ICICI Zero Balance Account – Features, Benefits & Application Process

Imagine you have ₹5,000 in cash but no bank account. You decide to deposit this amount in an ICICI Zero Balance Account. In the next 3 months, you deposit ₹2,000 each month, making your total balance ₹11,000. Since ICICI Bank credits interest quarterly, and the interest rate for balances below ₹50 lakh is 3% per annum, let’s calculate how much interest you earn.

Even without maintaining a minimum balance, your money grows over time, making a Zero Balance Account a great option for those looking for convenience and earnings.

ICICI Bank Zero Balance Account Review

ICICI Bank Zero Balance Account or ICICI Bank Basic Savings Bank Deposit Account (BSBDA) is opened only to receive hassle-free banking services with the facility of a minimum balance. It is specifically suitable for students, working executives, housewives, and all those people who require basic saving facilities free of cost.

Under this scheme, the customers are offered basic banking facilities such as a free chequebook, internet banking, and a personalised RuPay debit card. It is suitable for those who require basic banking with fewer bank facilities without any additional charges.

Key Features and Advantages of ICICI Zero Balance Account

• No Minimum Balance: Unlike normal savings accounts, this account enables customers to maintain a zero balance without any charge.

   

• Free RuPay Debit Card: The account holders are provided with a free RuPay debit card for ATM withdrawals and online transactions.

   

• Internet and Mobile Banking: Customers have free and unlimited access to Internet banking and mobile banking facilities.

   

• Cheque Book Facility: A complimentary chequebook of 15 leaves is given to facilitate smooth transactions.

   

• Passbook for Easy Record Keeping: A complimentary passbook is given to record all transactions.

   

• Simple Transactions: Four free transactions are allowed per month at the home branch by account holders.

   

• Interest Earnings: Earn interest on deposits with a quarterly crediting system.

   

• Access to Basic Banking Services: Deposit money, withdraw funds and conduct other basic banking operations without additional charges.

Types of ICICI Bank Zero Balance Account

ICICI Bank offers different types of Zero Balance Accounts catering to different customer needs. Below are the main types:

1. ICICI Bank Basic Savings Bank Deposit Account (BSBDA)

This is a simple zero-balance account that provides essential banking facilities without requiring a minimum balance. It is ideal for individuals who need basic banking services with no maintenance charges.

2. ICICI Insta Save Account

The Insta Save Account is a fully digital savings account that can be opened instantly online using an Aadhaar card and PAN. It comes with all basic banking services and allows customers to start transactions immediately.

3. ICICI Salary Account

Employees of companies with salary tie-ups with ICICI Bank can open a zero-balance salary account. This account offers exclusive benefits like higher transaction limits and additional perks.

4. ICICI Jan Dhan Yojana Account

This account is part of the government’s financial inclusion initiative and provides zero-balance banking services, overdraft facilities, and accident insurance coverage to eligible customers.

How to Open ICICI Bank Zero Balance Account Online & Offline

ICICI Bank also provides two simple ways to open the Zero Balance Account – offline and online. Both are explained in the steps below.

Opening ICICI Zero Balance Account Online

Opening an account online is simple and easy. Here's how you can do it:

• Visit the ICICI Bank Website – Go to ICICI Bank's official website and click on savings account.

   

• Go to Account> Saving Account or Salary Account.

   

• Click on ‘Apply now’: For a Salary Account or for a savings account whichever you want to open.

   

• Fill in the Application Form: Enter your details, such as name, mobile number, email ID, Aadhaar number, and PAN.

   

• Complete the e-KYC Verification: Your Aadhaar and PAN information will be electronically verified by the bank.

   

• Upload Required Documents: Upload scanned copies of your Aadhaar card, PAN card, and other documents if needed.

   

• Verify Mobile Number: An OTP will be sent to your registered mobile number. Enter the OTP to continue.

   

• Set Up Internet Banking: Select your Internet banking credentials and configure your account preferences.

• Get Your Account Number: Your account number and debit card details will be informed to you after verification is completed.

   

• Start Banking: You can now bank from your account via internet banking, mobile banking, or by visiting a branch.

   

Opening an ICICI Zero Balance Account Offline

If visiting a branch is what you prefer, follow these steps to open your account:

• Visit the Nearest ICICI Bank Branch – Find a branch nearby and contact a bank representative.

   

• Collect the Application Form – Request the bank officials for the form to open the Zero Balance Account.

   

• Fill in Your Details – Enter your name, address, phone number, and other necessary information.

   

• Attach the Necessary Documents – Submit photocopies of your Aadhaar card, PAN card, and passport-size photographs.

   

• KYC Verification – The documents will be authenticated by the bank official.

   

• Form Submission – Return the properly filled application form along with supporting documents.

   

• Receiving Your Account Kit – When you have successfully filled out your application, you will receive a welcome kit containing your passbook, chequebook, and RuPay debit card.

   

• Activate Your Account – Follow the directions to get your internet banking and mobile banking activated.

   

It is simple to open an ICICI Zero Balance Account, either online or offline. Customers who choose this account can enjoy the benefits of various advantages without having to hold balances.

ICICI Zero Balance Account Fees & Charges

One of the ICICI Zero Balance Account's greatest strengths is that it is cheap. There are no secret charges or complex rates, and it is, therefore, an easy banking experience for anyone who just wants a straightforward savings account.

For someone who makes basic transactions, this account is ideal as there are no additional costs for everyday banking activities. Customers should keep in mind that if they exceed four free transactions per month at their base branch, a charge of ₹90 per transaction is applied from the fifth transaction onward.

