Headquartered in Vadodara, Gujarat, and having a corporate office in Mumbai, ICICI Bank is the 3rd largest bank in India, sitting just below HDFC Bank and Kotak Mahindra Bank. As of 4th September 2020, ICICI Bank had 257k Crores in terms of market capitalization. Apart from India, ICICI Bank also operates in the UK, USA, Canada, Singapore, China, Hong Kong, Dubai, South Africa, Qatar, Oman, and also has representative offices in other countries.
In 2017, the Reserve Bank of India (RBI) has termed ICICI Bank as one of the 3 Domestic-Systematically Important Banks (D-SIB) banks, along with the State Bank of India (SBI) & HDFC Bank. A financial institution with a SIFI (Systematically Important Financial Institution) or SIB tag is generally taken as ‘Too Big To Fail’. Their financial institution plays a crucial role in the Indian economy, and hence their failure will either trigger an economic crisis or preceded by one. In simpler words, they are safe to keep your money.
So, if you are too skeptical about where to put your money, then ICICI Bank Savings Account is a good option for you. But well, you can also trust SBI and HDFC Bank equally. It is completely up to you. In today’s post, we will look at the different types of savings account opening options provided by ICICI Bank.
Types of ICICI Bank Wealth Management Savings Account:
Before we start, please understand that any bank operating inside India has to offer different categories of accounts to fulfill different needs, such as Govt. scheme Zero Balance Account, Jan-Dhan Yojna Account, Kids Account, Farmer’s Account, Women’s Account, Senior Citizen Account, etc. I will not be discussing them here.
We will only go through the primary savings account tiers offered by ICICI Bank that anybody can open from any ICICI Bank Branch.
Here are the different tiers of ICICI Savings Account that anyone can open.
- ICICI Bank InstaSave / Instasave FD / Regular Savings Account
- ICICI Bank Silver Savings Account
- ICICI Bank Gold / Gold Privilege Savings Account
- ICICI Bank Titanium Privilege Savings Account
- ICICI Bank THE One Magnum / Titanium Savings Account
- ICICI Wealth Management Savings Account
ICICI Bank InstaSave / Instasave FD / Regular Savings Account:
The ICICI Bank InstaSave Account is the most basic Savings Account offered by ICICI Bank. The most attractive thing about it is that you can create your InstaSave Account online sitting in the comfort of your home. It supports Video KYC, so you do not need to visit an ICICI Bank Branch for completing your KYC. It will be done at home. It is the best fully-featured Savings Account that you can create.
If you decide to open ICICI InstaSave Account, there are two routes you can take:
- Open a ₹10000 Minimum Balance Account, OR,
- Open a ₹10000 Fixed Deposit with No Minimum Balance Requirements.
Either way, you need to invest ₹10000 against your account. But in case you do not have much balance usage, or you will receive money at regular intervals, then creating a Fixed Deposit Account makes sense since it will make use of your idle money.
Also, in case you go via the FD way, you will also be eligible for an ICICI Platinum Chip Credit Card for FREE against your Fixed Deposit without needing any Proof of Income Document. This is one of the easiest ways of getting a guaranteed Credit Card against your Fixed Deposit, especially if you don’t previously own a credit card. This credit card will have up to 90% credit limit of your FD amount.
Here are the other details of the ICICI InstaSave Account:
- Eligibility: 18 years or above (Should Not Have Existing ICICI Bank Account).
- Documents Needed: Mobile Number, Aadhar Number, PAN Card No.
- Expected Account Opening Time: Instantly.
- Features Provided: ICICI Netbanking Facilities, ICICI Banking Kit containing ICICI Smartshopper Silver VISA Platinum Debit Card, Passbook, Chequebook, and ICICI Platinum Chip Credit Card (in case you open an InstaSave FD Account), Phonebanking Facilities.
- Minimum Average Balance: ₹10000 for InstaSave Account; NIL for InstaSave FD Account. (FAQ Link)
- Fees and Charges: Click Here.
How to Apply?
You can click on the button below to apply online.
ICICI InstaSave / InstaSave FD Account
Important Points about ICICI InstaSave FD Account:
- Unlike HDFC InstaAccount, which was kind of limited in terms of privileges without completing full KYC, the ICICI InstaSave Account provides a fully-functional regular savings account, with a Video KYC option to fully activate it.
- You do not need to visit ICICI Bank at all for completing KYC and activating this account fully. You will get your account kit delivered at your home.
- The ICICI Bank Regular Savings Account has been merged with this option. If you visit ICICI Bank to apply for a regular savings account, this is the one you will be getting.
- You will be charged ₹150 + GST per year for Debit Card and some other charges for additional checkbooks etc. Check the fees and charges section above to know more about all the service charges.
