Savings Account

A Savings Account is a basic type of bank account that allows you to deposit money, keep it safe, and withdraw funds, while earning interest. Savings Accounts help feed your banking needs and provide a small interest on the deposit maintained. There are various variants depending on the profile of customers.

Interest is calculated on a daily basis on the daily closing balance in the Account, at the rate specified by ICICI Bank in accordance with Reserve Bank of India directives. The interest amount calculated is rounded off to the nearest rupee. Interest will be paid quarterly in March, June, September and December.

Savings Account can be opened online or through the branch. Customer can either visit the branch with the Know Your Customer (KYC) documents or express an interest to open an account online. A sales officer would approach him/her in person to collect the KYC documents and open the account.

Senior Citizen Fixed Deposits (FDs) and Recurring Deposits (RDs)

The Fixed Deposit interest rates for senior citizens are higher than regular FD rates.

These deposits have a flexible tenure ranging from 12 months to 60 months, which you can choose based on your needs.

Senior Citizen Savings Scheme

• This option allows you to invest a sum from Rs 500 to Rs 15 lakh depending on your savings.
• It features a fixed tenure of 5 years that can be stretched to further 3 years.
• It offers you a high rate of return that can go up to 9.10% per annum and is a safe investment option.
• It has a simple application procedure that doesn’t require you to go through lengthy paperwork. All you have to do is fill and submit a form with your documents attached.

Post Office Monthly Income Scheme

• This is the best savings scheme that enables you to deposit a maximum of Rs 4.5 lakh for single ownership and up to Rs 9 lakh for joint accounts
• This monthly income scheme in India offers you an interest rate up to 7.8% per annum in a scheme that is known offer reliable returns, though the income is taxable.
• This option provides steady and safe returns unaffected by market forces.
• It also has provision to transfer the returns directly into your Savings Account for ease of use.

Tax-free bonds

• These are bonds that are issued by the Government to raise money for a project.
• There is absolutely no risk of non-repayment. The interest returns are guaranteed and absolutely tax-free.
• The tenure for these bonds can go from 10 years to 30 years, depending on the length of the project.
• The interest rate for these bonds usually range from 7.3% to 7.5% per year.
• There are various Government organisations that could require investments. These organisations are like the Indian Railways Finance Corporation, Housing and Development Corporation, National Thermal Power Corporation (NTPC) Limited and more.
• The maximum amount that can be invested is up to Rs 10 lakh.

Debt funds

• These are bonds that are issued by the Government to raise money for a project.
• There is absolutely no risk of non-repayment. The interest returns are guaranteed and absolutely tax-free.
• The tenure for these bonds can go from 10 years to 30 years, depending on the length of the project.
• The interest rate for these bonds usually range from 7.3% to 7.5% per year.
• There are various Government organisations that could require investments. These organisations are like the Indian Railways Finance Corporation, Housing and Development Corporation, National Thermal Power Corporation (NTPC) Limited and more.
• The maximum amount that can be invested is up to Rs 10 lakh.

Mutual Funds

• Senior citizens can consider investing in mutual funds where the fund manager handles the funds. So the risk is lesser compared to the equity market. Also, the customer can choose the risk profile of the funds to invest in.

Using the online platform, customer can record his willingness to open an account. A sales officer would approach him/her in person to explain the various account variants and to collect the KYC documents to open the account.

• Savings Account refers to an account that is meant for people who keep their savings to fulfil their financial requirements in future. Current (Checking) Account is an active account which is meant for day-to-day monetary transactions.
• Savings Account aims at encouraging savings of the general public whereas Current Account supports frequent and regular transactions of the account holder.
• Savings Account aims at encouraging savings of the general public whereas Current Account supports frequent and regular transactions of the account holder.
• There is a restriction in the number of daily and monthly transactions, in the case of a Savings Account, i.e. if the transaction limit exceeds the specified limit, charges may apply. There is no such cap for a Current Account, in essence, there is no restriction on the number and amount of transactions.
• Current Account is non-interest bearing, but a Savings Account earns interest, which is normally 4% - 8%.
• Passbook is provided by banks on the Savings Account which lists the number of debits and credits to and from the account, date-wise. In Current Account, no passbook is issued by the bank to the account holders.
• Bank overdraft facility is provided to the Current Account only and not in the Savings Account.
• The opening balance required to start a Savings Account is very less. In contrast, Current Account requires high amount as the opening balance, to start the account.