ICICI Zero Balance Account Interest Rates

The interest earned on an ICICI Zero Balance Account depends on the daily closing balance in the account. The bank credits the interest every quarter, ensuring that the account holder benefits from periodic earnings on their savings.

Example: Let's say Rahul, an ICICI Zero Balance Account holder, maintains an average balance of ₹50,000 in his account. Over a quarter, he will earn approximately Rs. 375 in interest at a rate of 3.00% per annum, credited directly to his account. The more the balance, the higher the earnings, making it a rewarding savings option.

Eligibility Criteria for ICICI Bank Zero Balance Account Opening

Opening an ICICI Zero Balance Account is straightforward, but there are certain eligibility conditions:

• The applicant must be a resident of India.
• Must be 18 years or older.
• NRIs (Non-Resident Indians) are not eligible.
• Individuals who are part of Hindu Undivided Families (HUF) are not eligible.
• The applicant must not hold any other savings account with ICICI Bank.

Those who already have an ICICI savings account are required to close their existing account before applying for a Zero Balance Account.

Required Documents for ICICI Bank Zero Balance Account Opening

ICICI Bank ensures a smooth account opening process with minimal documentation requirements. To apply for the Zero Balance 

Account, an individual must provide the following documents:

1. Proof of Identity (Any one of the following):
   • Aadhaar Card
   • PAN Card
   • Voter ID
   • Passport
   • Driving Licence

   • Any other government-issued ID

      

2. Proof of Address (Any one of the following):
   • Aadhaar Card
   • Utility Bill (Electricity, Water, Gas) - Not older than 3 months
   • Rent Agreement
   • Bank Statement with Address Proof

   • Passport

      

3. Recent Passport-sized Photographs (2-3 copies)

    

4. Duly filled Account Opening Form (available online or at the branch)

    

5. KYC (Know Your Customer) Compliance:
   • If KYC documents are not submitted, the account remains restricted, and foreign remittances are not allowed. However, upon submission, the account can be upgraded to a regular savings account.

With these simple requirements, opening an ICICI Zero Balance Account is a seamless process, ensuring that customers can start banking with ease.

ICICI Bank Zero Balance Account Helpline

Need help with your ICICI Zero Balance Account? The bank provides a dedicated helpline for queries related to account opening, debit card activation, transaction disputes, and more. You can reach ICICI customer care through:

• Toll-Free Number: 1800 1080
• Customer Care Number: 1860 120 7777
• Email Support: customer.care@icicibank.com 
• Nearest Branch: Visit any ICICI branch for in-person support.
• Mobile App & Internet Banking: Use ICICI’s online banking services to resolve queries instantly.

For lost or stolen cards, immediately call the emergency card-blocking helpline at 1800 103 8181 to secure your account.

ICICI Bank Zero Balance Account Welcome Kit

Once you open an ICICI Zero Balance Account, you receive a Welcome Kit, which includes:

• Personalised RuPay Debit Card – Use it for shopping, ATM withdrawals, and online payments.
• Chequebook with 15 Leaves – For making payments where digital transactions aren’t accepted.
• Passbook – Track your transactions easily.
• Internet & Mobile Banking Credentials – Secure login details to access your account digitally.
• Customer Information Booklet – A detailed guide on account benefits, fees, and services.

Comparison: ICICI vs. Other Zero-Balance Accounts

Pro Tips for Managing Your ICICI Zero-Balance Account

1. Use Digital Banking – Save time by using ICICI’s mobile and internet banking instead of visiting branches.
2. Monitor Transactions Regularly – Use the ICICI mobile app to track your spending and avoid surprises.
3. Maximise Free Transactions – You get 4 free transactions at your base branch, so plan withdrawals accordingly.
4. Set Up Auto Payments – Link your account to pay bills automatically, avoiding late fees.
5. Upgrade When Needed – If you start receiving regular income, consider upgrading to a regular savings account for added benefits.

Conclusion

ICICI Bank's Zero Balance Account is a great option for students, working professionals, and those who don't want the worry of managing a bank account. With no minimum balance to maintain, complimentary banking services, and online convenience, it's a wise financial choice. Be it managing day-to-day expenses or planning for future goals, this account keeps you financially secure without fear of any unknown charges.

FAQs 

Who is eligible to open an ICICI Zero Balance Account?
Anyone who is an Indian resident, above 18 years of age, and does not already have a savings account with ICICI Bank can apply.

How can I open an ICICI Zero Balance Account online?
You can visit the ICICI Bank website or use the iMobile Pay app to open the account digitally by submitting your Aadhaar and PAN details.

Can I use this account for international transactions?
No, international remittances are not allowed unless you submit KYC documents and convert them into a regular savings account.

How much interest is earned on the ICICI Zero Balance Account?
Interest is compounded semiannually and ranges from 3.00% to 3.50% based on your balance.

What happens if I exceed the free transaction limit?
A nominal fee of ₹90 per transaction is charged after the first four free transactions at your home branch.

Can I get a chequebook with this account?
Yes, you get a free 15-leaf chequebook upon opening the account.

Is there any hidden charge in this account?
No, all basic banking services like withdrawals, deposits, and passbook issuance are free. However, additional services like extra transactions may have nominal charges.

What should I do if I lose my debit card?
Immediately call the ICICI emergency helpline at 1800 103 8181 to block your card and request a replacement.

Can I open this account if I already have an ICICI savings account?
No, you must not have an existing savings account with ICICI Bank to be eligible.

Can I upgrade this account later?
Yes, you can upgrade your Zero Balance Account to a regular savings account by submitting full KYC documents and fulfilling minimum balance requirements.

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