ICICI Bank Savings Account Interest Rates & Minimum Balance requirements are some details that a customer seeks for while opening a savings account in ICICI Bank. So, we have written an article to make you know about the ICICI bank interest rates on saving account and charges for not maintaining minimum balance in ICICI bank savings account.
ICICI Bank Interest Rates on Savings Account
ICICI Bank offers the same rate of interest as the HDFC Bank which is 3.50-4% on the deposited money with minimum cash of Rs 0/1000/2000/5000/10000 and even more. It has a constant rate of interest for cash before Rs 1Lakh and even more than Rs 1 lakh. There are further guaranteed advantages for the customers which includes self-chosen account number if anyone believes in numbers or this kind of thing can work upon on this bank. Then there are the added advantages with ICICI EPF account. EPF is basically stands for Employee Provident Fund which is a great savings tool for the employers. This account makes sure that equal amount of money is being deposited by the employee and the employer towards savings which can be availed later once hitting retirement or during job changes.
So, ICICI gives you added benefits in this account with provision of 24*7 service at your command and there can be contactless mobile payments once you open an account in this bank which is a lot many benefits for the customers and thus this bank can also be a good option to check upon before opening any account in the banks.
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ICICI Bank Savings Account Minimum Balance Requirement
ICICI bank is an Indian multinational bank. The ICICI bank offers Rs.10,000 as minimum balance requirement for regular saving account in metro or urban branches. ICICI bank offers Rs.5,000 as minimum balance requirement for saving account in semi-urban branches. The minimum balance requirement for saving account is Rs.2000 in rural branch of ICICI bank. The minimum balance requirement for saving account is Rs.1000 in Gramin branch of ICICI bank. These are the minimum balance requirements for saving account in different branches of HDFC bank also.
10 Benefits of opening a savings account in ICICI Bank
Before discussing the various benefits of a Savings Bank Account in ICICI Bank, here is a short and simple description as to what a savings bank account ideally implies. A savings bank account is a deposit account held in a bank or any other financial institution where the holder can deposit certain sum of money at a modest rate. It is one of the safest ways to invest one’s hard earned money, facilitating the idea of an interest- bearing deposit account. Thus, as one can understand, it is very important to choose a bank that provides you with the maximum in interest benefits at safest guarantees.
1. Most convenient option for investment
India’s largest private sector bank, ICICI Bank offers its holders with a wide range of the most beneficial and world-class facilities and remarkable banking products to corporate and retail customers through a wide range of channels and delivery group of companies. The ICICI Savings bank account is designed to suit the different needs in various stages of life of an earning individual. The holder continues to earn interest with the account remaining accessible 24*7 through their easily available and extensive Atm network as well as banks.
2. High rates of interest on savings
ICICI Bank offers an interest rate of 3.50% to 4 % on Savings Account. As per the latest schemes, the bank provides an interest rate of 3.5% upto INR 50 lakh and 4% above this. The minimum account balance is quite flexible, designed with a view to provide maximum availability based on the area of residence of the holder : INR 10,000 in metropolitan cities, INR 5,000 in semi urban and INR 2000 in rural locations.
Read Also: Advantages of depositing money in the Bank
3. Zero Balance savings account
ICICI Bank allows its holders with the stupendous facility of opening a Zero Balance Basic Savings Bank Account. This means that one needs not necessarily deposit any money initially for opening the account. One can open an account by simply submitting:
- Know Your Customer (KYC) documents
- Self- attested photograph and signature
This is a wonderful facility for holders with an average financial status or for the ones facing a temporary crisis.
4. Savings account family banking
This facility provides a single “Family” bank to cater to all the banking requirements to your family. It provides with the compatibility to maintain the required minimum balance in any one or more of the accounts which are linked under the same family ID.
5. Benefits on regular savings account
Provides with the banking facility from any branch with the largest network of 48000+ branches and 14,300+ ATMs pan India. Exciting offers, rewards including Visa privileges with Smart Shopper Silver Debit Card. It also provides the facility of User-friendly Internet Banking and Mobile Banking.
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6. Debit card with exciting features
The Savings Account is accompanied by a Debit Card facility that makes the withdrawal procedure easy for the customers at the bank. As we notice, there is an increasing interest in the trend of swiping Debit cards at offline stores and promotes cashless transaction procedure at shops and showrooms. Apart from this convenience factor, ICICI bank also provides a host of exciting benefits with the Debit cards. From online shopping vouchers, online Over The Top (OTT) media service platforms, premium subscription to food delivery service, cab hailing services, thus making the benefits of utilizing Debit Card services more fun and rewarding.
7. Insurance Policies
ICICI Bank Account provides a complimentary Accident Insurance cover that allows the customers protection on purchase. Initially, the criteria to avail for the complimentary insurance feature requires the user to spend INR 499 or more on their Debit Cards, a month prior to the claim to be made. However, the latest facilities have excluded the Debit Card spends and made it available simply by linking the insurance to the ICICI Bank Account of the customer. The various schemes of Insurances include:
Personal Accident Insurance(non-Air):
This is a complimentary accident insurance provided by the ICICI Bank Account for the customers on their Bank Accounts.
Personal Accident Insurance (Air):
This is another method that restricts to Air accident insurance on one’s Bank Account. This is more compatible in the sense one simply needs to use his/her ICICI Bank Debit Card while making purchase of any Air Tickets.
Read Also: Benefits of life insurance policy
The goods purchased by the customer using the ICICI Bank Debit Card have been secured from theft using this scheme. Also, incidences of fire destruction or even loss during transits are secured for the customer using this scheme. However, all these functions of security are valid only up till 90 days starting from the day of purchase.
8. The one savings account
This is a premium Savings Account “For the ones who have arrived in life”, i.e., for the achievers that helps one understand and execute the financial goals and modifies one’s lifestyle. This provides the customer with the following advantages:
- Waiver on brokerage up to INR 22,500 and Home Loans.
- Exclusive schemes on Life Insurance and Health Insurance.
- Benefits at the Bigbasket, Amazon, Flipkart and Diagnostics summing about INR 8000.
- Locker rentals provide 40% discount including unlimited free ATM transactions.
9. Flexible types of savings account
ICICI Bank reveals the customer with a new world of offers and banking services that suits the various purposes and hence makes it flexible, catering to the unique banking needs, from which the customer can suit the best according to their needs. The following are the various forms of Savings Bank Accounts facilitated by the bank:
- NPS Plus Savings Account
- The ONE Savings Account
- Regular Savings Account
- Silver Savings Account
- Gold Savings Account
- Titanium Savings Account
- Auto Assure Savings Account
- Home Assure Savings Account
- Investment and Tax Savings Account
- Savings Family Account
- 3 in 1 Savings Account
- Gold Plus Savings Account
- HUF- Hindu Undivided Family
10. Add On Feature – Mutual Funds
A long term investment choice that helps the customer plan out his/her phases or goals in life, like, children’s higher education, marriage, multiple children including family planning, retirement planning and long-term financial plans that one wishes to achieve. One can enjoy expert advice from Fund Managers while investing in stocks, shares or signing bonds of various other companies through Mutual Funds. ICICI Bank features their customers to invest in any online Mutual Funds with zero charges and choose mutual funds from any Mutual fund house for investment. The customer can even make monthly contributions on a small amount starting from INR 500 to start his mutual fund investment known as Systematic Investment Plan (SIP). You could also invest a lumpsum amount as per your zone of comfort.