Savings Account FAQs - ICICI Bank

A Savings Account is a fundamental financial product designed to help individuals save and grow their money. With ICICI Bank Savings Account, customers can experience the convenience of easy access to their funds, competitive interest rates and a range of Digital Banking services. 

ICICI Bank ensures competitive returns on the funds deposited in your Savings Account. With a focus on financial growth and increased savings, we offer attractive interest rates from 3% to 3.50%. By opening a Savings Account with ICICI Bank, you can enjoy the benefits of reliable and secure banking.

The Monthly Average Balance (MAB) is calculated as the simple average of End-Of-Day (EOD) balances for a calendar month. The MAB is calculated by adding up the closing ledger balance of the Account at the end of each day from the start of the month to the end of the month. This total amount is then divided by the number of days in that month to arrive at the average amount which is the MAB.

Yes. PAN Card is mandatory to open an ICICI Bank Savings Account.

Once your Savings Account is successfully opened, you can log into the iMobile app, set your 4-digit passcode and start exploring. For Internet Banking, you can generate your password with the User ID which was provided to you after opening the Savings Account.

You can update your mobile number through any of the following modes:

ICICI Bank ATM:

Visit any ICICI Bank ATM > Select ‘More options’ > ‘Register your mobile’ > Enter the mobile number. Your mobile number will be updated in 1 working day.

ICICI Bank Branch: 

Visit any ICICI Bank Branch along with your original photo ID proof. Once the request is placed, your mobile number will be updated in 2 working days. To locate the nearest ICICI Bank Branch, visit https://maps.icicibank.com/mobile

We have discontinued mobile number registration/ de-registration/ modification through our Customer Care and Internet Banking channels due to security reasons.

You can place a request for the generation of the Internet Banking password through any of the following modes:

Internet Banking:

You can generate your password at www.icicibank.com > Click on ‘Internet Banking’ (Bottom of the page) > Get started > I want my Password

Customer Care: 

Call our Customer Care on 1800 1080 between 7:00 a.m. and 9:00 p.m. from your registered mobile number.

ICICI Bank Branch:

Visit any ICICI Bank Branch along with original photo ID proof. To locate the nearest ICICI Bank Branch, visit here

Savings Account Portability means transferring your Account from one ICICI Bank Branch to another. You can place the request to transfer your Account through Internet Banking, iMobile, Customer Care or by submitting a written request at any ICICI Bank Branch.

FATCA stands for Foreign Account Tax Compliance Act. As per regulatory guidelines, all banks have to collect the FATCA declaration from every customer who opens a Savings Account. FATCA came into being to combat tax evasion and to ensure strict adherence to tax rules. Its main objective is to identify and prevent offshore tax avoidance by US citizens or residents.

It is important to add a nominee for all your assets so that the assets reach the right person in the case of your demise. The nominee you select must be a reliable person who can take care of the asset. Below are the rights of the nominee:

• A nominee is a mere custodian, not the owner. He / She has no ownership of your money unless specified in your will.

• He / She is the contact person for the Account, in case the Account Holder is not reachable or in the event of the Account Holder’s demise.

• The nominee directs the court on how to proceed with the Account in case of the Account Holder’s demise. 

• At the time of claiming the deposited funds in the Account, the nominee will have to provide identification proof.

• If the nominee is a minor, the guardian will sign on his/her behalf. ICICI Bank requires the nominee’s and the guardian’s name, address and photograph.

The Account Holder needs to visit any ICICI Bank Branch with the originals and photocopies of the following documents to make this transition seamlessly:

• Identity/Address proof: Valid Passport / Aadhaar Card / Driving Licence/ Voter ID/ NREGA Job Card

• Recent passport-sized colour photograph

• PAN Card / Form 60 

As per regulatory guidelines, if an account remains inoperative for more than 2 years without any transactions carried out by the customer, it will be classified as a ‘Dormant’ Account.

The following signs indicate that your Account is dormant:

• You are unable to transact at ATMs or through Internet Banking and Customer Care.

• You are unable to initiate requests to change important Account details such as residential address, e-mail ID and contact number. 

• You are unable to renew your ATM Card / Debit Card.

• You are unable to get your chequebook and other deliverables issued.

Here is how you can reactivate your dormant Account:

Step 1: Visit any ICICI Bank Branch and submit the duly filled and signed Re-KYC form. 
Step 2: Provide your original address proof (Voter ID / Driving Licence / Valid Passport / NREGA Job Card/ National Population Register (NPR) Smart Card / Aadhaar Card) along with original PAN Card or Form 60. 
Step 3: Make a transaction to activate your Account.