Savings Account FAQs

An ICICI Bank Savings Account is a safe and convenient deposit Account that allows you to store money securely while earning interest on the balance maintained. It offers easy access to your funds through ATM withdrawals, Debit Card usage, online transfers and cheque payments. It is an ideal Account for managing day-to-day expenses, savings and digital payments.

Monthly average balance required in the new Savings Account is as follows:

• Metro and urban locations - ₹15,000
• Semi-urban locations - ₹7,500
• Rural locations- ₹2,500

Following customers are exempted from the requirement of monthly average balance:

• Customers fulfilling programme eligibility criteria
• Pensioners receiving pension in their ICICI Bank Savings Accounts
• Students of select institutes

A Savings Account helps you manage your money securely and efficiently through:

• Interest earnings on idle funds

• Safe digital banking via UPI, Net Banking, and ICICI Bank’s iMobile app

• Access to ATM withdrawals, cheque payments, Debit Card transactions

• Offers and rewards across lifestyle, shopping, and travel

• A secure location to store emergency funds

• Easy linkage with mutual funds, FDs, SIPs, and insurance

Interest on the Savings Account is calculated as per the daily end of day (EOD) balance and credited quarterly. Rates vary depending on the balance slab. For updated interest rate structure, customers are encouraged to visit the Bank website or check the latest circulars on Net Banking.

Yes. You can open more than one Savings Account based on different financial needs (e.g., salary, personal savings, investments). However, each Account must meet its respective balance and compliance requirements.

Yes. ICICI Bank offers following types of minor Accounts:

• Self-operated Account with guardian consent
• Guardian-operated Account on behalf of the minor
• Self-operated Account without guardian consent

A BSBDA is a zero-balance Savings Account designed to promote financial inclusion. It provides:

• Complimentary Debit Card

• Limited but essential monthly transactions

• No minimum balance requirement

• Access to digital banking and ATM services on request

Common Bank Accounts for individuals include a Savings Account for storing money securely and earning interest, a Salary Account for receiving salary credits and accessing Banking benefits, a Joint Savings Account for managing shared finances with two or more holders, a Basic Savings Bank Deposit Account (BSBDA) as a zero-balance Account designed to promote financial inclusion, Fixed Deposits for depositing money for a fixed tenure, and Recurring Deposits for building savings through monthly deposits.

A Savings Account is used to store money securely while earning interest and accessing daily Banking services. A Current Account is designed for day-to-day business transactions and does not pay interest on the balance. A Fixed Deposit allows you to deposit money for a fixed tenure to earn returns on the deposited amount. Savings Accounts suit regular personal Banking, Current Accounts suit high-volume transactions, and Fixed Deposits suit customers who want to keep funds invested for a chosen period.

ICICI Bank provides secure Banking, digital access and Account programme options designed to meet different customer needs. For senior citizens, ICICI Bank offers convenience and safety through nil service charges, 24/7 call assistance on phone banking, higher returns on FD and SCSS for their overall financial well-being. Click here for more details.

Choose a Savings Account if you want to store money securely, earn interest and use everyday Banking services. Choose a Salary Account if you want an Account linked to salary credits and related benefits. Choose a Joint Savings Account if you want to manage finances with another holder. Choose a Current Account if you run a business and need frequent day-to-day transactions.

ICICI Bank applies the same dormancy rules across Account types (Savings and Current). If there are no customer-initiated transactions for 12 months, the Account is marked inactive. After 24 months, it is classified as dormant. Fixed Deposits are not affected, but linked repayment Accounts can become dormant. Reactivation required re-KYC and a transaction at the branch.

• 18 years and above: Can independently open a Savings Account.

• Below 18 years: A minor’s Account can be opened and operated by parent or guardian, or an Account can be operated by the minor (above 10 years) with guardian consent. Minors above 10 years can also independently open and operate a Savings Account.

To open an ICICI Bank Savings Account, you need to submit valid KYC (Know Your Customer) documents as mandated by RBI:

1. Proof of identity (anyone):

• Aadhaar card

• PAN Card

• Passport

• Voter ID

• Driving licence

2. Proof of address (anyone):

• Aadhaar card

• Passport

• Utility bill (Electricity, Water, Gas – not older than 2–3 months)

• Rental agreement with utility bill

• Bank Account/statement from another bank

• Property or municipal tax receipt

3. Other documents:

• Passport-size photograph

• PAN or Form 60 (if PAN not available)

• The bank may ask for additional documents based on your profile and Account type.

To open a Minor Account, the following documents are required:

For the minor:

• Proof of birth certificate or school ID as age

• Photograph (if applicable)

• In case of self-operated Account, minor PAN or Form 60 is required

For the parent or guardian:

• Proof of valid identity and address

• PAN

• Photograph

After successful Account opening, you will receive:

• SMS and email confirming Account activation

• A welcome kit, which includes:

  
  

  • Debit Card

  • Cheque book

  • Account number and customer ID

  • Terms and conditions booklet

For online Accounts, a virtual Debit Card is issued immediately.

Yes. In a Joint Savings Account, every applicant must complete full KYC. Each holder must provide their proof of identity, proof of address, PAN or form 60 and photograph.

