ICICI Bank Savings Account: Features, Benefits & Opening Process

I'll start with a story of how I accidentally became a financial guru. It all started when I found an old sock stuffed under my couch. Inside it was Rs. 500 that I had completely forgotten about. As I was celebrating this unexpected windfall, my mom gave me one of those looks and said, "Beta, you need a savings account." And that's how I set out on my journey to explore the best savings accounts out there—starting with ICICI Bank.

If you too are fed up with losing money to rogue stocks, let me introduce you to ICICI Bank's savings account. Whether you want to save for a vacation, retirement, or just a safety net for those unexpected financial surprises, ICICI Bank has got you covered.

About ICICI Bank Saving Accounts

Saving money in a savings account is of paramount importance; this is one of the best ways by which one gets their money safe while on the other side earning interest against the deposited sum. 

ICICI Bank offers wide savings accounts created for various categories of customers to ensure a completely hassle-free and convenient banking experience with numerous additional value-added features.

Interest Rates on ICICI Bank Savings Accounts (2025)

ICICI Bank savings account interest rates range between 3.00% and 3.50% p.a., depending on the type of account and deposit balance. The interest is calculated daily and paid quarterly in June and December.

Interest Rate Table

ICICI Bank Saving Account Features

ICICI Bank offers its customers a wide range of features that make managing finances simple and efficient. Some of the key features include:

• Easy Access to Funds: Customers can access their money anytime through a vast network of branches, ATMs, mobile banking, and net banking.
  
  
• 24/7 Banking Services: With Internet and mobile banking, account holders can perform transactions, pay bills, transfer funds, and manage investments conveniently.
  
  
• Customisable Debit Cards: Customers can select a picture of their choice for the debit card and get special cashback and rewards.
  
  
• Special Privileges for Women & Senior Citizens: Savings accounts designed exclusively for women and senior citizens offer extra facilities such as higher interest rates and priority banking.
  
  
• Automated Savings Options:  Customers can avail themselves of systematic saving schemes such as iWish goal-based savings, the Public Provident Fund (PPF), and Atal Pension Yojana.
  
  
• Family Banking Benefits: Link multiple accounts under Family 360° Banking for premium perks and simplified financial management.
  
  
• Complimentary Insurance Coverage: Enjoy accident insurance benefits of up to Rs. 40 lakh with selected accounts.
  
  
• Flexible Account Numbers: Choose a preferred account number for easy recall and management.
  
  

Types of ICICI Bank Savings Accounts

ICICI Bank offers a diverse range of savings accounts, each tailored to different needs and customer segments. Below are the major types:

1. Regular Savings Account

A secure and stable savings account is ideal for individuals looking for liquidity while earning interest on their deposits.

2. Privilege Savings Account

Designed for premium banking customers, this account provides exclusive benefits such as discounted locker facilities, unlimited withdrawals, and priority banking services.

3. Salary Account

A zero-balance salary account with additional benefits like unlimited ATM transactions, complimentary lounge access, and exclusive credit card offers.

4. Women’s Savings Account

A specially curated account for financially independent women, offering cashback rewards, lower fees, and priority services.

5. Young Stars & Smart Star Savings Account

Designed for minors and teenagers, these accounts help inculcate saving habits from an early age, with guardian-operated and self-operated options available.

6. Senior Citizens Savings Account

Provides exclusive benefits such as priority service, doorstep banking, high-interest savings schemes like SCSS (Senior Citizens Savings Scheme), and dedicated assistance.

7. Instant Savings Account

Open an account instantly online using Aadhaar and PAN, without the need to visit a branch.

8. Family Savings Account

Allows multiple family members to manage their accounts under a single umbrella, offering shared benefits like reduced minimum balance requirements.

9. 3-in-1 Account (Trading, Demat & Savings)

A bundled account for investors that includes a Savings, Demat, and Trading account, enabling seamless investments in stocks and mutual funds.

10. Campus Power Savings Account

Exclusive for students, this account offers a zero-balance facility, education loan benefits, complimentary credit cards, and access to financial planning tools.

Steps to Open an ICICI Bank Savings Account

Online Process

Opening an ICICI Bank Savings Account online is a quick and hassle-free process. Follow these detailed steps:

1. Visit the ICICI Bank Official Website:
   • Open a web browser and go to ICICI Bank's official website.
   • Ensure you have a stable internet connection for a smooth experience.
     
     
2. Navigate to the ‘Savings Account’ Section:
   • On the homepage, locate and click on the ‘Savings Account’ option under the ‘Accounts’ section.
   • Click on ‘Open a Savings Account.’ Find this at the centre of the Savings Account Page.
     
     
3. Enter Personal Details:
   • Fill in your full name, PAN card number, mobile number, and PIN as per your Aadhaar card.
   • Ensure all details are accurate to avoid any discrepancies during verification.
     
     
4. Complete Aadhaar-Based Verification:
   • Enter your 12-digit Aadhaar number.
   • You will receive an OTP (One-Time Password) on your registered mobile number linked to Aadhaar.
   • Enter the OTP to authenticate your identity.
     
