No Frills Account - The Smallest of Deposits also Matter
ICICI Bank’s No Frills Account, places emphasis on the smallest of deposits. Our No Frills Account is available to you without any minimum monthly average balance requirement.
As per the Reserve Bank of India guidelines issued vide circular number RBI/2010-11/389 DBOD.AML.No. 77 /14.01.001/2010-11 dated January 27, 2011, foreign remittances are not to be allowed to be credited into a 'small account', unless the identity of the client is fully established through the production of officially valid documents, as referred to in sub-rule (2) of rule 9 of the rules notified by the Government of India under the Prevention of Money Laundering Act. In view of the above, customers holding accounts under the category 'No Frills Account' are hereby requested to submit copies of identity and address proof to the Bank, and get their accounts converted into a regular Savings Account if they are expecting receipt of foreign remittance credits in their account. In the absence of submission of valid Identity and address proof, we will be constrained to return any foreign remittance received in the account.
Please contact the branch staff for further clarifications and details.
You will receive the account statement in the first week of every month. Monthly email statements are absolutely free of cost.
To subscribe, login to ICICIBank.com with your internet banking UserID and Password and go to Banking section for Account Statement by Email.
You can also contact our 24 hour Customer Care number and inform us of your choice.
New account opening under No Frills Account has been discontinued w.e.f. 26-Nov-2012. Existing No Frills Account will be continued with the existing features.
No frills account is now termed as Basic Savings Bank Account. Click here to know about Basic Savings Bank Account
* Ration Card, printed or handwritten, is not acceptable as a KYC document if there is a remark on the card that -“Ration card is only to be used for purpose of drawing ration and not for any other purpose” or any such similar remark.
The monthly average balance requirement for this account is nil.
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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