ICICI Bank offers interest on Savings Account balances based on daily end of day balances, and the accumulated interest is credited quarterly.
Customers are advised to refer to the ICICI Bank website, Net Banking or branch notices for the latest interest rate structure.

Upon turning 18, the minor must:

• Complete full KYC

• Submit proofs of identity and address

• Update signature and photograph

The Account is then converted into a usual Savings Account.

Yes. Students of select institutes can open account with no minimum balance.

These Accounts help students manage their expenses independently.

Yes. Adding a nominee is mandatory for all individual and sole proprietorship Accounts.
A nominee ensures that the Account balance is transferred smoothly to the nominated person in the event of the Account holder’s demise.

You can add or update a nominee anytime via ICICI Bank’s iMobile app, Net Banking or by visiting a branch.

An ICICI Bank Savings Account offers a wide spectrum of benefits designed to make:

• Earn daily interest with quarterly credit

• Access to ATMs and branches

• Enjoy seamless digital banking via ICICI Bank’s iMobile app and Net Banking

• Free fund transfers (IMPS, NEFT, RTGS)

• Debit Card benefits, including offers, discounts and cashbacks

• Exclusive ICICI Bank Deals on shopping, dining, travel and lifestyle

• Easy linkage with FDs, RDs, SIPs, Loans and insurance

• Customer support across multiple channels

This makes it an ideal Account for both everyday needs and long-term financial management.

ICICI Bank Savings Accounts offer Digital Banking solutions that help customers manage Accounts securely. Customers can access services such as Card controls, SmartLock, Fund Transfers, Investments and more.

Dormant Accounts continue to earn interest on balances at the applicable Savings Account rate. Interest is credited regularly, even if the Account is inactive or dormant.

You can pay a wide range of bills instantly through multiple digital channels

• ICICI Bank’s iMobile app: Electricity, DTH, mobile recharge, broadband, water, gas, municipal taxes, FASTag, insurance, loan EMIs, credit card bills and more.
• Net Banking: Bill Pay section for recurring or one-time payments.
• UPI: Quick payments using UPI IDs, QR codes or direct-to-biller options.

• All payments are processed securely with instant confirmation on successful transaction.

No. ICICI Bank does not levy any charges for reactivating an inactive or dormant Account.

An Account becomes:

• Inactive: If there are no customer-initiated transactions for 12 months

• Dormant: If inactivity continues for 24 months

Customer-initiated transactions include withdrawals, deposits, fund transfers, UPI payments, cheque issuances and ATM usage.

If an Account becomes dormant:

1. You cannot perform debit transactions such as withdrawals, transfers, UPI payments or Debit Card usage

2. Credit transactions (such as interest credit or deposits) are still allowed

3. The balance in your Account remains safe

4. You continue to earn interest on the available funds

To resume full usage, reactivation is required.

Reactivation is simple and can be done through:

1. ICICI Bank’s iMobile app or Net Banking: Submit a re-KYC request and upload documents (if eligible)

2. Video KYC: Complete the verification instantly

3. Branch visit: Provide updated KYC documents (proof of ID, proof of address, PAN)

Once verified, your Account becomes fully operational.

ICICI Bank Savings Accounts provide secured Banking for daily financial needs and Digital Banking access for Account management. SmartLock is a digital feature available on the ICICI Bank’s iMobile app that allows users to lock and unlock multiple Banking Services without calling customer care or visiting a Bank branch.

Nomination can be added or modified anytime through:

• ICICI Bank’s iMobile app → Services → Manage Nominee
• Net Banking → Customer Services → Nomination Service
• Branch Visit

A nominee ensures smooth transfer of funds in case of an unforeseen event.

Joint Savings Accounts are available with Digital Banking access and defined modes of operation. If inactivity leads to an inactive or inoperative status, customers should follow ICICI Bank’s published dormant Account activation process and provide the required documentation based on the Account setup.

Yes, minor accounts also follow the same dormancy rules. If inactive for 24 months, they become dormant. Reactivation required the guardian to submit re-KYC documents at the branch and perform a transaction to restore normal operations.

Customers can confirm the Account status by contacting customer care or visiting a branch. The Bank classifies Accounts as Inactive after 12 months of no customer-initiated transactions and dormant after 24 months, as per RBI guidelines.

To restore a dormant Account, customers must complete re-KYC process by submitting valid KYC documents.

Customers should be aware of restrictions on dormant Accounts (no cheque book, Debit Card or online transactions). Before closing, customer must clear any pending dues. Closure required a branch request with valid documents.

ICICI Bank sends individual communications to customers through SMS, e-mail or letters before an Account is classified as dormant. Customers are informed about restrictions and the need to complete re-KYC for reactivation.

If a balance discrepancy is noticed after reactivation, customers should immediately contact ICICI Bank via branch or customer care. The Bank will verify Account records, interest credits and transaction history to resolve the issue.

A dormant Savings Account does not impact credit history or credit score. Dormancy only restricts Account operations until re-KYC and activation are completed. Credit history is linked to Loans and Credit Cards, not Savings Account status.