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ICICI Savings Account Interest Rates

ICICI Savings Account Interest 2021

Last Updated 01st Dec 2021

Saving Account Interest Rate
Titanium Privilege Account 3.00% - 3.50%
Gold Privilege Account 3.00% - 3.50%
Silver Savings Account 3.00% - 3.50%
Regular Savings Account 3.00% - 3.50%
Advantage Woman Savings Account 3.00% - 3.50%
Life Plus Senior Citizens Savings Account 3.00% - 3.50%
Young Stars Savings Account 3.00% - 3.50%
Smart Star Savings Accoount 3.00% - 3.50%
Pockets Savings Account 3.00% - 3.50%
Basic Savings Bank Account- The ICICI Bank Edge 3.00% - 3.50%
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ICICI Bank Savings Accounts Interest Rate

ICICI Bank offers an interest rate ranging upto 3.50% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With ICICI Bank Savings Account youth and minors can get additional benefits on their Savings Account. ICICI Bank also offers attractive benefits like mobile and internet banking services, free Debit Card and customised savings account depending on different customer profiles.

Features and Benefits

ICICI Bank Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on ICICI Bank Savings Account varies as per the Savings Account product. Some of the key features and benefits of ICICI Bank savings account are:

  • It offers interest rates upto 3.50% p.a. You can easily access ICICI Bank Savings Account anywhere through a large network of branches and ATMs .
  • If you want to transfer funds from ICICI Bank Savings account to any other bank account, you can do it through modes such as RTGS , IMPS, NEFT and UPI facilities.
  • To maintain an ICICI Bank Savings account, you require a minimum balance of Rs. 10,000 in metro and Urban locations, Rs. 5,000 in Semi Urban and Rs. 2,000 in Rural locations.
  • ICICI Bank personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with ICICI Bank Savings Account.
  • With the Auto Sweep Facility of ICICI Bank, your account can be linked to a Multi Option Deposit MOD account.

ICICI Savings Account Rates

Saving Account Interest Rate Minimum Balance
Titanium Privilege Account 3.00% - 3.50% Rs. 1,25,000
Gold Privilege Account 3.00% - 3.50% Rs. 50,000
Silver Savings Account 3.00% - 3.50% Rs. 25,000
Regular Savings Account 3.00% - 3.50% Rs. 10,000 in metro and Urban locations, Rs. 5,000 in Semi Urban and Rs. 2,000 in Rural locations
Advantage Woman Savings Account 3.00% - 3.50% Rs. 10,000
Life Plus Senior Citizens Savings Account 3.00% - 3.50% Rs. 4,500
Young Stars Savings Account 3.00% - 3.50% Rs. 2,500
Smart Star Savings Accoount 3.00% - 3.50% Rs. 2,500
Pockets Savings Account 3.00% - 3.50% No limit
Basic Savings Bank Account- The ICICI Bank Edge 3.00% - 3.50% NIL

Eligibility & Documentation Required for Opening Savings Account in ICICI Bank

To open a savings account in ICICI Bank, you need to fulfill the following eligibility criteria:

  • You need to have valid KYC Documents.
  • You can open a savings account singly or jointly.

Documents Required

You can open a savings account with prescribed application form and minimum KYC documents, which are mentioned below:

  • Application Form with attested photographs
  • Proof of identity- Passport, Voter ID card, PAN Card, Govt./Defence ID card, Driving Licence etc.
  • Proof of current address- Credit Card Statement, Salary slip, Electricity Bill/Telephone Bill, ration card etc.

How is ICICI Bank Savings Account Interest Rate Calculated?

As per the RBI mandate, ICICI Bank calculates saving account rate on average balances in the account on a daily basis. The interest can however be paid monthly, annually or quarterly. The following formula is used by ICICI Bank to calculate interest on Savings Bank Account on the basis of daily balance in the account

Interest = Amount (Daily balance)*(No of days)* Interest/Days in the year.

Compare Savings Account Interest Rates of All Banks

ICICI Savings Account Products

  • Titanium Privilege Account : ICICI Bank offers interest rates ranging between 3.00% to 3.50% on Titanium Privilege Account.You can open a Titanium Privilege Account in ICICI Bank by depositing Rs. 1,25,000 amount as minimum balance.
  • Gold Privilege Account : If you have deposited your excess funds in a Gold Privilege Account , you can get interest at 3.00% to 3.50% on your account. This account can be opened by anyone with a minimum age of 18 years .
  • Silver Savings Account : ICICI Bank provides interest rates ranging between 3.00% to 3.50% on Silver Savings Account. The minimum balance requirement to open this account is Rs. 25,000.
  • Regular Savings Account : You can get interest at 3.00% and 3.50% respectively on Regular Savings Account in ICICI Bank. The account can be opened in ICICI Bank by depositing Rs. 10,000 in metro and Urban locations, Rs. 5,000 in Semi Urban and Rs. 2,000 in Rural locations amount.The debit card available for this account are Smart Shopper Silver Debit Card).
  • Advantage Woman Savings Account : If you have deposited your excess funds in a Advantage Woman Savings Account, you can get interest at 3.00% to 3.50% on your account.
  • Life Plus Senior Citizens Savings Account : You can get interest at 3.00% to 3.50% in Life Plus Senior Citizens Savings Account. This account can be opened in ICICI Bank by depositing a minimum amount of Rs. 4,500 after an age of 60 years.
  • Young Stars Savings Account : The interest that you can earn on Young Stars Savings Account is in the range of 3.00% to 3.50% respectively.The debit card available for this product isYoung Stars Debit Card
  • Smart Star Savings Accoount : ICICI Bank provides interest rate at 3.00% to 3.50% on Smart Star Savings Accoount. Further, to open this Saving Account, the minimum balance requirement is Rs. 2,500. You can open this account at a minimum age of 10 years.

