Languages: English Hindi


ICICI Basic Savings Bank Account- 0 Balance Saving Account

ICICI Basic Savings Bank Account is the online zero balance saving account of ICICI. ICICI has made all their existing account holders of savings bank a/c into a zero balance account. ICICI Basic Savings Bank Account is an account which has helped in encouraging instant opening of account through their app or website. It has completely speeded up the whole process of opening an account by digitizing the process and in fact made it far more accessible to people with lower incomess.


  1. Free RuPay Card facility
  2. Free cash deposit/withdrawal facility.
  3. Free Passbook facility
  4. Documents required:
  5. Photo ID proof as per the bank’s acceptable list of documents
  6. Address proof as per the bank’s acceptable list of documents
  7. Self-attested Photograph and signature /thumbprint

Transactional charges:

All banking transactions are chargeable at normal charges as published from time-to-time

Transaction charges as normal for issuance / revalidation / cancellation of DD/PO will be levied

The Bank may charge the account holder such service charges as decided by the Bank from time to time, for any or all of the facilities provided by the Bank at the Bank branches, with intimation to the account holder.
Any government charges, duties or taxes devolving from the provision of any of the facilities shall, if imposed upon the Bank (either directly or indirectly), be debited from the account holder’s account.

Zero Balance Saving Account interest will be calculated on the basis of end of day account balance maintained in zero balance account, at the rate of interest as specified by ICICI Bank time to time.

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.

Interest is calculated on a daily basis on the daily closing balance in the Account, at the rate specified by ICICI Bank in accordance with Reserve Bank of India directives. The interest amount calculated is rounded off to the nearest rupee.

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

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

Of the few banks that offer a zero balance saving account where the account can be a joint account, ICICI Bank is one of the Banks that offers a joint account facility. In addition to this, the Bank also allows account holders of the zero balance saving account to appoint a nominee for their account eve if it is a joint account.

An individual that avails of the Basic Savings Bank Account does not have to pay any charges on your ICICI (or any bank) Bank Visa debit card.

The Zero Balance account opening has catered to an array of demographics, like:

1. Zero Balance account for students

In order to  encourage students to pursue their education further the government and commercial banks like ICICI have collaborated to make the future of this country better.

2. Zero Balance account for Government servants

For a large number of servants of the Government, zero balance accounts have been set up in order to become more financially wise.

3. Zero Balance Account for women

For financial inclusion, the country will develop with independence for women. In the past few years, due to globalization, there has een a large migration of women working in other parts of the world. In order to promote women empowerment, banks like ICICI have given up the average monthly balance in order to encourage them to open zero balance accounts

The Zero Balance Account has brought in a large number of people into the formal banking sector by giving them the ability to earn interest for lower deposit holders. India is a country that thrives on the sheer numbers of people. This change has been seen in every sphere. The total revenue earned  by the medium and small enterprises exceeds the revenue earned by many large enterprises by 2 times. We must encourage people to come into the formal banking set up and be part of the digitization change that is being seen largely in India during the past few years.

Customers who do not hold an existing savings account with the ICICI Bank can go forward with opening the zero balance savings account as the ICICI Edge. This zero balance savings account serves to be a basic savings account and is opened instantly with the minimum requirements of documents. Upon opening the free account, the account holders are given the free cheque book and additional facilities like free cash deposits, Internet banking, and so more.


Contact us: