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Savings Account

What is the minimum balance required to be maintained for a Regular Savings Account?

Minimum Monthly Average Balance (MAB) for a Savings Account:

  • Metro and Urban locations – ₹ 10,000

  • Semi-urban locations – ₹ 5,000

  • Rural locations – ₹ 2,000

  • Gramin locations – ₹ 1,000

What is the eligibility criteria for opening a Regular Savings Account?

A Regular Savings Account is available for Resident Individuals (sole or joint account), Foreign Nationals and Hindu Undivided Family (HUF) customers, above the age of 18 years.

What are the charges for non-maintenance of the minimum Monthly Average Balance (MAB)?

6% of the shortfall in the required MAB or Rs 500, whichever is lower.

How is the minimum Monthly Average Balance (MAB) calculated?

The Monthly Average Balance (MAB) is calculated on a simple average of day-end balances for a calendar month. The MAB is calculated by adding the closing ledger balance of each day’s accounts from the start of the month to the end of the month. Then the total sum is divided by the number of days in that month.

What is the nomination process for my Savings Account?

You may nominate a person as beneficiary to your account. Nomination facility is available for Bank deposits:

Only one nominee is allowed for a Deposit Account, whether held singly or jointly

A Legal Guardian operating a minor’s account can file a nomination on the minor’s behalf

Applicants can nominate by filling up the form prescribed under the Banking Companies (Nomination) Rules, 1985

The nomination details can be changed during the subsistence of the account relationship by filling the form prescribed under The Banking Companies (Nomination) Rules, 1985.

How can I transfer my Savings Account from one branch to another?

You can request to transfer your Savings Account from one branch of ICICI Bank to another through Internet Banking, Customer Care or by submitting a written request to any ICICI Bank branch.