FAQs

How much interest is charged by ICICI Bank on Savings Account?

As per the current rates, ICICI Bank offers maximum interest rate of 3.50% on Savings Account. ICICI Bank provides this interest on the minimum balance maintenance of Rs. 10,000 in metro and Urban locations, Rs. 5,000 in Semi Urban and Rs. 2,000 in Rural locations. The interest rate may however vary across the ICICI Bank savings account product.

What is the minimum amount required for opening Savings Account in ICICI Bank?

The minimum amount required for opening a Savings Account in ICICI Bank is Rs. 10,000 in metro and Urban locations, Rs. 5,000 in Semi Urban and Rs. 2,000 in Rural locations.

What are the balance non - maintenance Charges on ICICI Bank Savings Account?

The Balance Non Maintenance Charges on Savings Account by ICICI Bank are Rs 100 and 5 percent of the shortfall in required MAB.The minimum balance requirement in ICICI Bank savings account is Rs. 10,000 in metro and Urban locations, Rs. 5,000 in Semi Urban and Rs. 2,000 in Rural locations.

What are the ICICI Bank ATM Transaction charges on Savings Account?

ICICI Bankcharges ATM Transaction on Savings Account are First 5 transactions in a month are Free After that, Rs. 20 per financial transaction and Rs. 8.50 per non financial transaction .This charge may further depend upon the savings account product of ICICI Bank and the debit card types offered with the bank.

How does ICICI Bank calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by ICICI Bank to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

Does ICICI Bank offer Debit Card to the account holder?

Yes, ICICI Bank offer Debit Cards to the account holders differing according to the product. Some of the popular savings account products of ICICI Bank with the type of Debit Card offered are listed in the table below.

Titanium Privilege AccountTitanium Privilege Debit Card
Gold Privilege Account Gold Privilege Debit Card
Silver Savings AccountSmart Shopper Silver Debit Card
Regular Savings AccountSmart Shopper Silver Debit Card
Life Plus Senior Citizens Savings AccountSpecial Senior Life Plus Debit card
Young Stars Savings AccountYoung Stars Debit Card
Smart Star Savings AccoountPersonalised Debit Card
Pockets Savings AccountVisa PrePaid Card, virtual and physical, both available
Basic Savings Bank Account- The ICICI Bank EdgeATM cum Debit Card

What is the withdrawal limit of the account?

You can withdraw money from your savings account for a maximum Unlimited times in a month. Withdrawals over and above this limit may impose charges and may lead to deductions from your savings account.The withdrawal limit offered in ICICI Bank is Unlimited

What is the eligibility criteria to open a savings account in ICICI Bank?

To open a savings account in ICICI Bank you need to fulfill the following eligibility criteria:

  • Resident Indian above the age of 18 can open a sole or joint account.
  • Foreign nationals and HUF can also open a savings account.
  • Individuals below 18 year can open Young Stars Savings Account.
  • Individuals above 60 years can open Seniors Club Savings Account.
  • You must have your basic KYC done

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ICICI News - Dec 2021
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    ICICI Bank has launched a new online platform for exporters and importers known as Trade Emerge. The platform also offers online banking services for savings and current account holders.
  • 2021-05-25 : ICICI Bank launches facility to link UPI ID with digital wallet
    ICICI Bank launched a facility for linking a UPI ID with its digital wallet. This initiative enables users to undertake small-value daily transactions directly from their Pockets wallet using UPI in a safe and secure manner.
  • 2021-03-04 : 10 lakh customers of other bank are using ICICI’s banking app, iMobile Pay
    ICICI Bank reported that 10 lakh customers of other banks have started using its app, ‘iMobile Pay’. The Bank has achieved the feat in three months after it made the app open for all to use, including those not its customers. The bank anticipates that the number is likely to double in two months.
  • 2020-12-08 : ICICI Bank launched interoperable banking app
    ICICI Bank launched a new version of its mobile payment app which is interoperable and allows payments and other banking services to customers of any other bank. The new app will allow customers to link their bank accounts, generate a UPI ID and avail services such as online transactions, opening savings accounts, making investments, applying for loans and credit cards without being an ICICI Bank account holder.
  • 2020-11-25 : ICICI launched Mine banking app for millennials
    The bank has announced India first dedicated banking app for millennial clients ranging in age from 18 to 35 yrs. The idea is named ICICI Bank Mine inspired by Millennial Network. It includes an instant savings account, a new-look smartphone app with a revamped user experience that offers -personal finance management platform and investing advice with the assistance of Sqrrl. Other features are curated credit and debit cards, instant personal loans & overdrafts, and a 24x7 branch with social engagement space.
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