- This is one of the best options for beginners who do not own a credit card and don’t have a credit score. Going with the Instasave FD account will enable you to get a credit card via FD and you can kickstart your credit profile.
ICICI Bank Silver Savings Account:
ICICI Bank Silver Savings Account is for those who need to do a lot of cash withdrawals from ATM every month. It requires you to maintain ₹25000 MAB on your account and offers you unlimited ATM withdrawals, a 15% Discount on Lockers, and free DD up to 1 Lakh.
Here are the details of the ICICI Silver Savings Account:
- Eligibility: 18 years or above (Should Not Have Existing ICICI Bank Account).
- Documents Needed: Mobile Number, Aadhar Number, PAN Card No.
- Expected Account Opening Time: You need to make this account offline from ICICI Branch. So, it might take a day.
- Features Provided: ICICI Netbanking Facilities, ICICI Banking Kit containing ICICI Smartshopper Silver VISA Platinum Debit Card, Passbook, Chequebook, and Phonebanking Facilities.
- Minimum Average Balance: ₹25000. (FAQ Link)
- Fees and Charges: Click Here.
How to Apply?
Well, to apply for an ICICI Silver Savings Account, you need to visit an ICICI Branch. They are only allowing Instasave / Instasave FD Account online. However, you may choose to upgrade your account later anytime if you want either from ICICI iMobile App or via ICICI Branch.
Important Points about ICICI Silver Savings Account:
- This account has mainly 3 benefits: You get unlimited ATM withdrawals from any bank ATMs, 15% off on locker rentals, and free DD up to 1 Lakh.
- However, you still need to pay the annual debit card charges, as well as other service charges. Check the fees and charges section.
- In case you maintain a Fixed Deposit of a minimum of 1.25 Lakhs, you don’t need to maintain the 25k MAB. The FD basically nullifies your non-maintenance charges in case you fail to maintain 25k.
- Frankly speaking, apply for this account only if you need to do a lot of ATM transactions every month, else you may skip it.
ICICI Bank Gold / Gold Plus Privilege Savings Account:
ICICI Gold / Gold Plus Privilege Savings Account is one of the best savings account to go for if you want to waive most of the basic account-related charges. You will get a Lifetime Free Debit Card, with unlimited free ATM withdrawals from any bank ATM, Free DD up to 1.5 Lakh, Free Checkbook, etc. You will also get 20% off on locker rentals.
Here are the details of the ICICI Gold Privilege Savings Account:
- Eligibility: 18 years or above (Should Not Have Existing ICICI Bank Account).
- Documents Needed: Mobile Number, Aadhar Number, PAN Card No.
- Expected Account Opening Time: You need to make this account offline from ICICI Branch. So, it might take a day.
- Features Provided: ICICI Netbanking Facilities, ICICI Banking Kit containing ICICI Gold Privilege Lifetime Free Debit Card, Passbook, Chequebook, and Phonebanking Facilities. You will also get priority processing of your service requests.
- Minimum Average Balance: ₹50000. (FAQ Link)
- Fees and Charges: Click Here.
How to Apply?
Well, to apply for an ICICI Gold / Gold Plus Privilege Savings Account, you need to visit an ICICI Branch. They are only allowing Instasave / Instasave FD Account online. However, you may choose to upgrade your account later anytime if you want either from ICICI iMobile App or via ICICI Branch.
ICICI Gold Privilege Savings Account
Important Points about ICICI Gold Privilege Savings Account:
- The main difference between Gold and Gold Plus Savings Account is the automatic FD facility which is available on the Gold Plus Account. Whenever your Gold Plus account balance touches more than ₹75000, it will automatically create an FD of ₹25000, while maintaining the MAB of ₹50000 on your account. They call it ‘Quantum Optima‘ facility.
- The ICICI Gold / Gold Plus Privilege Savings Account will waive off most of the charges, including Debit Card charges, Checkbook charges, DD charges up to 1.5 Lakh, etc.
- You will get 20% off on locker rentals, a waiver on trading account opening fee of ₹975, and first-year demat account maintenance charges of ₹500.
- You will get priority access and priority processing of your service requests. This isn’t verified by me though.
- In case you maintain a Fixed Deposit of a minimum of 2.5 Lakhs, you don’t need to maintain the 50k MAB. The FD basically nullifies your non-maintenance charges in case you fail to maintain 50k.
- If you can 50k MAB for the long-term, this is one of the best ICICI Bank Accounts to go for.
ICICI Bank Titanium Privilege Savings Account:
This is a higher tier privilege banking account offered by ICICI Bank. In addition to all the privileges offered by the Gold Account, it further moves you up to a priority banking customer with dedicated support.
