ICICI Bank Account Opening – Complete Guide to Process, Documents & Features

Incorporated as a government institution on January 5, 1955, as Industrial Credit and Investment Corporation (ICICI), this bank is one of India's leading private multinational banks. It offers many banking and financial services for retail and corporate customers. 

The bank is known for its vibrant banking services to its customers and remains a one-stop solution to amass wealth through banking and investments. The parent company established the ICICI bank as its subsidiary in Vadodara in 1994. Initially, the bank operated under the name Industrial Credit and Investment Corporation. 

Still, in 2001, the parent company merged with its subsidiaries, ICICI Personal Financial Limited and ICICI Capital Services Limited. From then onwards, this financial institution was renamed exclusively ICICI Bank.

ICICI Bank and Its Subsidiaries

Apart from providing banking and financial services to the Indians, the bank has also increased its investment horizon in other fields and countries.

Features of ICICI Bank

ICICI Bank remains a formidable counterpart to other banks due to its features and customer-friendly banking services.

Who Can Open a Bank Account in ICICI Bank?

1. Resident Individuals (Single Account Holder or Joint Account Holder)

2. Hindu Undivided Families

3. Foreigners in India

4. Minors

5. Senior Citizens aged 60 years and above

ICICI Bank extends its banking services to all customers without any discrimination. The initiation of doorstep banking services for its customers simplifies all the banking processes and financial investments. Anyone can invest in the economic products of the ICICI Bank. The bank verifies all the mandatory documents to initiate its customers’ financial goals.

Types of Accounts Offered by ICICI Bank

ICICI Bank provides two types of bank accounts to meet the requirements of its customers. Its customers can easily transact funds without any hassle.

1. Savings Account

2. Salary Account

3. Current Account

Each account has various subcategories, depending on everyday needs and usage. These accounts have unique features and cater to the needs of ICICI Bank customers.

ICICI Bank Savings Account

The savings bank account from ICICI Bank is quite popular due to its various features. These unique features cover the demands of its customers, such as unlimited withdrawals, ATM card discounts and vouchers, cashback, and many others.

ICICI Bank Salary Account

According to the salary ranges, ICICI Bank provides salary accounts with a plethora of discounts, features, and rewards that greatly benefit its customers.

Documents Required for Opening ICICI Bank’s Savings Account

The following documents are required to open a savings bank account in ICICI Bank:

• Valid Passport
• Aadhaar card
• Valid Permanent Driving License
• Voter ID card
• Mahatma Gandhi National Rural Employment Guarantee (NRGEA) card
• Pan Card
• Letter from National Popular Register

Disclaimer: Some of the documents as mentioned earlier are optional, depending on your citizenship and geographical location. However, customers must submit a PAN card and an Aadhaar card to comply with the Reserve Bank of India (RBI).

Eligibility to Open Savings Bank Account

The resident individuals must be above the age of 18. If the savings account is for a child, i.e., people below 18, then the proper documents must be submitted for proof. However, the minors' savings account must be governed by the child’s parents or guardians.

Senior citizens above the age of 60, can also open a savings bank account. Adhering to the RBI guidelines, the bank shall ask the senior citizens to submit certain documents relating to the age proof and others. The bank also provides doorstep banking services.   

How to Open a Bank Account in ICICI Bank Offline?

Step 1: Visit the nearest ICICI Bank branch in your city area.

Step 2: Introduce yourself and request an account opening form from the bank staff personnel. Your self-introduction will help the bank staff members figure out the suitable savings bank account for you.

Step 3: On the account opening, select the type of savings bank account you need. For example, you can choose a regular savings account. However, depending on your cash deposit, the bank authorities decide the type of account.  

Step 4: Furnish the valid identity proof and address proof, along with your recent passport-size photos

Step 5: Submit the account opening form to the bank staff member.

The ICICI Bank staff personnel will verify all your details. Ensure you have linked your active mobile number and email address for the instant bank alerts. You can also apply for ICICI Bank’s net banking through their staff members.

