ICICI Bank Savings Account Interest Rate & Minimum Balance 2024

ICICI Bank offers a plethora of benefits to account holders so they can put aside a portion of their earnings by parking their savings in these accounts. To cater to the individualised needs of people, ICICI Bank have numerous variants of their savings account. Read on to learn more about the ICICI bank interest rates on savings accounts, their features, benefits, associated charges and other essential details.

ICICI bank savings account

ICICI Bank ranks among the top five private banks in the country. The primary reasons behind it are the maximum security of funds and the availability of various essential financial services. Just by opening a savings account in the ICICI Bank, you can open the door to a plethora of benefits. 

What are the Types of Savings Account in ICICI Bank?

There are different types of ICICI Bank savings accounts from which you can choose the right one that perfectly suits your needs. Some of these types include:

Regular Savings Account 

Anyone above 18 years of age and a citizen of India can open this type of savings account. You can make routine transactions such as FD investments, bill payments, and more from this account type. Also, you can access free internet and mobile banking facilities by choosing this savings account type.

Titanium Privilege Account 

This type of ICICI bank savings account offers advantages to not only account holders but also their families. The Titanium Privilege Debit Card offers a higher limit of daily cash withdrawals. Also, there is no restriction on the number of withdrawals, ensuring that you will not have to pay any additional penalty fees. 

Young Stars Account 

If you want your children to be financially independent, you can open a Young Stars account for them. This account can be opened for children below 18 years. It offers your kids a debit card with a maximum transaction limit of Rs.5,000 so they can become financially responsible. 

Seniors Club Savings Account 

Individuals above 60 years can open this account. If the account balance exceeds Rs.75,000, you can earn an FD interest rate on your savings account. This account type also offers a hospitalisation allowance of up to Rs.30,000.

Salary Privilege Account

All salaried employees working in eligible companies can open this account. This account offers various benefits, such as no limit on cash transactions, no minimum balance, and no annual fees.

Freedom Savings Account

Anyone above 18 years old can open this account. It is available in all cities and provides free ATM transactions. Also, you can access SMS and Internet banking facilities by choosing this savings account type.

Easy Receive Savings Account

The Easy Receive account is best suited for customers receiving remittances abroad. It caters to domestic banking needs while also offering additional benefits for received remittances. This account provides exciting offers and rewards points on debit cards, as well as free internet and mobile banking facilities. 

Campus Power Account

The Campus Power account can be opened by young individuals aged between 18 and 30 years. It offers various benefits, such as a Titanium debit card with a high transaction and withdrawal limit, educational loans, free credit cards and flexible investment options. It also provides a complimentary air accident death insurance coverage of Rs.50,000. 

Please note that the ICICI Bank has discontinued the incremental sourcing for Silver Savings Account and Gold Privilege Savings Account from 1st June 2023

How Much is the ICICI Bank Interest Rates on Saving Account? 

Following are the interest rates for ICICI Bank savings accounts:

What is the ICICI Bank Saving Account Minimum Balance? 

Different savings account types have diverse minimum balance requirements. The ICICI bank savings account minimum balance is as follows:

What is the ICICI Bank Savings Account Maximum Balance?

There is no upper limit for the amount of money that you can deposit in your savings account. Hence, you have the complete flexibility to put in as much money as you want in this account. Accordingly, you can benefit from the interest earned on your deposits. 

How Much Penalty is Charged for Not Maintaining Minimum Balance in ICICI Bank Savings Account? 

You will need to pay a certain penalty if you are unable to maintain the minimum balance in your ICICI savings bank account. They are as follows: 

What are the ICICI Bank Savings Account Charges? 

These are the different ICICI bank savings account charges that you need to pay:

How to Open a Saving Account in ICICI Bank?

You can open a savings account in ICICI Bank by visiting the ICICI Bank branch near your home. Follow the steps below to open an ICICI Bank savings account:

Step 1:  Make a physical visit to the nearest bank branch. 

Step 2: From the representatives, take an application form for opening a savings account and fill it out with essential details. 

Step 3: Then, submit the application form, documents and money you want to deposit into your account. 

Step 4: The bank officials will verify the application and documents and open the account.

What are the Documents Required for Opening Savings Account in ICICI Bank?

Following are the documents that you need to open a savings account in ICICI Bank:

• Identification proof, such as an Aadhaar card, voter card, PAN card
• Address proof, like passport, Aadhaar card, utility bills, etc
• Account opening form 
• Passport-size photo

You should remember that the representatives sometimes ask you to provide additional essential documents when opening the account. 

How to Close ICICI Bank Savings Account?

You can follow the steps below to close your ICICI bank savings account without any hassles: 

Step 1: Visit the ICICI Bank, where you have a savings account. 

Step 2: Request an account closure form.

Step 3: Fill in the account closure form with accurate details.

Step 4: Submit the KYC papers, chequebook, passbook, and debit card along with the form.

Once done, your account closure request will be processed. However, before closing your account, ensure you meet minimum balance requirements, delink all connected accounts and clear all outstanding payments. 

What are the Features of ICICI Bank Savings Account?

Some of the exclusive features of the ICICI Bank savings account include: 

• Ease of accessibility of funds: You can make transfers via mobile banking from your account. So, pay your bills and purchase things 24/7 without encountering any hassles. 
• Flexibility of selecting account type: There are numerous variants of savings accounts catering to the personalised needs of people, so you can choose from the options present.
• Personalised choices available: ICICI Bank allows you to personalise your debit card with your favourite image on it. You can even choose your account number based on your important dates to cherish special moments. 
• Exclusive cashback and offers: You can receive substantial cashback upon online money transactions for paying bills or making online purchases. This can help you save substantially.

What are the Benefits of ICICI Bank Savings Account?

Some of the benefits associated with an ICICI bank savings account are as follows:

• You can ensure the maximum safety of your savings by parking them in the ICICI Bank savings account.
• With the Internet banking facility, ICICI Bank allows you to transfer funds to the beneficiary's account instantly.
• You can even get SMS alerts and e-statements, simplifying your banking journey.
• You can link your savings account to various deposit accounts to automate your investments.
• Upon opening a savings account, you will receive debit cards, personalised chequebooks, and other items in the welcome kit. 

With a clear idea regarding ICICI bank interest rates on savings accounts, the types, features, and other essential information, you can make an informed approach towards opening a savings account. To open a savings account in ICICI Bank, you must fulfil some simple criteria, such as being a resident of India and having a minimum age of 18 years. So, proceed with the steps and unlock the numerous benefits that accounts of ICICI Bank can offer. 

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