Students Savings Account
Key Highlights
- Minimum balance required is as low as INR 5000.
- Convenient account operation with international ATM-cum-Debit card.
- Account is maintained in INR.
What is a Student's Account?
- A Student's Account is an NRE (Non-Resident External) Savings Account, specially created for student's, so you can manage you finances with ease and convenience, when you are studying out of India.
Why choose a Student's Account?
- We understand that as a student, you have unique banking requirements. With minimum account balance of only INR 5000, our Student's Account caters to your special needs—ensuring you maximum convenience.
Overview
Features and Benefits
- Low account balance: Minimum balance required as low as ₹ 5,000 only.
- Anytime, anywhere account access: With international ATM-cum-Debit card, convenient access at over 10,000 ATMs and over 3,000 branches all over India, and 24x7 phone and internet banking.
- Beneficial interest rates: Interest rates at 4% per annum for end of day balances equal to or above INR 50 lacs and 3.50% per annum for end of day balances below INR 50 lacs.
- Easy movement of funds: Funds in NRE account are fully & freely repatriability
- Tax benefits: Interest earned is not taxable in India.
- Money2India: Safe and simple online money transfer tracking service with online transfer to over 100 banks in India.
Service Charges
Monthly Average Balance
- You need to maintain a monthly average balance of INR 5,000/- at account level or INR 5,000 at Customer ID level.
- If you are unable to maintain this minimum Monthly average balance at account level, Monthly service charges as mentioned below will be levied. Click here for the complete list of other service charges.
- Non Maintenance Charges- 5% of the shortfall in required MAB or INR 500 whichever is lesser.
- Waiver of non-maintenance of MAB charges – Subject to total monthly average balance of min INR 5,000 at Customer ID level.
Customer ID level: Monthly average balance in NRE Savings / Non interest bearing account + Monthly average balance in NRO Savings / Non interest bearing account + Month end balance in Fixed deposit/s and Recurring deposit/s within the same customer ID.
Documents Required
When you submit application for account opening at ICICI Bank branch in India or overseas, you will need:
photocopies of:
- Passport: First and last four pages of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph and signature). The signature should be clearly visible and match the signature on your registration form.
- Valid student visa / I-20 form (applicable only for non-face to face US customers). In case a student holds a regular visa then copy of admission letter / identity card from the university to be obtained to confirm student status.
Address proofs: View complete list of permanent address proofs here.
When you submit application for account opening from outside India, you will need:
Photocopies of the following documents which have been self-attested by the document holder as well as duly attested by a Banker / Notary / Embassy official / Consulate Official:
- Passport: First and last four pages of the passport of the passport (pages with your name, address, date of birth, date and place of issue, expiry date, photograph and signature).
- Valid student visa / I-20 form (applicable only for non-face to face US customers). In case a student holds a regular visa then copy of admission letter / identity card from the university to be obtained to confirm student status.
Address proofs: View complete list of Indian and overseas address proofs here.
Additionally, funding from customer’s self KYC complied account through cheque, DD, inward remittance (wire, vostro, M2I) is mandatory. In case of cheque, ensure that signature on cheque and application form match. In case of DD, customer’s name should be mentioned as purchaser in the DD advice. In case of Inward remittance, customer’s name and country mentioned in the SWIFT message should match with name and country of residence as per Account opening form.
