ICICI zero balance account
ICICI zero balance account is for individuals who want to open a new bank account with no minimum average balance can do so with an ICICI Bank zero balance account. The two types of zero balance accounts offered by ICICI Bank are the ICICI Insta Save FD Account and the ICICI Basic Savings Bank Deposit Account (BSBDA).
About ICICI zero balance account.
Basic Savings Bank Deposit Account (ICICI zero balance account) (BSBDA).The ICICI Bank Basic Savings Bank Deposit Account (BSBDA) comes with no minimum balance requirement. Our zero balance savings account, which is designed to help you save consistently, pays you interest at a competitive rate.
The ICICI Insta Save Account has a zero balance and can be opened online. The ICICI BSBDA is a basic savings account designed to help people become more financially independent.
We’ll compare the features and benefits of both of these zero balance accounts in this article.
Highlights of the ICICI zero balance account
|Bank Name||ICICI Bank Debit Card|
|Type||Zero Balance Savings Account/ Basic Account|
|Minimum Balance Requirement (MAB)||Nil/Zero Balance|
|Rate of Interest||4.00%, payable on a half-yearly basis.|
|Card Available for Zero Balance Account||ICICI Bank Debit Card|
|Eligibility Criteria||Open only to Indian residents who are above 18 years.|
|Not open to NRIs and individuals in the capacity of HUF Kartas.|
Advantage of an ICICI zero balance account
• Access to over 15000 ATMs around India.
• There is no minimum Monthly Average Balance requirement (MAB).
• There is no need to make an initial deposit to start your account.
• Can be held in a single or joint mode.
• You will receive a free Rupay Debit Card.
• You can get cash deposits for free.
• You get a complimentary passbook.
• On request, Internet Banking and Mobile Banking are accessible.
The ICICI Zero Balance Basic Savings Account provides the following services.
- Cheque Books are offered
- Online net Banking
- Passbook service is available.
ICICI Zero Balance Basic Savings Account features.
|Charges for Using an ATM (ICICI & non-ICICI ATMs).||The first five transactions (both financial and non-financial) are free.|
|Cheque book Facility||A single check book is provided for free.|
|Cash Transactions Allowance||The first four transactions are free.|
|Cash Deposit Facility||At base branches, you can make as many cash deposits as you like.|
|Charges for using a debit card.||On the ICICI Bank Debit Card, there are no additional fees.|
|Limit on Debit Card Transactions||The daily withdrawal limit is Rs 10,000, while the daily expenditure limit is Rs 10,000.|
ICICI Zero Balance Basic Savings Account Fees and Charges
|Charges for cash deposits.||Transactions made at base branches are free of charge.|
Non-base branches would be charged a fee of Rs 90 each transaction.
|Charges for Cash Withdrawals (at base branches).||The first four withdrawals in a month are free.|
After then, a cost of Rs 90 would be charged.
|Charges for Cash Withdrawals (non-base branches).||Each transaction costs Rs 90.|
|Transactions at ATMs (ICICI & non-ICICI ATMs).||The first five transactions are free.|
Following that, there are charges of Rs 20 for financial transactions and Rs 8.50 for non-financial transactions.
|Fee for using a debit card||Zero|
|Charges for SMS Alerts||with a quarterly fee of Rs 15|
|Charges for paying a check in more than one city.||Zero|
|Issue with the Cheque Book||with a charge of Rs 20 for each extra cheque book.|
|Charges for collecting checks from out of town.||Up to Rs. 5,000 per instrument - Rs. 25|
Rs. 5,001 to Rs. 10,000 each instrument - Rs. 50
From Rs. 10,000 to Rs. 1 lakh, each instrument costs Rs. 100, and above Rs. 1 lakh, each instrument costs Rs. 200.
ICICI Bank Insta Save an FD Account with Zero Balance.
ICICI Insta Save FD Account Features
• Open Online: The ICICI Insta Save Account is a digital savings account that you can open from the comfort of your own home or while on the go.
To open the account, there is no need to go to a bank branch.
• Video KYC: New bank clients can open an account without any limits by going through the video KYC process.
• Charges for non-maintenance of minimum average balance: If you open a fixed deposit (FD) of Rs.10,000 within three months of opening your online account, the Bank will waive the charges for non-maintenance of minimum average balance.
