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ICICI Basic Savings Bank Account- 0 Balance Saving Account

ICICI Basic Savings Bank Account is a zero balance saving account of ICICI Bank. ICICI Basic Savings Bank Account is a basic savings account that aims to promote financial inclusion. 

The account is only applicable for individuals without a savings account. The zero balance savings account was opened under Pradhan Mantri Jan Dhan Yojana (PMJDY) which was launched by government of India to provide financial access to economically underprivileged sections of the society.


  • 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 account is not available to individuals in the capacity of HUF Karta’s.
  • The zero balance account is available for customers who don’t have a bank account.

Features of ICICI Bank Zero Balance Account:

1. No Minimum Balance requirement

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.

2. Free RuPay Debit Card

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.

3. Free cash deposit/withdrawal facility

Cash deposit and cash withdrawals are some of the basic operations of any bank account. Customers can deposit and withdraw money without any fees.

4. Free Passbook facility

A passbook keeps a record of the credit and debit transactions in your savings account. It aids in understanding their spending habits.

5. Open Joint Account

Customers can open joint zero balance account with their spouse, siblings or other family members.

6. Add a nominee

Account holders of the zero balance saving account to appoint a nominee for individual and joint  account. Adding a nominee is important as the nominee becomes the legal heir of the savings accounts after the account holder passes away. 

Documents required to open an ICICI Bank Zero Balance Account

  1. Photo ID proof as per the bank’s acceptable list of documents
  2. Address proof as per the bank’s acceptable list of documents
  3. Self-attested Photograph and signature /thumbprint.

Interest Rate on ICICI bank 0 balance account

Zero Balance Saving Account interest will be calculated on the basis of end of day account balance maintained in the zero balance account. It will be based on the rate on the current rate of interest. 

With effect from 19th August 2017, the savings account interest rate applicable would be:

3.5% for end of day account balance of below Rs. 50 Lakhs

4% for end of day account balance of Rs. 50 Lakhs & above.

With effect from March 30, 2016, interest is paid quarterly in March, June, September and December.

Service Charges and Fees of ICICI Bank zero balance account

Savings account come with different charges and fees. The following table gives details of the services available to ICICI Bank zero balance account:

Service charges and fees

Statement Passbook facility available at base branch free of cost + Monthly statement on email
Debit Card Annual Fees Nil
Debit Card limit Daily spending/withdrawal limit: Rs. 10,000/ Rs.10,000
Value Added SMS alert facility Nil
Outstation cheque collection – through ICICI bank branch locations Nil
Outstation cheque collection – through non ICICI bank branch locations Nil
ATM Interchange (Transactions at Non ICICI Bank ATMs) Nil

How to open an ICICI Bank Zero Balance Account 

Interested individuals can visit a ICICI bank branch to open an ICICI Bank Zero Balance Account.

Conclusion: Customers who do not hold an existing savings account with the ICICI Bank or any other basic savings account can go forward with opening the zero balance savings account. This basic zero balance savings account can opened with minimum requirements of documents. After the account is opened, customers do not have to keep any minimum balance, the account holders are given the free cheque book, debit card and a host of other facilities.


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