ICICI Bank Basic Savings Bank Account

ICICI Bank Basic Savings Bank Account
Monthly Average Balance (MAB) No requirement
Interest Rate 3.00% to 3.50%
Debit Card RuPay Debit Card

ICICI Bank Basic Savings Bank Account (BSBDA) is a zero-balance account. It has no restriction on the maintenance of the monthly average balance. You can safely park your funds here and earn decent interest on the end-day balance daily. The applicable interest rate is 3.00% to 3.50%. The interest amount is credited every quarter. You can avail all kinds of banking facilities such as cash deposit, internet and mobile banking, passbook, cheque book, DD/PO, etc.

In this post, we will discuss ICICI Bank Basic Savings Bank Account features, interest rates, eligibility criteria, documents required, BSBDA under PMJDY, fees and charges, and frequently asked questions.

Features of ICICI Bank Basic Savings Bank Account

Here are the features of ICICI BSBDA:

  • Get the facility of free cash deposits
  • There is no limit for the initial deposit amount
  • There is no requirement for minimum MAB (monthly average balance)
  • On request, you can avail of mobile banking and internet banking
  • You will receive a free Passbook and RuPay Debit Card
  • You can open the account as a single or a joint holder

ICICI BSBDA Interest Rates

ICICI Bank Basic Savings Bank Account Interest Rate is between 3.00% and 3.50%. The bank calculates the interest daily. It will account for the daily closing balance and apply the interest rate. The amount of accrued interest is rounded off to the nearest rupee. Here are more details of the ICICI Bank savings account interest rate:

  • If the end day balance is lower than Rs. 50 lakhs, then the applicable rate is 3.00%
  • If the end day balance is over Rs. 50 lakhs, then the rate applicable is 3.50%
  • The interest is payable quarterly in March, June, September, and December

ICICI Bank Basic Savings Bank Account Eligibility Criteria

Here are the eligibility norms:

  • You must not have any other savings account with ICICI Bank
  • You do not have a BSBDA with other banks, including ICICI Bank
  • You are over 18 years of age
  • You are an Indian resident
  • You must apply as an individual and not as the Karta of a HUF (Hindu Undivided Family)
  • This SB account is not for NRIs

Documents for ICICI Bank Basic Savings Bank Account

Here are the required documents:

  • A duly filled and signed account opening form
  • You also have to submit the Declaration form
  • A government-recognized proof of identity and address
  • If you complete the KYC, then there is no restriction on the credit transaction limit

BSBDA Opened Under Pradhan Mantri Jan Dhan Yojana (PMJDY)

Here are the details:

  • The Department of Financial Services launched the Pradhan Mantri Jan Dhan Yojana (PMJDY)
  • A BSBDA under this plan is to meet the goal of ‘National Mission for Financial Inclusion’
  • This plan provides assured credit and financial services to the excluded sections
  • The individual will receive free cheque leaves, a passbook, and a personalized RuPay Debit Card
  • The daily withdrawal/spending limit is Rs. 10,000

ICICI Bank Basic Savings Bank Account Fees and Charges

Here are the fees and charges for this ICICI Bank Savings Account:

ICICI BSBDA Fees Details
Duplicate passbook
  • Rs. 100 for the issue of duplicate passbook
  • Rs. 25 per page for updation
Duplicate statement
  • Rs. 50 per statement if issued through net banking
  • Rs. 100 per statement if requested through customer care (non-IVR) or at the branch
Loose cheque leaves
  • Rs. 25 per leaf
  • Rs. 125 for chequebook of 5 leaves
Use of modem/fax/telephone Rs 100 or actual, whichever is higher
Account closure
  • No charges if you close the account within days of opening it.
  • If you close it anytime thereafter to a year, then you have to pay Rs. 500.
  • There are no fees for closure after a year
Balance Certificate
  • Rs. 50 per certificate for savings account balance or amount in the fixed deposit account
  • Rs. 100 per certificate for balance in a savings account or fixed deposit account in INR or a relevant amount in USD
NACH (National Automated Clearing House) Mandate Rs. 100 per mandate
NACH/ECS return Rs 500 per instance for financial reasons
Speed clearing
  • No charges for an amount up to Rs. 1 lakh
  • Rs. 150 per instrument for an amount over Rs. 1 lakh
Signature attestation 50 per letter/application
Photo attestation Rs 100 per letter/application
Interest Certificate For a financial year, if you request more than one copy of this document, then the charge is Rs. 50
Confirmation of address Rs. 50 per request
Reissue of Internet user ID or password (Non-IVR customer care or at branch) Rs. 50 per request
Standing Instruction (SI) amendment Rs 25 per amendment
SI rejection Rs 200 per instance
Setting up SI Rs. 150 per standing instruction
SI execution with payment from PO/DD, etc. As per remittance + Rs. 25 towards out-of-pocket expenses
Deliverables at branches If you do not pick up any deliverable within the specified period, then every instance of such will attract Rs. 50
Deliverable returned by courier If any deliverable is returned by courier because of address or consignee related reasons such as consignee shifted, no such consignee or address, etc, then the fee is Rs. 50 per instance
Request for address change at the branch Rs. 50 per instance
Stop payment
  • Rs. 200 for a range of cheques
  • Rs. 100 for a particular cheque
  • The same is free if requested through net banking or customer care IVR
Unarranged overdraft Rs 100 per occasion + applicable interest per annum
Lien marking and unmarking of savings account
  • Rs.50 for marking of lien
  • Rs. 50 for unmarking of lien
Retrieval of old transactional documents or enquiries for the old records
  • Rs. 50 per record of up to 1 year
  • Rs. 100 per record of more than 1 year
The penalty of depositing cash in a collector box
  • The applicable penalty is Rs. 100
  • The penalty is Rs. 300 if the amount deposited is over Rs. 500
  • The charge is Rs. 500 for any amount deposited in cheque drop box repeatedly