This account can only be opened by individuals, and joint ownership is not permitted.
• Get a secured credit card: When creating a bank account, customers can also get a secured credit card. The card’s credit limit is 90 percent of the FD amount.
• Platinum Visa Debit Card: Account holders receive a platinum visa debit card that may be used to withdraw funds and purchase both online and offline. Customers can also earn reward points by paying for their purchases with a debit card. This debit card has a larger cash withdrawal limit at ATMs.
• Insurance coverage: Insta Save customers receive a complimentary Rs.50,000 air accident insurance policy. In addition, things purchased with a debit card for Rs. 50,000 are covered against theft, fire, or loss in transit for 90 days from the date of purchase.
Eligibility to open a zero balance account with ICICI Bank.
• You are an Indian resident over the age of 18 (NRIs are not eligible to open this account) • You do not have any other Savings Account, including a BSBDA with us • You do not have a BSBDA with any other bank (HUF)
Documents proving your identity are required.
• Photo ID proof that meets the Bank’s document requirements.
In India, a PAN card is no longer considered a valid form of identification.
• Address proof in accordance with the Bank’s acceptable document list
• A properly completed account opening form
• The consumer fills out a declaration form for a simple savings account.
Photograph with self-attestation and signature/thumbprint
If you have a self-attested photograph and signature/thumbprint, you can start a Basic Savings – Small Deposit Account.
• You are a resident who does not have all of the required KYC documentation.
o Photo ID proof that meets the Bank’s document requirements.
o Address proof from a list of acceptable documents provided by the bank.
• If you are unable to present proper KYC documentation at the time of account opening.
o You can show proof of having applied for any KYC paperwork as stipulated by ICICI Bank within 12 months of opening your account.
o You have 24 months from the date of account establishment to furnish a valid KYC document.
ICICI zero balance account opening online
How can I start an Insta Save account with ICICI Bank?
The online account opening process for ICICI Insta Save Account is 100% paperless.
1. Go to the ICICI Bank website and select Apply Online, then Savings Account.
2. Select ‘Insta Save account’ and ‘Insta Save FD account’ from the drop-down menu.
3. Select ‘Apply’ from the drop-down menu.
4. Fill in your gender, age, marital status, occupation, education, income range, and residence status on the online account opening form.
5. Click ‘Continue’ after entering your phone number, email address, and PAN card number.
6. Enter the one-time password (OTP) that was provided to your phone number.
7. Click ‘Proceed’ after entering your Aadhaar number.
To proceed, enter the OTP that was sent to your Aadhaar number.
8. Fill in the blanks with the information about your nominee.
9. If your communication address is different from your Aadhaar address, enter it here.
10. Double-check that the information you put in the online account form is valid, then click Continue.
11. You must agree to the terms and conditions.
12. Within three months of starting your online account, fund it and open a savings account.
Your account will be created successfully, and a bank representative will contact you to finish the whole KYC procedure.
Things to consider while opening a zero balance account.
• Individuals who are over the age of 18 and have no prior relationship with the bank are eligible to create an account.
• Customers can initially save a maximum of Rs.1 lakh. However, once the KYC verification is complete, there is no upper limit.
• To complete your KYC verification, a bank representative will contact you to schedule a biometric verification session at a time that is convenient for you.
ICICI Bank BSBDA
ICICI Bank’s basic savings account has the following features.
• The government of India’s Pradhan Mantri Jan Dhan Yojana (PMJDY) offers a zero-balance savings account. Its goal is to provide financial access to economically disadvantaged people who do not have access to a savings account.
• Indian residents above the age of 18 are eligible to open an account. This zero balance account is not available to NRIs or foreign nationals.
• The basic savings account at ICICI Bank has a zero balance. Customers with a simple savings account do not need to maintain a minimum amount in their bank account.
• Customers receive a free RuPay Debit card, which allows them to switch to a cashless transaction mode. A debit card provides a more convenient way to make a purchase. RuPay cards are accepted by the majority of merchants. On the debit card, customers do not have to pay any annual fees. The RuPay card, on the other hand, can only be used in India.
• There are no costs for customers to deposit or withdraw money.
• Account holders receive a passbook in which to keep track of their credit and debit activities.