     
5. Fund the Account:
   • You may need to deposit an initial amount to activate your account.
   • Use UPI, net banking, or a debit/credit card to make the first deposit.
     
     
6. Complete Video KYC Verification:
   • Upload a scanned copy of your PAN card.
   • Schedule a video call with an ICICI Bank representative.
   • The bank officer will verify your identity via video call.
   • Ensure good lighting and a proper internet connection during the call.
     
     
7. Account Activation:
   • Once your video KYC is completed, your account will be activated instantly.
   • You will receive an account number, customer ID, and internet banking details via SMS and email.

Offline Process

If you prefer opening an ICICI Bank Savings Account in person, follow these steps:

1. Visit the Nearest ICICI Bank Branch:
   • Use the ICICI Bank branch locator on their website to find the nearest branch.
   • Carry all necessary documents for verification.
     
     
2. Fill Out the Savings Account Application Form:
   • Request the account opening form from a bank representative.
   • Fill in all required personal details accurately.
     
     
3. Provide Required Documents:
   • Submit self-attested copies of Aadhaar card and PAN card.
   • Provide additional identity proof such as a passport, voter ID, or driving license if required.
   • Address proof (Aadhaar card, utility bill, or rental agreement) may also be required.
     
     
4. Submit Initial Deposit (If Required):
   • Some savings account variants require an initial deposit. Deposit the amount at the cash counter.
     
     
5. Verification and Account Activation:
   • The bank will verify your documents.
   • Once verified, your account will be activated, and you will receive a welcome kit containing:
     • Account details
     • Debit card
     • Chequebook
     • Internet banking credentials
       
       

How to Login to Your ICICI Bank Account?

Once your account is created, you can access it online. Follow these steps:

1. Visit the ICICI Bank website:
   • Open a web browser and go to ICICI Bank’s official website.
     
     
2. Click on ‘Login’:
   • You will find the ‘Login’ option at the top-right corner of the homepage.
   • Click on ‘Personal Banking’ to access your savings account.
     
     
3. Enter Your Credentials:
   • Input your user ID provided during account setup or login using the QR code.
   • Click on ‘→’ to proceed.
     
     
4. Set Up Two-Factor Authentication (If Applicable):
   • If logging in for the first time, you may need to set up two-factor authentication.
   • Enter the OTP sent to your registered mobile number.
     
     
5. Access Your Account Dashboard:
   • After successful login, you will be redirected to your account dashboard, where you can check your balance, make transactions, and manage account settings.

Eligibility Criteria for Opening an ICICI Bank Savings Account

To open a savings account with ICICI Bank, applicants must fulfil the following eligibility criteria:

• Individuals (Residents & NRIs): Indian citizens, NRIs, and foreign nationals with valid KYC documents.
• Minors: Accounts designed specifically for minors can be operated by a guardian or independently for teenagers above 10 years.
• Senior Citizens: Special accounts for customers aged 60 and above, with additional benefits and priority banking services.

Documents Required for ICICI Bank Saving Account Opening

To open an ICICI Bank savings account, you need the following documents:

For Resident Individuals

• Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID, Driving License
• Address Proof: Aadhaar Card, Utility Bill, Passport, Rent Agreement
• Passport-size Photographs
  
  

For Minors

• Birth Certificate or School ID Card
• Guardian’s KYC documents

For Senior Citizens

• Senior Citizen ID or Aadhaar Card

ICICI Bank Savings Account Charges and Minimum Balance Requirements

A savings account helps you save money while earning interest on your balance. ICICI Bank offers multiple savings account options with additional benefits like reward points, internet banking, and investment features. Below is a quick overview of the key details:

Conclusion

ICICI Bank offers a wide variety of savings accounts to cater to the different needs of customers. Be it a salaried professional, a student, a senior citizen, or an investor, ICICI Bank has tailored solutions with great benefits. Easy online access, a vast branch network, and customer-centric features ensure a seamless and rewarding banking experience with ICICI Bank.

Opening an ICICI Bank Savings Account is a pretty simple process whether done online or offline. Using the steps described above, you can easily open, access, and manage your account. Online activation is immediate, while offline activation ensures personal interaction with the bank representatives. Moreover, the login and password reset process is easy, thus making banking easier.

FAQs on ICICI Bank Savings Accounts

1. Can I open an ICICI Bank savings account online?

Yes, you can open a savings account online through ICICI Bank’s website or mobile banking app.

2. What is the minimum balance requirement?

It varies based on the account type, ranging from Rs. 1,000 to Rs. 10,000. Zero-balance salary accounts do not have this requirement.

3. Can minors open a savings account?

Yes, minors can open Young Stars or Smart Star accounts with guardian consent.

4. How frequently is interest credited?

Interest is calculated daily and credited quarterly (June & December).

5. Can I apply for a joint account?

Yes, savings accounts can have joint holders, except for minor accounts.

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LoansJagat Team

We are a team of writers, editors, and proofreaders with 15+ years of experience in the finance field. We are your personal finance gurus! But, we will explain everything in simplified language. Our aim is to make personal and business finance easier for you. While we help you upgrade your financial knowledge, why don't you read some of our blogs?