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ICICI Bank Basic Savings Bank Deposit Account (BSBDA) is a zero balance savings account that allows you to deposit money without minimum balance maintenance requirements. You can earn an interest of 3.00% and 3.50% on your deposit amount. ICICI Bank Savings Account Interest is calculated based on the daily closing balance. ICICI Bank Savings Account Interest Rates are in accordance with Reserve Bank of India (RBI) directives. Your interest amount rounds off to the nearest rupee and is payable quarterly in March, June, September and December. For more details on the ICICI Zero Balance Savings Account, keep reading this page below.
Features & Benefits of ICICI Zero Balance Savings Account
The account holder of zero balance savings account ICICI Bank will get the following benefits –
More than 15,000 ATMs Access Across India
You don’t know when you’ll be needing cash and where. So, with access to such a wide range of ATMs, one can easily withdraw cash from their savings accounts. You can locate your nearest ICICI Bank ATM by visiting the bank’s official website.
No Minimum Monthly Balance Required
Don’t have to maintain a balance in your ICICI Bank Savings Account as it is a zero balance account. It means even if your account balance is zero it will still be active and you can deposit your money without worrying about the maintenance charges. This is the advantage of this savings account that attracts customers and helps them grow money gradually over the years.
No Initial Deposit Required
If you’re doing ICICI zero balance account opening online, there will be no requirement for an initial deposit. This means there will be no pressure on you to start putting in the money. You can take your time to deposit money into your zero balance savings account.
ICICI Zero Balance Account Opening Online Singly or Jointly
You can begin saving individually or jointly with your partner. So, both you and your partner can manage the savings account and get the joint benefit of the zero balance account.
Free Rupay Debit Card
A free Rupay debit card is offered to the account holders so that they can withdraw money or can do online payments without any hassle. Using the card, you can –
- Make easy payments
- Make easy withdrawals
- Easy shopping
ICICI Bank Rupay Debit Card keeps the security of your account. Each transaction you make at retail outlets and ATMs is secured by a four-digit PIN. For additional security and to prevent fraudulent usage, the card makes use of a six-digit 3D Secure password in the case of online transactions.
Free Cash Deposits
You can deposit cash to your zero balance savings account using any of the following methods –
- Download the iMobile app on your Android or IOS Smartphone
- Click on the ‘Insta Banking’ option and select ‘Cash Deposit’
- Enter your details and click on the ‘Submit’ button
- An SMS will be sent to your registered mobile with the reference number
- Enter the reference number at the counter and the teller completes the transaction
- An SMS confirming the transaction completion will be sent to your mobile
Note:- This transaction can be initiated without logging in.
Cash Deposit Machine (CDM)
- Locate your nearest CDM by visiting the bank’s website
- Enter our zero balance account number
- Insert cash and check the details that appear on the screen
- Start the deposit process by clicking on the ‘Initiate’ button
- Verify the account holder’s name and enter your mobile number
- Press ‘continue’ and complete the transaction
To deposit money at CDM using a debit card, follow these steps –
- Swipe your debit card
- Enter the PIN
- Select ‘Cash Deposit’
- Choose the type of your account
- Insert cash
- Complete the transaction
- Visit your nearest ICICI Bank Kiosks and follow the instructions shown below –
- Click on ‘Transact Fast’
- Select the ‘Cash Deposit’ option
- Fill in the details
- Click on the ‘Submit’ button
- Enter the reference number you’ve received on your mobile via SMS
When the transaction is complete, an SMS will be sent to your mobile.
You can get a free passbook for your ICICI Zero Balance Savings Account online or offline. Go to the bank branch and ask for the passbook. The bank representative will issue your statements and the passbook will be delivered to your home/office address. For this, ICICI Bank won’t charge any fee. The second option is to get a passbook by applying for the same via net banking.
Internet Banking and Mobile Banking
ICICI Bank provides you with net banking and mobile banking services by which you can easily manage your zero balance savings account. Just log in to your account using your username and password and download the e-statements, check your account balance, apply for banking products, etc.
ICICI Zero Balance Savings Account Eligibility
To open a zero balance account with ICICI, check the following criteria –
- Indian Resident
- 18 years of age or older
- NRIs are not eligible
- Should not have any existing savings account, including a BSBDA with ICICI Bank or any other bank
- Individual capacity
- The capacity of the Karta of a Hindu Undivided Family (HUF) is not eligible for a zero balance savings account
What Documents Do You Need for ICICI Bank BSBDA?
