Icici Bank Zero Balance Account Opening Details And Process

ICICI Bank offers its customers different types of savings accounts that cater to different needs of individuals. Along with regular savings accounts, salary accounts, and others, ICICI Bank offers Zero Balance Savings Account - which is an ideal choice for people who want to open an account without having to maintain a minimum balance at all times.

With a zero balance account, you don’t have to worry about having a minimum balance in case of emergencies when you might need to withdraw the entire sum of money available. 

Below are the details, features, benefits, process to apply, and terms and conditions that you need to know while opening an ICICI zero balance account.

Major Features and Benefits of ICICI Bank Zero Balance Account

• Save money: An ICICI zero balance account eliminates the need to maintain a minimum monthly balance, so you avoid any fees associated with not meeting balance requirements.

• Open an account easily: There's no initial deposit required to open this account, making it accessible to everyone.

• Choose your account type: You have the flexibility to open a single account for yourself or a joint account with someone else.

• Get a free Rupay Debit Card: We provide you with a free Rupay debit card for making payments and withdrawing cash at over 15,000 ATMs across India.

• Deposit cash for free: You can make cash deposits to your account at any ICICI bank branch without any charges.

• Track your account activity: We offer a free passbook to help you easily monitor your account transactions.

• Manage your account online (upon request): Enjoy the convenience of Internet banking and mobile banking to manage your account from anywhere. Simply request activation for these features.

Eligibility Criteria to Open an ICICI Bank Zero Balance Account

• Live in India and be 18 or older: This account is only for residents of India who are at least 18 years old.

• Don't have a savings account with ICICI Bank already: This includes even Basic Savings Bank Deposit Accounts (BSBDA).

• Don't have a similar zero balance account with any other bank: You can't have this type of account anywhere else.

• Apply for yourself only: You can't open this account as the manager (karta) of a Hindu Undivided Family (HUF). 

Interest Rate Offered for an ICICI Bank Zero Balance Account

ICICI zero balance accounts earn interest on your daily closing balance. Here's how it works:

• Daily interest: You earn interest everyday on the amount of money in your account at the end of the day.

• Interest rate:

  • For balances below ₹ 50 lakhs, you get an interest rate of 3.00% per year.

  • For balances of ₹ 50 lakhs and above, you get a higher interest rate of 3.50% per year.

• Interest payout: The interest is calculated quarterly and credited to your account in March, June, September, and December.

Documents Needed to Open an ICICI Bank Zero Balance Account

• Proof of identity: You'll need a valid photo ID from the bank's list, such as a passport, Aadhaar card, driving license, or voter ID card. (PAN card is no longer accepted for ID proof).

• Proof of address: Submit a document from the bank's list that verifies your address, like a passport, Aadhaar card, driving license, voter ID card, or utility bill.

• Account opening form: Fill out the application form completely.

• Declaration form: Complete the customer declaration form for a basic savings account.

• Self-attested photo and signature/thumbprint: Provide a recent photograph with your signature or thumbprint, and sign the form yourself.

Process of ICICI Bank Zero Balance Account Opening

• Visit your nearest ICICI Bank branch.

• Ask a representative for a savings account application form. Fill it out completely.

• Submit the completed form and required documents to the bank representative.

• The bank will verify your application and open your account.

Recommended Read: Apply for ICICI Credit Card Online

Terms and Conditions of ICICI Bank Zero Balance Account Opening

ICICI Bank prefers you to use online banking (mobile banking or internet banking) to save money on fees. This supports the government's "Digital India" program.

Here's what this means for you:

• Free withdrawals: You can withdraw cash for free using your debit card at any ATM in India.

• Free transfers: Transferring money using NEFT/RTGS/UPI through online banking is also free.

Important: There are charges for using the bank itself:

• Cash deposits and withdrawals at the bank: The bank charges a fee (₹100 for the first two transactions, ₹125 after that) if you deposit or withdraw cash directly at an ICICI Bank branch or ATM.

What can you do if you don't like these fees?

• Switch to a Basic Savings Bank Account: If you don't mind limitations on your account, you can convert it to a free Basic Savings Bank Account before October 16th, 2019 (by visiting a branch).

• Close your account: You can also close your account entirely by visiting a branch.

Remember: These fees apply until you close your account.

Service Fees and Charges of ICICI Zero Balance Account

 

Disclaimer: The rates, process to apply, and other information specified above are sourced from their website when this page was written and are subject to change. For exact information, refer to the official ICICI Bank’s website.

Frequently Asked Questions

1. Can I open an ICICI account with a zero balance?

Yes, you can open an ICICI zero-balance account with no requirement to keep a minimum balance. 

2. How can I open an ICICI account from home?

No, you have to physically visit the ICICI bank branch to open a bank account.

3. Who is eligible for an ICICI zero balance account?

You can visit a branch to open an account if you are an Indian resident above 18 with no existing savings accounts (including similar accounts at other banks) and aren't applying as the karta of a Hindu Undivided Family (HUF)

4. What is ICICI Bank's minimum balance?

Open an ICICI zero-balance account and keep your money in there without any minimum balance requirement. You can freely deposit and withdraw cash whenever you need.

5. Is ICICI Bank good for a savings account?

ICICI Bank offers savings accounts with lots of features and services that fit your needs. You can also use their mobile banking and internet banking for convenient account management.