Here are the details of the ICICI Titanium Privilege Savings Account:
- Eligibility: 18 years or above (Should Not Have Existing ICICI Bank Account).
- Documents Needed: Mobile Number, Aadhar Number, PAN Card No.
- Expected Account Opening Time: You need to make this account offline from ICICI Branch. So, it might take a day.
- Features Provided: ICICI Netbanking Facilities, ICICI Banking Kit containing ICICI Titanium Privilege Lifetime Free Debit Card, Passbook, Chequebook, and Phonebanking Facilities. You will also get priority processing of your service requests.
- Minimum Average Balance: ₹125000. (FAQ Link)
- Fees and Charges: Click Here.
How to Apply?
Well, to apply for an ICICI Titanium Privilege Savings Account, you need to visit an ICICI Branch. They are only allowing Instasave / Instasave FD Account online. However, you may choose to upgrade your account later anytime if you want either from ICICI iMobile App or via ICICI Branch.
ICICI Bank Titanium Privilege Savings Account
Important Points about ICICI Titanium Privilege Savings Account:
- Titanium Savings Account does not have a huge difference in terms of benefits compared to the Gold Savings Account.
- Apart from all other privileges of Gold Savings Account, you get 40% off on locker rentals, a complete waiver of DD charges, and higher priority service with 24×7 manned customer care.
- In case you maintain a Fixed Deposit of a minimum of 10 Lakhs, you don’t need to maintain the 1.25L MAB. The FD basically nullifies your non-maintenance charges in case you fail to maintain 1.25L.
- If you want an alternative account with better privileges, I can recommend the HDFC Bank Classic Account where you only need to maintain 1 Lakh MAB, and you get much better facilities and benefits. You can check out my other post on HDFC Savings Account Types to more about the HDFC Classic Banking and other types of savings account.
ICICI Bank THE One Savings Account:
This is a special type of savings account offered by ICICI Bank that is associated with several financial as well as reward schemes. It combines lifestyle benefits like Zomato Pro, Amazon Prime, Big Basket offers, as well as a 100% fee waiver on opening a trading account, a 100% waiver on Demat Account charges for the first year. It has two variants: THE One Magnum, and THE One Titanium Savings Account.
Here are the details of the ICICI THE One Savings Account:
- Eligibility: 18 years or above (Should Not Have Existing ICICI Bank Account).
- Documents Needed: Mobile Number, Aadhar Number, PAN Card No.
- Expected Account Opening Time: You need to make this account offline from ICICI Branch. So, it might take a day.
- Features Provided: ICICI Netbanking Facilities, ICICI Banking Kit containing ICICI THE One Lifetime Free Debit Card, Passbook, Chequebook, and Phonebanking Facilities. You will also get priority processing of your service requests.
- Minimum Average Balance: ₹100000 for Magnum, ₹200000 for Titanium. (Variants)
- Fees and Charges: Click Here.
How to Apply?
Well, to apply for an ICICI THE One Savings Account, you need to visit an ICICI Branch. They are only allowing Instasave / Instasave FD Account online. However, you may choose to upgrade your account later anytime if you want either from ICICI iMobile App or via ICICI Branch.
ICICI Bank THE One Savings Account
Important Points about ICICI THE One Savings Account:
- ICICI THE One Savings Account comes in two variants: Magnum and Titanium, with a MAB requirement of 1 Lakhs and 2 Lakhs respectively.
- With the Magnum variant, you get a ₹1000 Amazon Gift Card on Spending 15k with your Debit Card, Get 15% off on Bigbasket up to ₹250 per month, 30% discount on locker rentals, unlimited ATM withdrawals, free DD up to 2 Lakhs, 50% waiver on processing fee of Home Loans and Auto Loans.
- With the Titanium variant, you get a ₹1000 Amazon Gift Card on Spending 15k with your Debit Card, Get 15% off on Bigbasket up to ₹500 per month, Free 1 Year Zomato Pro subscription on maintaining the MAB for 3 months, and doing 1 UPI Transaction, 40% discount on locker rentals, unlimited ATM withdrawals, 100% waiver on DD, 50% waiver on processing fee of Home Loans and Auto Loans.
- With the Magnum variant, in case you maintain a Fixed Deposit of a minimum of 5 Lakhs, you don’t need to maintain the 1 Lakh MAB. The FD basically nullifies your non-maintenance charges in case you fail to maintain 1 L.
- With the Titanium variant, in case you maintain a Fixed Deposit of a minimum of 10 Lakhs, you don’t need to maintain the 2L MAB. The FD basically nullifies your non-maintenance charges in case you fail to maintain 2L.
- Well, don’t confuse THE One variant of Titanium Account with the Regular Titanium Privilege Account. There are certain differences, the most prominent one is the MAB difference. The Regular Titanium Privilege Account requires 1.25L MAB, while THE One variant requires 2L MAB.
