savings

Terms and Conditions Governing NPS Plus Savings Account

Terms and Conditions of ICICI Bank, at www.icicibank.com, and third parties apply. ICICI Bank is not responsible for third party products, goods, services and offers. Nothing contained herein shall constitute or be deemed to constitute an advice, invitation or solicitation to purchase any products/ services of third party.

These terms ("Terms") are applicable for National Pension System (NPS) Plus Savings account (“Product”) offered to the retail customers. These terms are in addition to and not in derogation to the Terms and Conditions as may be applicable to the Savings Account (“Primary Terms”) and Terms and Conditions as may be applicable to each of the other attachment products (“Additional Terms”) defined below.

1. Definitions

In these Terms, the following words and phrases shall have the meaning stated hereunder unless indicated otherwise:

Attachment Products” mean National Pension System, Public Provident Fund or Recurring Deposit;

MAB” mean Monthly Average Balance that the Customer may be required to maintain as per these Terms;

Nation Pension System Savings account (NPS-SA) or “Product” mean a combination of Savings Bank Account, NPS and/or PPF/RD;

Interpretation:

  • All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".
  • Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force.
  • All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these Terms.
  • Words “ICICI Bank”, “the Bank”, refer to ICICI Bank Limited having its registered office at ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara, 390 007, Gujarat.

2. Applicability of Terms

These Terms, Primary Terms and Additional Terms form the express contract between the Customer and ICICI Bank. The Customer shall apply to ICICI Bank in the prescribed form for opening the NPS (Nation Pension System) Savings account. By applying, the Customer acknowledges that he / she has /have read understood and accepted these terms and conditions.

3. General Terms

    1. Eligibility Criteria
        1. Product available to resident Indian in age group of 18 years to 60 years
        2. The account to be opened by the customer in his / her own name. not available for Joint account holding pattern.
        3. Customer can opt for any of the below variants:
          NPS – GoldNPS – Titanium (The One / AURA)
          • NPS (Corporate / Retail)
            • Min 1,000 per month
          • PPF / RD
          • Account opening Cheque : Rs. 50,000

          Total monthly contribution to any or all of the above should be between Rs 3,000

          • NPS (Corporate / Retail)
            • Min 1000 per month
          • PPF / RD
          • Account opening Cheque : Rs. 1 lakh

          Total monthly contribution to any or all of the above should be more than Rs 10,000

       

      1. By opting for this product, customer understands and agrees that he is required to sign up for at least one of the attachments with a minimum outflow of Rs. 3,000/- with minimum contribution of Rs. 1,000 towards NPS.
      1. The NPS (National Pension System) Savings Account is subject to the terms and conditions of each individual Attachment Product. Customer shall take the following Attachment Products to avail the benefits of NPS (National Pension System) Savings Account:
  1. National Pension System (NPS): With monthly installments as mentioned in the above table. Contribution towards Corporate NPS shall be deducted by the employer as component of the Basic salary. Retail (Individual Voluntary) NPS shall be deducted through standing instruction/ debit authorization at the time of account opening. This amount will be deducted once the NPS Savings account and the PRAN number is activated and will be further debited each month as per the standing instruction/ debit authorization given by the customer. Please note, NPS is a mandatory attachment in order to avail benefits of the NPS-SA. For terms and conditions applicable on National Pension System, please click here.
  1. Public Provident Fund (“PPF”): With monthly installments as mentioned in the above table, contribution towards PPF shall be deducted through standing instruction/ debit authorization at the time of account opening. This amount will be deducted once the NPS Savings account is activated and will be further debited each month as per the standing instruction/ debit authorization given by the customer.

For terms and conditions applicable on Public Provident Fund, please click here.

Recurring Deposit (RD): With monthly installments as mentioned in the above table, contribution towards RD shall be deducted through standing instruction/ debit authorization at the time of account opening. This amount will be deducted once the NPS Savings account is activated and will be further debited each month as per the standing instruction/ debit authorization given by the customer.

For terms and conditions applicable on Recurring Deposit, please click here.