How do you open a savings bank account at ICICI Bank Online?

Step 1: Go to the official website of ICICI Bank.

Step 2: Click the tab “Account” in the website's header.

Step 3: A dropdown menu will open, in which you click the option “Savings Account.”

Step 4: You will be taken to the next page. Explore the different types of savings accounts offered by ICICI Bank. After that, click the option “OPEN A SAVINGS ACCOUNT.”

Step 5: Another page will be opened. Here, enter the following details:

• Your name as per the PAN card
• PAN Card Number
• Pincode
• Active mobile number

Step 6: The One-Time Password (OTP) will be sent to your mobile number. Enter the number and validate your details.

Step 7: Click the checkbox after reading the terms and conditions.

Step 8: Click the tab “Apply Now.”

Disclaimer: The bank server may ask you to upload valid identity proof for the online application. However, sometimes, the bank may change the procedures. So, you must be ready to apply to open a savings account according to the prescribed guidelines.

How do you open a bank account at ICICI Bank Offline?

Step 1: Visit the nearest branch ICICI Bank branch in your city area.

Step 2: Introduce yourself and request an account opening form from the bank staff personnel. Your self-introduction will help the bank staff members figure out the suitable savings bank account for you.

Step 3: On the account opening form, select the type of salary bank account that you need. Depending upon the salary, the bank will choose a salary account.

Step 4: Furnish the valid identity and address proof, along with your recent passport-size photos. Also, attach a copy of your job call letter and your employer’s salary account requisition letter. Make sure that the attachments mention your salary details and employer’s sign.

Step 5: Submit the account opening form with the attachments to the bank staff member.

The ICICI Bank staff personnel will verify all your details. Ensure you have linked your active mobile number and email address for the instant bank alerts. Activate your ICICI net banking through their staff members to make instant bank transfers.

ICICI Bank’s Current Account

The current account is for customers who engage in business and regularly carry out multiple financial transactions. Current account holders can easily access their accounts and conduct transactions seamlessly either offline or online. 

The current account can be opened in the bank with the traditional method of furnishing an application form with evidence. The bank verifies all your details and approves of your current account. 

Disclaimer: The current account differs from the salary and savings accounts. Therefore, customers must be extra careful when withdrawing or transferring money to other bank accounts.

Documents Required to Open Current Account in ICICI Bank

• Application form with recent photograph
• PAN Card
• Address Proof
• Certificate of Incorporation and Memorandum of Association (MoA)
• Partnership agreements 
• Identity and residence proof of all partners.
• Cheque from the existing savings account for account opening.
• Contact details like mobile number and email address for instant notifications.

Types of Credit Cards and its Fees

Before you decide which credit card you want to apply for, have a look at the credit cards and their 
features.

Interest Rates

All savings accounts incur a 3.00% interest rate if the balance is below ₹ 50,00,000 lakhs. If the balance exceeds ₹ 50,00,000 lakhs, the interest rate is 3.50%. However, the salary accounts of ICICI Bank do not incur interest.

Conclusion

ICICI Bank expands its banking service and financial products globally and leads the banking sector with innovative ideas. Today, this bank has a robust number of customers. ICICI Bank makes the banking experience seamless and smooth for all its customers. The bank team assists its customers in choosing the right type of salary or savings bank account and helps them to amass their wealth.

FAQs Related to ICICI Bank Account Opening

Can I opt for a joint savings account with my friend?

Yes, you can opt for a joint savings account with your friend. However, you both need to decide who should be the primary holder of the savings account.

Does ICICI Bank provide doorstep banking services?

Yes, ICICI Bank provides doorstep banking services.

Who is eligible for a Wealth Management Salary account?

The one who earns more than ₹ 3,00,000 Lakhs per month is eligible for this account.

Who is eligible for Private Banking in a salary account?

The one who earns more than ₹ 8,00,000 Lakhs per month is eligible for this account.

Is it mandatory to register a nominee in a savings account?

According to the bank rules and regulations, all customers must register a nominee to their savings account.

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