Gone are the days when you had to visit the bank to open a savings account. It is the age of online savings accounts that you can open from the comforts from your home.
ICICI Bank has introduced Insta Save Account that customers can instantly open an account online through their PAN and Aadhaar number.
In this article, we will explain everything about this online savings and how you can open one.
Who can Open ICICI Bank’s Insta Save Account?
Any individual customer above 18 years of age can open this online savings account.
The bank account is only available for Indian individuals and people who won’t have any existing relationship with the bank. So if you already have an ICICI Bank’s salary account or savings account, you won’t be able to open the Insta Save.
What are the different variants of Insta Save Account?
There are two variants of Insta Save Account:
- Insta Save Account: It is online savings account that can be opened through Aadhaar. Customers need to maintain a minimum balance of Rs 10,000.
- Insta Save FD Account: It is like Insta Save Account. Besides the instant savings account, customers can opt for fixed deposit. The minimum FD amount is Rs.10,000. As a result, customers don’t have to keep any minimum average balance. Customers can also avail secured credit card against their fixed deposit.
How I can open ICICI Bank’s instant savings account?
You can open ICICI Bank’s Insta Save account instantly through your PAN and Aadhaar number. You can open an Insta Save FD for a minimum amount of Rs. 10,000 for 12 months when opening the instant savings account.
Click here to start the account opening journey.
You will now find the option to open ‘Insta Save account’ and ‘Insta Save FD’ account.
Now an online account opening form will come out.
Select your gender, age, marital status, occupation, education, income range, residential status and click on ‘continue’.
Enter your mobile number, email id, PAN card number. Click on ‘Continue’
Add the OTP sent to your mobile number
Enter your Aadhaar number and click on ‘Proceed’. Enter the OTP received on your Aadhaar number
The details fetched from UIDAI database will be shown in the next step. In this stage, add your nominee details.
If your communication address is different from your Aadhaar address, you can add your communication address details. Check the box to declare that you are an Indian citizen.
In the next step, you can find the details that you have filled up.
Accept the terms and conditions and provide online account opening consent.
Fund your account and your account will be successfully created.
After you complete the online form, you can opt for the video KYC process and convert your account into a full-fledged savings account. Click here to know how to open a ICICI Bank account through Video KYC.
What are the features of Insta Save account?
- Instant Account Opening: You don’t have to visit a bank branch to open the bank account. You can open the account instantly online by using your PAN and Aadhaar number.
- Minimum balance waived: If you open an Insta Save FD for a minimum amount of Rs.10,000 for a minimum for 12 months, the minimum average balance is waived off.
- Get higher interest on FD: As you need to open an FD of at least Rs.10,000 within 3 months from account opening, you have the potential to earn higher returns than the interest earned on a savings account.
- Get a complimentary credit card: You can avail a secured credit card when opening the account. The credit limit of the card will be up to 90% of the fixed deposit that you have created. E.g. if you have opened an FD of Rs.10,000, the credit limit of the credit card will be Rs.9,000. After the account opening process is complete and FD is opened, they will process the credit card within 3 working days.
- Platinum Visa Debit Card: Customers get a platinum visa debit card with the account. You can earn reward points for transacting using the debit card. Platinum debit cards come with high ATM cash withdrawal limits than a regular debit card. You will receive the debit card on your communication address.
- Enjoy air accident insurance: Insta Save customers get free air accident insurance of Rs.50,000.
- Purchase protection: Products worth Rs. 50,000 using ICICI Bank Debit Card are protected from theft, fire or loss in transit till 90 days from purchase.
- Mobile banking access: After opening the account, you can download the ICICI Bank’s mobile banking app that you can access anytime of the day throughout the week, including bank holidays. You can do several transactions such transferring money, opening recurring account and pay bills.
Is there any maximum limit on the amount that can be saved?
After you open the account, you can save a maximum of Rs.1 lakh. However, once you complete the KYC verification, there is no maximum limit that you can save. Bank official will visit you to complete the KYC verification.
How to complete the KYC verification of ICICI Insta Save account?
After you open the Insta Save account, a bank representative will call you to set up the Full KYC appointment according to your convenience. The KYC process will take place through the biometric KYC verification. If you opened the account through video KYC, your account is a full KYC account and you don’t need to set any appointment.
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