ICICI Basic Savings Account
The ICICI Bank Basic Savings Bank Account (BSBDA) is a zero-balance account, which means there is no requirement to maintain a minimum balance. This account allows you to earn interest on your end-day balance, with an interest rate of 3%.
The interest is credited to your account every quarter. The account also provides access to a range of banking facilities, including cash deposit, internet, and mobile banking, passbook, chequebook, and demand draft.
Features and Benefits of ICICI Bank Basic Savings Bank Account:
- As already mentioned, the ICICI Bank Basic Savings Bank Account is a zero-balance account, meaning that there is no requirement for a minimum balance.
- Customers are granted a free personalised RuPay debit card when opening the account.
- Free cheque book with 15 leaves.
- This savings account comes with the benefit of free internet banking facilities.
- Customers can make four free transactions a month at their base branch. A charge of Rs.90 is applicable from the 5th transaction onwards.
- Interest added on the deposits in the account are compounded half-yearly.
- Cash transactions at branches other than the base branch are charged at the nominal rates.
- Customers are also granted a free passbook when opening the account.
- Account holders of this savings account are allowed to nominate one beneficiary. The beneficiary can operate the account on behalf of the account holder.
- No foreign remittances can be made if the account holder has not yet submitted his/her KYC documents.
- On submission of KYC documents, account holders can convert this Basic Savings Account into a regular savings account.
ICICI Basic Savings Account Interest Rates:
On Balances (in ₹) | Rate of Interest (% p.a.) |
For end of day balance below ₹ 50 Lakhs | 3.00 |
For end of day balance ₹ 50 Lakhs and above | 3.50 |
Eligibility for ICICI Bank Basic Savings Bank Account:
To be eligible for this account, applicants need to meet certain eligibility criteria:
- Should be a resident of India.
- Should be 18 years or above.
- Individuals belonging to HUV Kartas are not eligible for this savings account.
- NRIs are not eligible for this account.
- To be eligible for this account, the applicant should not hold any other savings account with ICICI Bank.
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Services Offered by ICICI Basic Savings Account:
Cheque book | Yes |
Internet Banking | Yes |
Passbook Facility | Yes |
Fees & Charges of ICICI Basic Savings Account:
Cash Deposit Charges | NIL |
Cash Withdrawal Charges | NIL |
ATM transactions (ICICI & non-ICICI ATMs) | NIL |
Debit Card Fee | Nil |
SMS Alerts Charge | NIL |
Multi-city cheque payment Charges | Nil |
Cheque Book Issue | NIL |
Outstation Cheque Collection Charges | NIL |
Highlights
Bank | ICICI |
Category | Basic / Zero Balance Savings Account |
Minimum Balance Requirement | Nil |
Interest Rate | 3% p.a. to 3.50% p.a., paid per quarter |
Card Offered | ICICI Bank RuPay Debit Card |
Eligibility | Open only to Indian residents who are above 18 years. |
To be eligible for the account, you must not have an existing savings account with the bank, including a BSBDA. Additionally, you cannot have a BSBDA with any other bank. The account must be opened in your individual capacity and not as the Karta of a Hindu Undivided Family (HUF).
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on ICICI Basic Savings Account
- What is a Basic Savings Account?
A Basic Savings Account is a zero-balance bank account designed for individuals who make a limited amount of financial transactions and just need a simple account to deposit and withdraw money.
- What is the eligibility for opening a Basic Savings Account with ICICI Bank?
To open a Basic Savings Account with ICICI Bank, you must be an 18 years old Indian resident individual with a valid government-issued photo ID.
- How much money do I need to maintain in my Basic Savings Account?
ICICI Bank's Basic Savings Account requires no minimum balance.
- Can I open a joint Basic Savings Account with my spouse?
You can open a joint Basic Savings Account with your spouse at ICICI Bank. Both account holders will have equal rights and responsibilities for the account.
- Can I open a Basic Savings Account online?
A Basic Savings Account can be opened online with ICICI Bank. The process is quick and convenient, and you can complete it from the comfort of your own home.
- Are there any fees associated with a Basic Savings Account?
To know about any fees associated with a Basic Savings Account at the ICICI Bank, you will need to contact the bank or visit their website.
- Can I use a Basic Savings Account for business purposes?
ICICI Bank's Basic Savings Account is primarily designed for personal use. Business accounts usually have different features and requirements than personal accounts and may be better suited to your needs.
- Can I apply for a credit card with a Basic Savings Account?
It is possible to apply for a credit card with a Basic Savings Account, but approval will depend on your credit history and financial situation.
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