Furthermore, you can transfer funds to any other bank account through UPI, RTGS, IMPS, and NEFT modes.
- ATM Card facility: ICICI issues debit cards for all its savings accounts. However, the type of card, its benefits and features differ on the basis of the type of savings account.
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Benefits of ICICI Savings account
Following are the benefits of ICICI bank savings account:
- A safe form of investment: Saving in the ICICI savings account is considered safe as the amount is not subject to volatility.
- Internet Banking facilitates: ICICI offers internet banking facilitates to their savings account holders. Also, through ICICI internet banking, one can pay utility bills and invest in or withdraw from any term deposit like fixed deposit, recurring deposits and mutual funds. Furthermore, online shopping, fund transfer, and balance enquiry are easy through the internet banking facility.
- Mobile Banking facilities: ICICI mobile banking facilities include paying bills, balance enquiries, IMPS transfers, getting statements on demand, making enquiries, and also requesting cheque books.
- SMS Alerts and e-Statement: ICICI savings account offers SMS alter and also e-statement facility.
- Personalised Banking: The bank offers personalised cheque book, debit cards and also account numbers to ensure safety.
- Auto Sweep Facility: Furthermore, ICICI gives the depositors an option to link their savings account to a multi-option deposit account.
How to open an ICICI Savings Bank Account?
One can open an ICICI savings bank account by either visiting the nearest bank branch or online at their convenience. Opening the account online is simple; the following are the steps:
- Visit the ICICI bank website.
- Under the ‘Accounts’ tab, select ‘Savings Account’.
- Read about all the different types of savings accounts, understand all the benefits, rules and regulations before proceeding.
- Click on ‘Open an Account Instantly’.
- Provide the following details: Mobile Number, Email ID, and PAN Number to proceed.
- Using the OTP sent to your registered mobile number, verify your Aadhar information.
- Accept terms and conditions to open the account.
- Furthermore, as a final step, complete your Video KYC and start enjoying the benefits of your fully functional digital savings account!
However, before opening the ICICI bank savings account, you should meet the following eligibility criteria:
- Should be a resident Indian above the age of 18 years.
- Have a valid Aadhaar Card number (it should be linked to the individual’s mobile number) and also Permanent Account Number PAN Card number
Following are the documents required to open an ICICI savings account:
- Account opening form, or a printout of the filled account opening form
- Two coloured passport size photographs
- Identity proof – Driving License, Voter ID, Aadhar Card, PAN Card, Senior Citizen Card, and any Government ID card.
- Residence proof – Passport, Aadhaar Card, Utility Bills, Bank statement with cheque, and the certificate is given by the Post Office.
- For a minor below ten years, ID proof of the guardian who will operate the account is required.
Types of Savings Bank Account
Insta Save Account
Insta Save Account is an Aadhaar based savings account that can be opened instantly online. Following are the features of the account:
- Average Monthly Balance: INR 10,000
- Debit Card: Smart Shopper Silver Debit Card
- ATM Withdrawals: Up to 5 free ATM withdrawals at any banks’ ATM every month
- Monthly Statements: Free monthly email statements.
- Offers: Exciting offers on restaurants, online shopping and also travel.
Advantage Woman Aura Savings Account
Advantage Woman Aura Savings Account is a women’s savings account that offers unique benefits. Also, the account offers housing convenience, shopping, travel, knowledge enhancement and more. The scheme can be opened by a resident Indian working woman older than 18 years. Following are five types of woman advantage accounts: Regular, Silver, Gold, Magnum and Titanium. And, following are the features of the account:
- Average Monthly Balance: INR 10,000 to INR 2,00,000, depending on the type of account.
- Debit Card: Available with cashback offers.
- ATM Withdrawals: Unlimited access to ATMs of all banks.
- Offers: Exciting offers on restaurants, online shopping and also travel.
- Cashback: Up to INR 750 per month on entertainment, dining, and also jewellery purchases.