The ONE Savings Account

A premium Savings Account for the achievers of today which will not only help you realise your financial goals, but will also upgrade your lifestyle.

Regular Savings Account

• Smart Shopper Silver Debit Card with exciting offers and Visa privileges
• Anywhere banking facility with wide network of 4,800+ branches and 15,000+ ATMs pan India
• User-friendly Internet Banking and Mobile Banking.

Silver Savings Account

• Free Anywhere Banking across all branches
• 15% discount on annual locker rentals
• Make unlimited cash withdrawals from any banks’ ATM, free of charge.

Gold Savings Account

• Priority service at special Privilege Banking zones in branches, to reduce your waiting time
• 20% discount on annual locker rentals
• Unlimited cash withdrawal transactions at any bank’s ATM, free of charge.

Titanium Savings Account

• A dedicated Privilege Banker to assist you
• 40% discount on annual locker rentals
• Free unlimited access to other banks’ ATMs.

Investment and Tax Savings Account

• Investment in Equity Linked Savings Scheme (ELSS) through Systematic Investment Plan (SIP)
• Tax advantage under Section 80C on investing in ELSS
• No charges on non-maintenance of balance.

Savings Family Banking Account

• Enjoy moments of togetherness: A single 'Family' bank to cater to all the banking needs of your family.
• Superior account benefits and privileges to all family members.
• Maintain a lower minimum Monthly Average Balance (MAB) at the family level. Each family member need not have to maintain minimum MAB individually
• Flexibility of maintaining the required minimum MAB in any one (or more) of the accounts that members of the family hold with ICICI Bank.

3 in 1 Savings Account

• 3-in-1 Account is a combination of Trading Account, Savings Account and Demat Account opened and linked together for seamless transactions
• Trade and invest in a wide range of products like Equity, Derivatives, IPOs, Mutual Funds, etc.
• All-inclusive and low brokerage charges
• Accessibility on multiple platforms through mobile, desktop, website so that you do not miss out on any investment opportunity.

Gold Plus Savings Account

• Quantum Optima facility with Auto Sweep-in and Auto Sweep-out
• Exclusive privilege banking zones and priority service
• Free Gold Privilege Debit Card having higher withdrawal and spend limit
• Unlimited cash withdrawal transactions at any bank’s ATM, free of charge.

Hindu Undivided Family (HUF)

• Debit Card with exciting offers and Visa privileges
• Insurance benefits – Accidental and purchase protection
• Free Anywhere Banking across all branches.

Aura and Awsa Savings Account for working and homemakers, respectively.

Senior Club Savings Account for senior citizens.

Basic Savings Bank Deposit Account, Easy Receive Account are other types of Savings Account.

All account variants have their perks and benefits. So it is wise to understand the requirement and choose accordingly based on one’s profile and transaction preferences.

• Savings Account can be accessed online through the Internet Banking platform.
• Customer can do transactions also through the Internet Banking medium.
• iMobile app is the mobile banking application of ICICI Bank which enables customers to perform banking operation on the move in their smartphones.

Interest is calculated on a daily basis based on the balance maintained daily and the interest is paid at the end of each quarter. So, customers expecting higher interest rates can maintain balances in their accounts. However, FDs and RDs are better investment vehicles and offer a better interest rate.

KYC documents have to be provided for verification and a photocopy for account opening. The following documents suffice as proof:

• Identity proof
• Valid Passport, Driving Licence, PAN Card, Voter ID, Job Card by NREGA, Aadhaar letter card issued by Unique Identification Authority of India can be provided as.
• Address Proof
• Utility Bills, property Tax bill can be used as address proof.