Hello, viewers. Do you all want to open an ICICI Bank Savings Account online? ICICI Bank has rolled out a range of savings accounts to cater to the different needs of customers. Customers can save money for their future and carry out other banking processes with great ease, such as checkbook requests, fund transfers, bill payments, ticket bookings, etc., through these accounts. ICICI Bank provides its customers with two easy modes for opening a savings account. Individuals who do not have plenty of time to visit the branch can open an ICICI Bank savings account online. Please keep scrolling and read our full article to get help in creating an ICICI saving account.
About ICICI Bank:
ICICI Bank is a leading private sector bank in India. The bank’s consolidated total assets stood at Rs. 14.76 trillion on September 30, 2020. The bank currently has a network of 5,418 branches and 13,379 ATMs across India. ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary.
ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its group companies. The bank’s board members include eminent individuals with a wealth of experience in international business, management consulting, banking, and financial services. The bank works closely with the ICICI Foundation across diverse sectors and programs.
Opening an Insta Savings Account
ICICI Bank has launched Insta Save Account, which is an Aadhaar-based Instant Savings Account service intended for people looking to open a savings account online. With this facility, candidates can open an account through iMobile-Pay or Net Banking, and later on, for a video know-your-customer (KYC), a bank representative will carry out a compliance check. Online completion of KYC is instant and paperless.
Below are the pre-requisites for Video KYC:
- Applicable for Indian Residents only
- Stable internet connection
- Original copy of PAN Card
- Blank white paper with a blue or black pen
- Ample light and clear background
Steps for opening an ICICI Bank Savings Account online
Unlike the earlier days when you had to stand in a queue at a bank to open a savings account, the ICICI Bank Digital Savings Account takes no more than 4 minutes for the same. To initiate the process, follow the steps below:
- Visit the official website of ICICI Bank.
- Go to Accounts > Savings Account.
- Click on the Apply Online tab that appears in the top right corner.
- Fill in the details such as your phone number, e-mail ID, and PAN Card.
- Once you submit the details, you will receive an OTP on your mobile.
- The account will be opened based on the OTP sent to your mobile number linked with your Aadhaar Card.
- Once the mobile number is verified, you are required to fill out all the account-related documents online.
- The account will be opened within 4 minutes of your Aadhaar and KYC compliance, after which you can start transactions immediately.
Once the process of opening an instant online savings account is complete, the account gets activated immediately. The account holder will receive the account number and a virtual debit card so that customers can start making payments online immediately through the iMobile-Pay application or Internet Banking.
Steps to open an ICICI Bank Savings Account Offline
|Step 1: Visit the nearest ICICI Bank branch to collect the account opening form|
|Step 2: Fill in all the details carefully|
|Step 3: Submit the form at the counter along with self-attested KYC documents (as listed in the above table) and recent passport-size photographs|
|Step 4: After submission, the executive will verify the details given in the form and documents|
|Step 5: Once the verification process is done, you will have to deposit the initial amount, depending on the savings account you have chosen|
|Step 6: After that, the executive will handover you a welcome kit containing a debit card, secret PIN, passbook, etc.|
Read on to know more
ICICI Bank’s Advantages of Saving Account
1. Earn Interest
A savings account helps you earn interest on the deposited amount. To attract new customers, banks now offer higher interest rates and a host of other benefits, such as discounts on locker rentals, unlimited ATM transactions, and more. Moreover, some of the banks also offer many different types of savings accounts to meet the different needs of their customers.
2. Safest Investment Option
One of the biggest advantages of a savings account is that, unlike most other investment options, a savings bank account does not invest your money but still offers modest returns. All you need to do is to deposit money in your savings account to take advantage of this feature.
3. Minimum Investment Amount
Browse through the different investment options and you’ll see that a savings account is also the most affordable. You are simply required to keep the minimum balance in your account to keep earning interest. This minimum deposit amount can be different for every bank.
Disadvantages of ICICI Bank Saving Account
1. Interest Rates Can Change
One important disadvantage of a savings bank account is that the interest rates offered by the bank are variable. This means that the bank has the right to make changes to the interest rate. While the changes are generally minimal, it is possible that the interest rate on a savings account now could be lower 6 months down the line.
2. Easy Access
While easy access to funds is seen as one of the most important features of a savings account. It can also work as a disadvantage for some people. People are more tempted to spend as these accounts allow you to access your funds anytime you like. This can make long-term savings challenging.
3. Minimum Balance Requirement
When you open a savings bank account, you’ll be required to maintain a minimum average balance in your account. The bank charges a penalty for failing to maintain this balance. So, before opening an account, make sure that you check the minimum balance requirements of the bank and always maintain this balance to avoid the penalty.
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