- Locker Facility: Available, moreover at 50% off
Advantage Woman Savings Account
The Advantage Woman Savings Account is curated specifically for modern, financially independent women, taking into account their various needs. Also, women can take advantage of a variety of fascinating features, shopping perks, special prizes, and much more with this savings account system. Following are the features of the account:
- Average Monthly Balance: INR 10,000
- Debit Card: Available with cashback offers.
- ATM Withdrawals: Unlimited access to ATMs of all banks.
- Offers: Exciting offers on restaurants, online shopping and also travel.
- Cashback: Up to INR 750 per month on entertainment, dining, and also jewellery purchases.
- Locker Facility: Available, moreover at 50% off
Seniors Club Savings Account
Seniors Club Savings Account is for senior citizen depositors. Furthermore, the scheme offers higher interest rates, greater banking ease and more. Following are different types of account variants: Regular, Silver, Gold Privilege, Gold Plus Privilege, and Titanium. Following are the features of the account:
- Average Monthly Balance: INR 4,500 to INR 1,25,000, depending on the type of account.
- Interest Rates: Higher interest rates when the account balance is more than INR 75,000.
- Hospitalization Allowance: Hospital cash benefits up to INR 1,000 per day for a maximum duration of 30 days.
- Value-added Services: SMS alerts, passbook facility, banking anywhere, email statement, dedicated desks at banks, and also locker facility at a discount.
Young Stars Savings Account
Young Stars Savings Account is a savings account for kids. Following are the features of the account:
- Average Monthly Balance: INR 2,500
- Debit Card Spend and Withdrawal Limit: Daily limit of INR 2,500 and INR 5,000, respectively.
- Eligibility: Young Stars Account – Minors < 18 years and Smart Star Account – 10 years to 18 years
- Transfers: Also, guardians can give standing instructions to transfer cash from their account to young stars’ accounts.
Smart Star Savings Account
Smart Star Savings Account is for minors above the age of 10 years. Furthermore, they can independently operate the account. The account aims to instil a saving habit as well as a sense of responsibility to spend wisely. Following are the features of the account:
- Debit Card: Personalized card with a daily limit of INR 5,000 for cash withdrawals and shopping.
- Passbook: Free passbook
- Email Statements: Free monthly statements
Smart Savings Account has the following two variants:
- Smart Star Savings Account with Guardian Consent – has a limit of not more than INR 2 lakh in debit transactions per financial year.
- The Smart Star Savings Account without Guardian Consent has a limit of not more than INR 50,000 in debit transactions per financial year.
Retire Happy Savings Account
Retire Happy Savings Account suitable for senior citizens. The account aims to take care of your money as well as cater to your wellness across health, lifestyle and banking with multiple benefits. Also, you can credit your monthly pension to this savings account. Following are the features of the account:
- Healthcare Benefits: Hospitalization allowance, health insurance, air accident insurance, discount on medical bills, and also online doctor consultation.
- Lifestyle Benefits: Caters to dining, travel, medical, events, shopping, fitness and also lifestyle needs.
- Loan Facility: Available
- Locker Facility: Available, moreover at a 45% discount.
Savings Family Banking
Savings Family Banking allows family members to consolidate all of their accounts into a single-Family Savings Account or Family Id. Also, these accounts can be anything from a savings account to a fixed deposit or a recurring deposit. As a result, you will be able to bank whenever and wherever you want. Routine operations such as bill payments, FD creation requests, and balance inquiries can all be done through one Family Savings Account. Following are the features of the account:
- Minimum Balance: Each member of the family doesn’t have to maintain the minimum balance. Therefore, a lower balance requirement at a family level.
- Single Account: The entire family can meet their diverse banking needs.
Regular Savings Account
An account to perform regular transactions such as balance enquiry, fixed deposit creation requests and bill payments. Following are the features of the account:
- Convenience Banking: Bank from anywhere and anytime.
- Debit Card: Silver debit card and can earn reward points.
