ICICI Bank Savings Account Review| North Loop Official Blog
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09 Sep 2020

ICICI Bank Savings Account Review

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ICICI Background and Overview –

ICICI Bank is one of India’s largest private sector banks offering a wide range of financial products and services. As an Indian multinational bank, it has various branches across the globe like USA, Qatar, Oman, Dubai International Finance Centre as well as representative offices in UAE. Currently, it has a network of 5000+ branches and multiple ATMs across India and provides a diverse nature of saving bank account options for its customers.

Let us take a look at the different ICICI bank savings account options and their main features –

Titanium Privilege Savings Account: It is a premium account offering privilege banking benefits to its customers. The debit card issued with this ICICI bank savings account has higher limits on cash withdrawals and purchases and also includes unlimited cash withdrawal from non-ICICI Bank ATMs free of cost.

Gold Privilege Savings Account: This ICICI bank savings account offers exclusive banking benefits to its account holders such as a 20% discount on annual locker rental and a money multiplier facility. This facility allows the surplus cash in the Savings Account to be transferred automatically to a Fixed Deposit account to earn a higher rate of interest.

Silver Savings Account: This ICICI bank savings account also offers extra benefits to its account holders such as a 15% discount on annual locker rent and a money multiplier facility like mentioned above. In addition to this, it offers free SMS alert facility and nil DD and PO charges.

Regular Savings Account: This is a simple ICICI bank savings account that offers all the basic features of a savings bank account.

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ICICI bank interest rates on saving account –

ICICI bank interest rates on saving account are calculated on the daily end of balance in your account and are payable at a half-yearly basis. The ICICI bank interest rates on saving account is 4 % per annum and is same across the whole country. However, it may vary for certain types of savings account or in special cases. The ICICI bank interest rates on saving account offered on some of its top products are as follows –

Titanium Privilege Account - 3.00% - 3.50%

Gold Privilege Account - 3.00% - 3.50%

Silver Savings Account - 3.00% - 3.50%

Regular Savings Account - 3.00% - 3.50%

A digital banking service provider like North Loop offers interest on its savings bank account at the rate of 6%. It is one of the best digital banking platforms in India offering high-interest rates on both its savings and fixed deposit account (7.5%).

Eligibility criteria –

The eligibility criteria to open the ICICI bank savings accounts are that you should be either an Indian resident, NRI or a HUF. Moreover, you can also open this account if you are a senior citizen above the age of 60 years or a minor below 18 years (a joint account with parent). The minimum balance requirements for the different ICICI bank savings accounts options are as follows –

Titanium Privilege Savings Account: The minimum balance requirement for this particular ICICI bank savings account is Rs.1.5 lakh.

Gold Privilege Savings Account: The minimum monthly average balance to be maintained in this account is Rs.50 lakh.

Silver Savings Account: The minimum monthly average balance here is Rs.25 lakh.

Regular Savings Account: The minimum balance requirement for this account in case of metro cities is Rs.10,000. For semi-urban and rural areas, it is Rs.5000 and Rs.2000 respectively.

You can open an online savings bank account without any minimum balance requirement with North Loop. Signing up on its App takes only 5 minutes and the savings bank account application process is also swift and effortless. There is no extra fee or charge involved and your bank account can get opened in no time.

Documents required –

To be eligible to open an ICICI bank savings account, you have to submit the following documents –
  • Proof of identity
  • Proof of address
  • PAN card
  • Form 16
  • Passport-sized photographs
  • Valid visa and passport (for NRIs)

The ICICI bank account opening process –

The ICICI bank account opening can be done either online or by visiting its branch office. If you decide to open the account online, you can do so by visiting the bank's website and choosing the saving account type that you want to open.

All the documents mentioned above will be required to get scanned and uploaded along with the filled application form to complete the KYC (Know Your Client) process. Once the bank completes verification of your application form and the KYC documents, the next step for the ICICI bank account opening is that you have to make an initial deposit of the same value as the minimum balance requirement of your chosen ICICI bank savings account.

After all the previous steps get completed, you can receive the debit card and other bank documents that are relevant to your savings account. Even though there is an online ICICI bank account opening method, the process is quite lengthy and cumbersome. Also, the verification time taken by the bank is not fixed often leading to unwarranted deferral in your account opening.

You can expedite this entire process by opting for the services of North Loop. Along with a completely digital application, it offers several other benefits and advantages. To read more about it, click here.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.