FAQs
How do I approach ICICI Bank to open a Silver Privilege Account?
You can approach us in any of the following ways:
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What is the minimum balance required to be maintained for an ICICI Bank Silver Privilege Account?
The minimum quarterly average balance (QAB) to be maintained in your Silver Privilege Savings account is Rs.25,000. Non-maintenance of QAB in any quarter will attract a charge* as per the following guidelines:
- If QAB is between Rs.50,000 and Rs.25,000, charge of Rs.250 will be levied
- If QAB is between Rs.25,000 and Rs.10,000, charge of Rs.500 will be levied
- If QAB falls below Rs.10,000, charge of Rs.750 will be levied
* Waiver of non-maintenance of QAB charges subject to FD of min Rs.1.25 lacs in the same CUST ID
*The above is applicable for customers who hold the Silver Privilege Banking account August 21, onwards. Non-maintenance of QAB charges not applicable to Salary customers
** For customers who hold the Silver Privilege Account between April 10, 2008 and July 20, 2008
- The new definition will be applicable October 1, 2008 onwards.
- The current minimum required Total Relationship Value for Gold Privilege Account is Rs.100,000 out of which min QAB requirement in savings account is Rs.50,000
- If the required minimum balances are not maintained for two consecutive quarters, Privilege Banking facilities will be withdrawn
- In addition to the above, If QAB falls below Rs.10,000, non-maintenance of QAB charge @ Rs.750 per quarter is levied. These charges are not applicable for Salary customers
*** For customers who hold the Silver Privilege Account as on April 9, 2008
- The new definition will be applicable October 1, 2008 onwards.
- The current minimum required Total Relationship Value for Gold Privilege Account is Rs.100,000 out of which min QAB requirement in savings account is Rs.50,000
- If the required minimum balances are not maintained for two consecutive quarters, Privilege Banking facilities will be withdrawn.
- No non-maintenance of QAB charges applicable
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At what frequency will the interest be paid to me?
Interest earned on your Silver Privilege Account balance shall be credited to your account on a half yearly basis in the months of September and March.
In case of the linked Money Multiplier Account, the accrued interest on the FDs created will be paid on maturity or on withdrawal in case of premature withdrawal.
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Do I need an introduction from an existing ICICI Bank account holder?
The Bank needs no introduction from an existing ICICI Bank accountholder if you are submitting proof of identity and address documents, as prescribed. However if you do not posses any of the address proof document then an introduction from an ICICI Bank accountholder, having satisfactory relationship of more than six months, is required.
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Whom can I include as Joint Applicants?
Anyone can be included as a joint applicant for a Silver Privilege Account except a minor (less than 18 years of age).
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How can I change the nominee(s) for my ICICI Bank Silver Privilege Account?
You can change the nominee(s) by making a declaration to that effect, in the appropriate form, which is available at any of the ICICI Bank branches.
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Do I have any facility for Standing Instructions?
Yes, you can set up standing instructions through your ICICI Bank Silver Privilege Account. A few examples of the same are as below:
- Transfer to a Fixed Deposit.
- Transfer to a Recurring Deposit
- Make recurring payments like LIC premium, Instalments etc.
For more details please contact your nearest ICICI Bank branch.
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What is Money Multiplier facility?
A Money Multiplier Account allows you to set a minimum balance (subject to a minimum of Rs 10,000) to be maintained in your Silver Privilege Account. You can put in a request for the transfer of the excess of the minimum Silver Privilege Account balance to Fixed Deposits in units of Rs 5,000 and for a period of one year or more, as specified by you. So you enjoy a higher effective rate of interest on your deposit.
When you need the money, you can withdraw it by issuing a cheque or through an ATM. The deposit gets broken in multiples of Rs. 5,000 automatically. Thus, you don't lose out on liquidity either!
Please click here for further details.
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What are the different channels through which I can access my ICICI Bank Silver Privilege Account?
You can access your Silver Privilege Account through:
ICICI Bank branches
ICICI Bank.com
ICICI Bank ATMs
Phone Banking
Mobile Banking
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