The bank will require the below documents to open a zero balance savings account –
- Photo ID and address proof as per the bank’s acceptable list of documents
- A duly filled account opening application and declaration form
Note: If you open an ICICI Zero Balance Savings Account with complete KYC, there will be no cap on credit transaction limits.
List of KYC Documents Approved for ICICI Zero Balance Savings Account
You’ll be needing the following ID and address proof for ICICI Bank Savings Account –
- Proof of possession of complete Aadhaar number
- Driving License (issued by the Regional Transport Authority)
- Voter ID Card
- Job card (issued by the National Rural Employment Guarantee Act (NREGA) and signed by a State Government Officer)
- Letter from the National Population Register
Note- PAN Card issued in India is no longer a valid identity proof for ICICI Bank savings account.
If the above address proof does not contain your communication address, submit the following documents as proof of address.
- Utility Bill, not older than two months – This can be electricity, telephone, post-paid mobile phone, piped gas, water bill, etc.
- Property Tax Bill or Municipal Tax receipt of the previous year
- Letter of allotment for accommodation from the employer, issued by the State Government or Central Government Departments, statutory or regulatory bodies, Public Sector Undertakings (PSUs), Scheduled Commercial Banks, financial institutions and listed companies.
- Leave and License Agreement with any of the employers. Your agreement must contain the customer’s name as the employee.
- Pension or family pension payment orders issued to retired employees by government departments or PSUs, if the same contains the address.
In such cases, you need to update the Officially Valid Documents (OVD) with a communication address and submit it to ICICI Bank within three months of opening a BSBDA account.
Self Attested Photograph & Signature or Thumbprint for Small Deposit Account
You can open a Small Zero Balance Savings Account with ICICI by submitting a self-attested photograph and signature or thumbprint proof if you are a resident individual and do not have KYC documents. So at the time of account opening, you need to provide evidence within 12 months from the date of opening your savings account. The evidence is to show that you have applied for the KYC documents. Later, provide a valid KYC document to ICICI Bank within 24 months from the date of ICICI zero balance account opening online.
A Basic Savings – Small Deposit Account is tagged as ‘credit freeze’ when the bank doesn’t receive valid KYC documents within 12 months of ICICI zero balance account opening online.
This Small Deposit Account will freeze in these scenarios too.
- If the value of all credits in the account during a financial year is more than INR 1 Lakh
- When at the day end account balance is more than INR 50,000
- If your total withdrawals in a month exceed INR 10,000 limit
- Don’t submit valid KYC documents within 24 months of ICICI zero balance account opening online.
Note – Any new account opening under Basic Savings Bank Account with introduction has been discontinued by ICICI.
What is the ICICI Zero Balance Account Opening Online Procedure?
As you know the bank has gone digital and you don’t even have to visit the branch office. So, to open a Savings Account with ICICI Bank online, you need to follow the steps below –
- Visit the bank’s official website on your mobile, desktop or laptop
- Click on the ‘Apply Online’ button and select ‘Savings Account’
- Now, you’re redirected to a new page
- Enter your mobile number at the prescribed space
- After that, enter the email address
- You’ll see the option of ‘Permanent Account Number’ appearing on the screen
- Enter your PAN number
- Agree to the terms and conditions
- Click on the ‘Submit’ button
After doing these, you need to provide details of occupation and nominee. And after being done with that add funds to your account using UPI. Complete the application process with video KYC and during that keep your original PAN card with you.
So, you have learned the ICICI Zero Balance Account Opening Online process. Do follow the above steps to open your savings account.
Note – Your entered mobile number must have been linked with your Aadhaar Card.
Frequently Asked Questions
1. What is the minimum balance you need to maintain for an ICICI Bank Zero Balance Savings Account?
There is no minimum monthly average balance required for this type of Savings Bank Account.
2. What are the different modes through which one can access ICICI Bank Savings Account?
You can get access to your account by visiting the bank branch, ATM, phone banking or internet banking.
3. How to update the international mobile number in ICICI Zero Balance Savings Account?
To update your overseas mobile number, follow the below steps, if the duration of your stay is less than 180 days:
- Call ICICI Bank Customer Care from your international mobile number
- Write down the Service Request number shared by the executive
- Download the request form from the bank website
- Duly fill in the form and send it to the mentioned address within seven working days
- Post receipt of the form, the bank updates the mobile number within seven working days
Note – If your stay is greater than 180 days, convert your account to an NRO account.