ICICI Wealth Management Savings Account:
ICICI Wealth Management Savings Account is the most premium tier of savings account provided by ICICI Bank. They provide ultimate benefits with this tier. Although they need a few lakhs of investment to open an account, it does not come with a Minimum Balance Criteria.
Here are the details of the ICICI Wealth Management Savings Account:
- Eligibility: 18 years or above (Should Not Have Existing ICICI Bank Account).
- Documents Needed: Mobile Number, Aadhar Number, PAN Card No.
- Expected Account Opening Time: You need to make this account offline from ICICI Branch. So, it might take a day.
- Features Provided: ICICI Netbanking Facilities, ICICI Banking Kit containing ICICI Wealth Select VISA Infinite Lifetime Free Debit Card, Passbook, Chequebook, and Phonebanking Facilities. You will also get priority processing of your service requests.
- Minimum Average Balance: Nil. Although you do need a few lakhs of initial investment to get the account. It depends on you and the bank.
- Fees and Charges: Click Here.
How to Apply?
Well, to apply for an ICICI Wealth Management Account, you need to visit an ICICI Branch. They are only allowing Instasave / Instasave FD Account online. However, you may choose to upgrade your account later anytime if you want either from ICICI iMobile App or via ICICI Branch.
ICICI Wealth Management Savings Account
Important Points about ICICI Wealth Management Savings Account:
- Although it has no minimum balance requirements, it is the highest tier account of ICICI Bank with all the privileges that you can expect. Hence you do need a few lakhs of investment, to begin with.
- The good point is they do not have a fixed limit of the account. If you can convince the bank RM that you are going to keep a few lakhs of money in this account, you will easily get it even with an initial investment of 1 Lakh.
- All banking charges will be free in this account, including a lifetime free debit card.
Which ICICI Savings Account is the best to choose?
ICICI Bank gained my attraction with its beginner-friendly InstaSave Accounts that anyone can open from the comfort of their home. If you just turned 18, and want to open your first fully functional bank account, I would recommend the InstaSave FD account, where you can keep some FD amount (more than 10k) and get a zero-balance savings account. You will also get a lifetime free credit card and start using it to build up your credit profile.
The only other ICICI Savings Account worth upgrading is the ICICI Gold Privilege Savings Account, which waives off the debit card charges, DD Charges up to 1.5 Lakh, Checkbook charges, etc. With just a 50k MAB requirement, this can be good in case you want to keep ICICI as a long-term banking partner.
If you have a good investment to start with, you can convince the banker to offer you an ICICI Wealth Management account that will give you the ultimate privileges without the service charges. It is worth taking if you have the option. However, it is not that easy to get, especially for first-timers or those with low capital.
ICICI Bank Helpdesk:
- ICICI Bank Support Centre: Click Here.
- ICICI Bank Customer Care No: Click Here.
- Locate ICICI Bank Branch / ATM: Click Here.
- Submit Service Request: Click Here.
- All ICICI Bank Forms: Click Here.
- Update your ICICI Contact / Communication Details: Click Here.
- Report Suspicious Mail: Click Here.
- Report Unauthorized Transaction: Click Here.
- Submit a Complaint: Click Here.
Last Words:
Well, I listed all the savings account types offered by ICICI Bank, and also gave you an idea of their respective privileges. I think most of us will be satisfied with the InstaSave Account twins, or upgrade to the Gold / Wealth Account for waiving off the charges. Although it is not a requirement, keeping a high balance account also brings you closer to getting approved for ICICI Credit Cards such as the Amazon Pay ICICI Credit Card, which is hands down the best rewards credit card for shopping on Amazon.
Anyways, thank you for taking the time and going through the post. I hope I was able to clarify all of your doubts regarding the ICICI Savings Account. If you have further queries, just drop a comment below, I will be happy to help.
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Nirmal Sarkar is a Biotechnologist from the city of Joy, Kolkata. He is the founder of this blog and covers a wide range of topics from Gadgets to Software to Latest Offers. You can get in touch with him via nirmal@hitricks.com
can you cover best current account?
Need a bit of edit on Wealth Management. ICICI Wealth Management account comes with Master Card World Wealth Management Debit card. The Visa Infinite Debit Card comes with Wealth Select account which is the Ultimate Tier account where bank expects you to maintain a TRV of 1cr which can be opened with 10L cheque or if someone has Emerald Credit card, 5L of Cheque will do.
Also do add that Sapphiro CC often get offered as LTF with normal Wealth Management acc and Emerald get joining fee waiver with Wealth Select, the LTF is not confirmed
Thank you for your valuable inputs, Shubhankar. Will update them. 🙂
Fantastic