ICICI Bank Basic Savings Bank Account FAQs

Here are the frequently asked questions about ICICI BSBDA:

  • You can add only one nominee, no matter the SB account is held singly or jointly
  • This facility is available in the form prescribed under the Banking Companies (Nomination) Rules 1985
  • You can also change the nominee by submitting a required declaration
  • If a person is operating the minor's account on his/her behalf legally, then this individual can file a nomination as well on behalf of the minor
  • Rs. 50 per cheque return inward for non-financial reason excluding signature verification
  • Rs. 500 per cheque return inward for financial reason
  • Rs. 200 per cheque return outward for financial reason
  • Rs. 150 + other bank charges at actual per cheque for outstation cheque deposited by the customer

No charges apply for outward NEFT online. But if you do it from a branch, then Rs. 20 per transaction is chargeable for Rs. 2 lakhs to Rs. 5 lakhs. The fee is Rs. 45 per transaction if the NEFT amount is over Rs. 5 lakhs.

Every month, you can avail a free number of visits to the locker. After this, you have to bear Rs. 100 per visit. For regular variants, the free limit for visits is 2 per month. The same is 3 and 4 per month for silver variants and gold variants, respectively. There are charges for Magnum, Titanium, and Wealth Management customers.

You can send instant money up to Rs. 2 lakhs per transaction. The fee applicable is Rs. 15 per instance if the amount is Rs. 1 lakh to Rs. 2 lakhs. The fee is Rs. 5 per instance if the outward IMPS amount is below Rs. 1 lakh.

There are no charges for outward NEFT online. If the same happens through the branch, then the charges are as follows:

  • Rs. 24.75 per transaction for over Rs 2 lakh and up to Rs 10 lakh
  • Rs 14.75 per transaction for over Rs 1 lakh to Rs 2 lakh
  • Rs 4.75 per transaction for Rs 10,001 to Rs 1 lakh
  • Rs 2.25 per transaction for up to Rs. 10,000
  • The joining fee is Rs. 499 for Coral Debit Card. The annual fee is Rs. 499
  • Rs. 200 for debit card replacement in case of loss or damage
  • Rs. 25 per instance of transaction decline at another bank POS or ATMs due to lack of funds in the account
  • Rs. 100 per request of Debit Card de-hotlisting
  • Rs. 25 for PIN regeneration. But this fee is not applicable on dropping the request through IVR customer care or Instapin at the branch

Here are the fees:

  • For DD-issue by cash deposit – Rs.5 per Rs. 1,000 or part thereof. Here, the minimum and maximum charges are Rs. 100 and Rs. 15,000
  • Rs. 100 per instance (instrument value of Rs. 200 and above) for DD cancellation/revalidation/duplicate
  • Rs. 1 per Rs. 1,000 for DD over Rs. 10 lakhs (payable at semi-urban branch), DD over Rs. 20 lakhs (payable at urban branch), DD over Rs. 50 lakhs (payable at RBI centres)
  • For DD-issue, the fee is Rs. 50 (Rs. 40 in rural locations) for up to Rs. 10,000. The fee is Rs. 5 per Rs. 1,000 or part thereof for DD over Rs. 10,000. The minimum and maximum fees are Rs. 75 and Rs. 15,000, respectively.
  • For DD-issue in rural locations of the amount over Rs. 10,000 to Rs. 50,000, the fee is Rs. 60 per instance. For DD over Rs. 50,000 then the fee is Rs. 5 per Rs. 1,000 pr part thereof, the maximum fee for it is Rs. 15,000

For PO-issue up to Rs. 10,000, the fee is Rs. 50. For the same over Rs. 10,000, the fee is Rs. 5 per Rs. 1,000 or part thereof. The minimum and maximum charges are Rs. 75 and Rs. 15,000, respectively. For students, senior citizens, and rural locations, the charge is Rs. 40 for PO of up to Rs. 10,000.

The same is Rs. 60 for amounts over Rs. 10,000 up to Rs. 50,000. Rs. 5 per Rs. 1,000 or part thereof for an amount over Rs. 50,000 with a maximum fee of Rs. 15,000. For PO value over Rs. 200, the fee for cancellation/revalidation/duplicate is Rs. 100 per instance.

For PO up to Rs. 50,000, the fee is Rs. 150. For PO over this amount, the fee is Rs. 5 per Rs. 1,000 or part thereof. The minimum and maximum fees are Rs. 150 and Rs. 15,000, respectively.