ICICI Bank Basic Savings Account Or Basic Savings Account in ICICI Bank
If you have a savings bank account then you need to maintain minimum average balance in your account otherwise bank will deduct some charges. In a Basic Saving bank deposit ( BSBD ) account, you do not have to maintain any minimum balance.
ICICI Bank offers Basic Savings Account to its customers which is a unique offer of common minimum facilities and it is a low cost, no-minimum balance savings account.
If bank identifies that the customer has any other Savings Bank Account, the Basic Savings Account opened with ICICI Bank will be closed.
Purpose of ICICI Bank Basic Savings Account
It is specially meant for the beginners to encourage them to start saving without any burden of charges. It has a zero minimum balance requirement.
Features and Benefits of ICICI Bank Basic Savings Account
- Attractive Interest Rates
- It provides safety
- Facility of quick liquidity
- No minimum balance requirement
- First 4 cash transactions are free of charge.
- No limit in number of deposit made in a month
- Maximum four withdrawals in a month including ATM withdrawal
- Facility of Debit card, Free Rupay Card facility
- It provides cheque book and internet banking facilities
- Nomination Facility is available
Eligibility Criteria of ICICI Bank Basic Savings Account
Any individual Indian residents who are above 18 years, provided he/ she has valid KYC documents can open this account.
Applicant should not hold any other existing account with ICICI bank.
The account is not available to individuals in the capacity of HUF Kartas. NRIs and foreign nationals will not be offered this product.
Documents Required for ICICI Bank Basic Savings Account
Documents required for ICICI Bank Basic Savings Account: For opening an account under ICICI Bank Basic Savings Account, the applicant is required to submit following documents:
- Two Passport Size Coloured Recent Photographs
- Copy of PAN Card/ Form 60 (with reasons of not having PAN Card)
- KYC (Know Your Customer) Documents : Proof of Identity & Proof of Address
- Proof of Date of Birth (DOB) in case of Minor & Senior Citizen
Deposit Amount under ICICI Bank Basic Savings Account.
No minimum amount of deposit
Interest Rate on ICICI Bank Basic Savings Account
Interest rate of ICICI Bank Basic Savings Account will be 3.5% p.a.
Freezing of ICICI Bank Basic Savings Account
Value of all credits during the financial year exceeds Rs.1,00,000 or day end account balance exceeds Rs.50,000.