• Customers can open a joint zero-balance account with their spouse, siblings, or other members of their family.
• Account holders have the option of nominating someone else. The nominee is the legal heir of the savings accounts after the account holder goes away, thus adding one is crucial.
• Credit limits will not apply to accounts opened with KYC documentation.
What is “Credit freeze status” on a zero balance account?
If a customer fails to present proper KYC documents, or evidence of having applied for valid KYC documents, to the Bank within 12 months after opening the account, the account is classified as ‘credit freeze.’
• If you have a Basic Savings – Small Deposit Account, it will be frozen.
o The total value of all credits in the account during the financial year is greater than Rs 1,00,000, or the day-end account balance is greater than Rs 50,000, or the total withdrawals in a month are greater than Rs 10,000, or
o The customer is unable to provide the Bank with valid KYC documentation within 24 months after account establishment.
**The introduction of new accounts under the Basic Savings Bank Account has been discontinued.
How can I find out how much money I have in my ICICI bank zero balance account?
You can get your account balance and latest three transactions via SMS by calling our new missed call alert facility number from the registered mobile number.
The call will be instantly ended, and an SMS will be sent to the user’s registered cellphone number.
• Dial 9594612612 to check your account balance.
• Dial 9594613613 to check on the latest three transactions.
You can also check your balance using iMobile, Internet Banking, or by phoning our Customer Service department.
Frequently Asked Questions about ICICI Bank’s Zero Balance Account
What is an Insta Save account, exactly?
A PAN and Aadhaar card are required to start an Insta Save Account, which is an internet savings account that may be opened instantaneously.
Who is eligible to open an Insta Save account?
This account is available to Indian nationals aged 18 to 60. Individuals who are new to the bank, i.e. those who do not have an established relationship with the bank, can open an account.
How do I sign up for an Insta Save account?
By visiting the bank’s website or using the ICICI Bank mobile banking app, you can open an Insta Save Account. You can also use the video KYC process to open an account.
Is there a monthly average balance requirement for the Insta Save Account?
The ICICI Insta Save Account has a Rs.10,000 minimum monthly average balance requirement.
If a fixed deposit of at least Rs.10,000 is opened within three months of account opening, the minimum average balance charges are waived.
What is the maximum amount I may deposit in an ICICI Bank digital savings account?
Because the Insta Save Account is formed through the e-KYC process, the maximum amount you can deposit is Rs.1 lakh at first. These restrictions are withdrawn from your account if your KYC documents are successfully verified.
I am not in possession of an Aadhaar number. How can I open an ICICI Bank Insta Save Account?
To open an ICICI Insta Save account, you’ll need your Aadhaar number. To learn more about Aadhaar card enrollment, go here.
How will the KYC verification be carried out?
Following the opening of your account, you will receive a call from ICICI Bank to schedule an appointment to complete your entire KYC via biometric process.
Is it possible to open an ICICI Bank zero balance account online?
You can open a simple savings account by submitting an online request.
Simply go to http://www.ICICIbank.com, select ‘Apply Online’ and then ‘Savings Account,’ fill in the relevant information, and submit the form. A bank representative will contact you within 48 hours to assist you with your travel arrangements.
Are there any fees associated with an ICICI zero balance account?
From October 16, ICICI Bank would charge zero balance account holders Rs 100-Rs 125 each transaction.
From October 16, 2019, ICICI Bank’s ‘Zero balance’ account users will have to pay a fee of Rs 100-Rs 125 for each transaction they make at the bank’s branches.
Is it better to go with ICICI or HDFC?
Work-life balance, Culture & Values, and percent Recommend to a Friend were all higher for ICICI Bank. Compensation & Benefits, CEO Approval, and Positive Business Outlook were all areas where HDFC Bank scored higher. Overall Rating, Career Opportunities, and Senior Management were all tied.
Conclusion on ICICI Bank zero balance account.
Customers who do not already have an ICICI Bank savings account can start an ICICI Insta Save account. If a customer opens a fixed deposit for at least 12 months that matures in 12 months, the costs on the minimum average balance are eliminated.
Individuals who do not have a savings account can start a simple zero balance savings account. Customers are not required to maintain a minimum balance after the account is started. The bank provides a free checkbook, debit card, and a variety of additional services.
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