- Nomination Facility: Available
Silver Savings Account
Silver Savings Account is for young professionals with fixed income. Following are the features of the account:
- Minimum Balance: INR 25,000
- Debit Card: Smart Shopper Silver Debit card, also with attractive offers.
- ATM Withdrawals: Unlimited at any ATM
- Locker Facility: Available, moreover at 15% off.
- Nomination Facility: Available
- Other Benefits: Waiver of DD/PO charges of up to INR 1,00,000 per day.
Basic Savings Bank Account
A Basic Savings Bank Account is a zero-balance account. Following are the features of the account:
- Average Monthly Balance: No minimum balance
- Initial Deposit: No initial deposit to open the account
- Account Holding: Single or Joint
- Cash Deposits: Free
- Passbook Facility: Free passbook available
- Mobile and Internet Banking: Available, however, on request.
Professional Savings Account
Professional Savings Account is an exclusive account that caters to banking and financial services for discerning professionals. It offers a variety of services, privileges and lifestyle benefits.
Following are four variants of the professional savings account:
- Regular Professional Account
- Gold Professional Account
- Titanium Professional Account
- Wealth Professional Account
Following are the account’s unique benefits:
- Access to privileged banking
- Dedicated relationship manager and also access to wealth manager
- International debit card
- Link current account to CASA family
- Also, higher limits on banking
- Multi City cheque book at free of charge
Easy Receive Savings Account
Easy Receive Savings Account is a one-of-a-kind account that meets your domestic banking needs while also providing additional incentives for remittances. Following are the features of the account:
- Minimum Balance: Nil if at least one inward remittance is received in the last three months. If there is no remittance in the last three months, the minimum average balance is INR 10,000. INR 5,000 for semi-urban and rural locations.
- Daily Limit: Higher limit of INR 50,000 for cash withdrawals.
- Remittance Helpline: Dedicated helpline
- Money Multiplier Facility: Available
- Nomination Facility: Available
Defence Salary Account
Defence Salary Account offers Super Benefits for our country’s superheroes. Also, this is an exclusive account for Defence personnel to meet their financial, lifestyle and banking needs.
Bank@Campus
Bank@Campus is an account for students to manage their savings and encourage financial independence. Furthermore, it has a completely online account opening procedure. Also, students have to provide their college ids to open the account. Following are the features of the account:
- Benefit to Parents: Parents can transfer funds to their child’s account free of charge.
- Credit Card: If a parent has an ICICI credit card, they can get a supplementary card for their children. Moreover they can set a spending limit.
- Free internet banking and also phone banking.
Frequently Asked Questions
What is the minimum balance in the ICICI savings account?
The minimum balance for an ICICI savings account is upto Rs. 2,00,000/- and differs with different savings account types.
Does ICICI offer the facility of internet banking on a savings account?
Yes, ICICI offers interest banking and also mobile banking for their savings accounts.
At what frequency will ICICI bank pay interest to me?
As per RBI’s mandate, banks must pay interest on savings accounts every quarter. As a result, ICICI pays interest to its account holders every quarter.
What is the balance non-maintenance charges on ICICI Savings Account?
The charges for non-maintenance of balance differs on the basis of the account type.
What are the ICICI ATM Transaction charges on Savings Account?
For a few accounts, ATM transactions are free of charge. At the same time, some accounts have about five free transactions per month.
Does ICICI offer Debit Cards to the account holder?
Yes, ICICI offers debit cards to account holders. However, the debit card features differ from product to product.
Can minors operate a savings account singly?
Yes, minors can operate ICICI savings accounts singly. ICICI offers the option of operating the savings account either singly or jointly.
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Posted on 24 Oct, 2023
Last updated October 24, 2023
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Sannihitha Ponaka is an MBA graduate from Symbiosis and has more than 5 years of experience in the financial sector. Following her dreams in the field of finance, she leverages writing to communicate the importance of investing. Your go-to guide to creating amazing and easily understood investment content. Her forte lies in investment advisory and strategy with expertise in fundamental analysis and research.
See all articles by SannihithaPonaka
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