ICICI Insta Save Account is the zero balance account that you can open online. ICICI BSBDA is a basic savings account that aims to promote financial inclusion.
In this article we will compare the different features and benefits of both these zero balance accounts.
Table of Contents
ICICI Bank Zero Balance – Insta Save Account
Features of ICICI Insta Save Account
Open Online: ICICI Insta Save Account is a digital savings account that can be opened online from the comforts from your home or on the go. There is no need to visit the bank branch to open the account.
Charges on non-maintenance of minimum average: ICICI Insta Save Account is a conditional zero balance savings account. This means that bank waive off the charges on non-maintenance of minimum average balance if customers open a fixed deposits (FD) of Rs.10,000 within three months from the online account opening process. In this case, the name of the account is Insta Save FD Account.
Only individuals can open this account and joint holding is not possible.
Get a secured credit card: Customers can also get a secured credit card when opening the bank account. The credit limit of the card is 90% of the FD amount.
Platinum Visa Debit Card: Account holders get platinum visa debit card that they can use to withdraw money and shop online and offline. Customers can also earn reward points by using their debit card to pay for their purchases. This debit card comes with a higher ATM cash withdrawal limit.
Insurance cover: Insta Save customers get free air accident insurance of Rs.50,000. Also, products worth Rs. 50,000 bought using the debit card are insured against theft, fire or loss in transit till 90 days from purchase.
How to open ICICI Bank’s Insta Save Account?
ICICI Insta Save Account online account opening process is a completely paperless method.
Visit ICICI Bank and click on Apply Online and then savings account
You will now find the option to open ‘Insta Save account’ and ‘Insta Save FD’ account.
Click on ‘Apply’
In the online account opening form, select your gender, age, marital status, occupation, education, income range, residential status.
Enter your mobile number, email id, PAN card number and click on ‘Continue’
Enter the OTP sent to your mobile number.
Enter your Aadhaar number and click on ‘Proceed’. Enter the OTP received on your Aadhaar number to continue with the process.
Add your nominee details.
Add your communication address if your communication address is different from the Aadhaar address.
Make sure that the details entered in the online account form is correct and click on continue.
Accept the terms and conditions.
Fund your account and open an FD within 3 months of online account opening.
Your account will be successfully created and a bank official will get in touch with you to complete the full KYC process.
Things to keep in while opening the account
Indian citizens above 18 years of age can open the account.
Individuals who don’t have any existing relationship with the bank can open the bank account.
Initially, customers can save a maximum of Rs.1 lakh. However, there is no maximum limit after the KYC verification is complete.
To complete your KYC verification, a bank representative will call you to fix the appointment for biometric verification according to your convenience.
ICICI Bank BSBDA
Features of ICICI Bank basic savings account
The zero balance savings account is under Pradhan Mantri Jan Dhan Yojana (PMJDY) launched by government of India. It aims to provide financial access to economically weaker sections of the society who won’t have a savings account.
The account is available for Indian Residents above the age of 18 years. NRIs and foreign nationals are not eligible to open this zero balance account.
The ICICI Bank’s basic savings account is a zero balance account. This means that customers of the basic savings account don’t have to keep a minimum balance in their bank account.
Customers get a free RuPay Debit card that allows customers to shift to a cashless method of transaction. Debit card is an easier method of transaction. Most merchants accept RuPay cards as a viable means of payment. Customers do not have to pay any annual fees on the debit card. However, the RuPay card can only be used in the Indian territory.
Customers can deposit and withdraw money with no fees.
Account holders get passbook where they can keep a record of the credit and debit transactions.
Customers can open joint zero balance account with their spouse, siblings or other family members.
Nomination facility is available for account holders. Adding a nominee is important, as the nominee is the legal heir of the savings accounts after the account holder passes away.
Account opened with KYC documents will have no limitations on credit.
FAQs on ICICI Bank zero balance account
What is Insta Save account?
Insta Save Account is an online savings account that is opened instantly by using PAN and Aadhaar card.
Who can open Insta Save Account?
Indian citizens between 18 to 60 years of age can open this account. New to bank customers i.e. individuals who don’t have any existing relationship with the bank can open the account.
How can I open Insta Save Account?
You can open Insta Save Account by visiting the bank’s website or downloading the ICICI Bank’s mobile banking application.
Is there a minimum monthly average balance for Insta Save Account?
ICICI Insta Save Account has a minimum monthly average balance requirement of Rs.10,000. However, the minimum average balance charges are waived off if a fixed deposit of a minimum of Rs.10,000 is opened within the three months from account opening.
How much money can I deposit in ICICI Bank’s digital savings account?
As Insta Save Account is opened through the e-KYC process, the maximum amount of money that you can deposit initially is Rs.1 lakh. However, after the successful verification of your KYC documents, these limitations are lifted from your account.
I do not have an Aadhaar number. How can I apply for ICICI’s Insta Save Account?
Aadhaar number is required to open ICICI’s Insta Save Account. Click here to know more about Aadhaar card enrolment.
How will the KYC verification process take place?
After your account is opened, you will get a call from ICICI Bank to set an appointment to complete your full KYC through biometric process.
Can I apply for ICICI Bank zero balance account online?
You can make an online request to open basic savings account. Just visit http://www.icicibank.com, click on ‘Apply Online’ and then savings account, enter the required details and submit the request. The bank representative will call you within 48 hours and help you with your journey.
Conclusion on ICICI Bank zero balance account
Customers who do not hold an existing savings account with ICICI Bank can open ICICI Insta Save account. The charges on minimum average balance is waived off if customer open a fixed deposit of at least 12 months maturing in 12 months.
The basic zero balance savings account can be opened by individuals who don’t have a savings account. After the account is opened, customers do not have to keep any minimum balance. The bank offer free cheque book, debit card and a host of other facilities.