Customer can also opt for the above attachments on stand-alone basis

The Customer will have to open the NPS (National Pension system) Savings Account with minimum account opening cheque of Rs. 50,000 (Rupees Fifty Thousands only) for NPS Plus Savings account Gold variant and Rs 100,000 (Rupees One Lakh only) for NPS Plus The One Titanium (for working men) or AURA Titanium variant (for working women).

Monthly Average Balance (MAB) requirement for the Savings Account will be waived till the time Customer makes timely payment of all Attachment Products without any default (where contribution towards NPS is mandatory with PPF / RD as optional investment instruments).

Benefits

  1. Tax benefit will be given to the customer as per the terms and conditions of National Pension system / Public provident fund, subject to payment of requisite fund contribution and due adherence to the terms and conditions as applicable.
  2. The benefits associated with NPS Savings Account is being offered by ICICI Bank at its sole discretion and the same can be altered/modified or terminated at any point of time by ICICI Bank, at its sole discretion, without any notice, subject to these Terms.

4. Other Terms and Conditions

  • The Attachment Products request will only be processed upon activation of the Savings Account.
  • An annual/ monthly debit will be made towards payments for the Attachment Products basis the standing instructions provided by the Customer.
  • In case, the Customer does not abide by any provision(s) of the Terms, Primary Terms and Additional Terms including failure to make timely payment of contribution for the Attachment Products throughout the tenure of the relationship then, the waiver of requirement of MAB will cease to apply and accordingly, the Customer shall be required to maintain the required MAB and his account will be auto-converted to Regular Savings with a MAB requirement of Rs. 10,000/-. All terms and condition and service charges of Regular Savings account shall be applicable. The detailed product benefits and charges available on ICICI Bank website. For more detail, click here.
  • The NPS (National Pension System) Savings Account is subject to the terms and conditions of each individual Attachment Product. ICICI Bank shall endeavor to give reasonable notice of such alternations/modifications or termination of the Product but shall not be bound to do so.
  • ICICI Bank is merely sourcing the Attachment Products by collecting the application form and other details and is in no way responsible and liable for queries, claims or other concerns pertaining to any of the Attachment Products. ICICI Bank acts as a distribution agency for NPS and PPF account and no-where solicit for such products.
  • In case of change in NPS Point of Presence either voluntary by the customer or involuntary (due to change of empanelment of the Corporate which facilitates the deductions for Corporate NPS), customer can opt for any other product variant or may choose to close the account.
  • ICICI Banks decision on all matters relating to the Product shall be final and binding on all Customers. ICICI Bank reserves the right in its sole and absolute discretion to vary, delete or add to any of these terms and conditions from time to time or to suspend or terminate the Product at any time without prior notice or liability to any person.
  • Customer has the choice to opt for any of the products on a standalone basis with this or any other ICICI Bank Savings account.

5. Change of Terms

  • ICICI Bank shall have the absolute discretion to amend or supplement any of the Terms at any time. ICICI Bank may communicate the amended Terms by hosting the same on the Website or in any other manner as decided by ICICI Bank. The Customer shall be responsible for regularly reviewing these Terms including amendments thereto as may be posted on the Website.

6. Limitation of Liability

  • ICICI Bank shall neither be responsible nor be liable for and towards any claims, services, and/or any product offerings of any third party.

7. Governing Law

  • The laws of India shall govern these Terms. The Parties hereby agree that any legal action or proceedings arising out of the Terms shall be brought in the courts or tribunals at Mumbai in India and irrevocably submit themselves to the jurisdiction of such courts and tribunals. ICICI Bank may, however, in its absolute discretion, commence any legal action or proceedings arising out of the Terms in any other court, tribunal or other appropriate forum, and the user hereby consents to that jurisdiction.

*Assumptions taken: a) 8% expected return on investment b) 100% contribution towards annuity fund c) 7% expected annuity rate

For terms and conditions applicable on the ICICI Bank Savings Account, please click here.

For terms and conditions applicable on National Pension System, please click here.

For terms and conditions applicable on Public Provident Fund, please click here.

For terms and conditions applicable on Recurring Deposit, please click here.

Click here to know the service charges and fees of NPS Plus – Gold Savings Account

Click here to know the service charges and fees of NPS – The One Savings Account

Click here to know the service charges and fees of NPS – AURA Savings Account