ICICI Bank Silver Savings Account

ICICI Bank Silver Savings Account
Monthly Average Balance (MAB) Rs. 25,000
Interest Rate 3.00% to 3.50%
Debit Card Smart Shopper Silver Debit Card

ICICI Bank Silver Savings Account comes with privileges such as waiver on PO/DD charges, discount on locker rentals, free alerts, email statement, money multiplier, mobile banking, internet banking, dedicated customer care, and more. The savings bank (SB) account is available for minors, senior citizens over 60 years of age, and those over 18 years of age. You can also port your account to any other branch without any restrictions.

In this post, we will discuss ICICI Bank Silver Savings Account features, eligibility criteria, interest rate, documents required, fees and charges, and FAQs.

Features of ICICI Bank Silver Savings Account

Here are more details:

  • Earn higher interest through Money Multiplier by setting a balance limit over which any excess amount is swept into a Fixed Deposit
  • Free multi-city payable-at-par cheque book, SMS alerts, email statements, passbook for individual accounts
  • Manage your account anytime and from anywhere through ATM, internet banking, or iMobile App
  • Unlimited cash withdrawals from the ATM of any bank
  • Pay bills on Bill Pay, add a nominee to bank deposits and beneficiary to your account
  • 15% discount on safe deposit locker annual fee
  • Limit on daily cash withdrawal as per the account you choose
  • Complimentary personal accident insurance protection
  • You will also get purchase protection cover on the SB account

Eligibility Criteria for ICICI Bank Silver Savings Account

Here are the eligibility norms for this ICICI Bank Savings Account:

  • Resident individuals for sole and joint account
  • Individuals over 18 years of age
  • Foreign national and HUF (Hindu Undivided Family)
  • Minors below 18 years of age and senior citizens over 60 years of age

ICICI Bank Silver Savings Account Interest Rate

Here are details on this ICICI Bank Savings Account Interest Rate:

  • The SB account interest is calculating on the daily closing balance
  • The interest amount is rounded off to the nearest rupee
  • You will receive the earned interest quarterly in March, June, September, and December
  • The interest rate is 3.50% for the end of the day balance over Rs. 50 lakhs
  • The interest rate is 3.00% for the end of balance less than Rs. 50 lakhs

Documents for ICICI Bank Silver Savings Account

Here are the documents for this ICICI Bank Savings Account:

  • Recent passport-size photographs and duly filled and signed SB application form
  • Identity and Address proof such as Voter ID Card, Passport, Driving Licence
  • Letter from National Population Register, Aadhaar Card
  • NREGA Job Card signed by a State Government Officer
  • Address proof such as utility bill not older than two months
  • Letter of accommodation allotment by your employer
  • Property tax bill not over 1-year-old
  • Municipal Tax receipt not older than 1 year
  • Payment order for pension or family pension if it contains the address

ICICI Bank Silver Savings Account Fees and Charges

Here is more information:

Non-maintenance of Monthly Average Balance
  • 5% of the MAB shortfall is applicable for gramin locations
  • 5% + Rs. 100 is applicable for MAB shortfall in urban/rural/metro/semi-urban locations
Cash Transaction (Withdrawal and Deposit)
  • Every month you can do 4 cash transactions for free. After this, at every instance, you have to pay Rs. 150
  • The transaction value limit for the home branch is Rs. 2 lakhs (no charges) per month and account. Over this limit, Rs. 5 per Rs. 1,000 is chargeable, which is subject to a minimum of Rs. 150.
  • For non-home branches, the transaction value limit per day with no charges is Rs. 25,000. Above this limit, the charge is Rs. 5 per Rs. 1,000, subject to Rs. 150 as the minimum fee.
  • Rs. 150 per transaction over Rs. 25,000 is applicable on third-party
Additional Cash Transaction
  • Rs. 100 per transaction is chargeable for all cash transactions at ICICI Bank branches or ICICI Bank cash recycler machine cash deposits for the first 2 transactions
  • After this, the fee is Rs. 125 per transaction if you do not maintain the MAB as per the norms
Non-ICICI Bank ATM Interchange
  • Every month, you can do the first 3 transactions both financial and non-financial, for free at Mumbai, Kolkata, New Delhi, Hyderabad, Chennai, and Bengaluru
  • Every month, the first 5 transactions both financial and non-financial are free in other locations. The cap for mentioned 6 cities is 3 (free) in a month
  • After this, the charge is Rs. 8.5 per non-financial transaction and Rs. 20 per financial transaction
Transactions at ICICI Bank ATMs / Cash Recycler Machines (cash withdrawals) In a month, you can do 5 first financial transactions for free. After this, you have to do Rs. 20 per instance. Non-financial transactions are free
ICICI Bank Issued DD Drawn by transfer/cheque
  • For Demand Draft of up to Rs. 10,000, the charge is Rs. 50
  • After this, you have to pay Rs. 5 per Rs. 1,000 or part thereof for DD over Rs. 10,000
  • This is also subject to Rs. 75 as minimum fees and Rs. 15,000 as the maximum fees
  • In rural locations, Rs. 40 is chargeable for DDs up to Rs. 10,000. Rs. 60 for an amount over Rs. 10,000 and up to Rs. 50,000. Rs. 5 is then charged per Rs. 1,000 for DDs over Rs. 50,000. The maximum fee is Rs. 15,000.
Statement
  • Get an email statement every month for free
  • You can also collect it for free from the branch
  • You may view and download the statement on the bank’s website
  • You will also receive a passbook facility at the base branch for free
Debit Card Fees for First Account Holder Rs. 99 per annum for gramin locations and Rs. 150 per annum for other locations
Debit Card Fees for Joint Account Holder Rs. 99 per annum for gramin locations and Rs. 150 per annum for other location
Cash Withdrawal Limit on Debit Card
  • The daily withdrawal or spending limit for domestic transactions is Rs. 50,000 and Rs, 1 lakh, respectively
  • Daily withdrawal and spending limit for international transactions are Rs. 50,000 and Rs. 1 lakh, respectively
Cheque Books No charges for 25 payable-at-par cheque leaves in a year. After this, for every chequebook of 10 leaves, you have to pay Rs. 20
Value Added SMS Alerts for Transactions over Rs. 5,000 Rs. 15 per quarter
ICICI Bank Branch - Outstation Cheque Collection/ Non-ICICI Bank Outstation cheque Collection
  • Rs. 25 per instrument for up to Rs. 5,000
  • Rs. 50 per instrument for Rs. 5,001 to Rs. 10,000
  • Rs. 100 per instrument for Rs. 10,001 to Rs. 1 lakh
  • Rs. 200 per instrument for over Rs. 1 lakh

Frequently Asked Questions for ICICI Bank Silver Savings Account

Here is the FAQ for this ICICI Bank Savings Account:

  • Free Anywhere banking
  • 15% discount on the rent of annual locker
  • A waiver on PO/DD charges per day of up to Rs. 1 lakh
  • Free of cost cash withdrawal transactions at ATMs of any bank

You have to maintain Rs. 25,000 as the minimum average balance in this ICICI Bank Savings Account.

You have to pay 5% + Rs. 100 of the MAB shortfalls or Rs. 500, whichever is lower. These charges can be waived if you maintain a Fixed Deposit of at least Rs. 1.25 lakhs in the name of the same customer ID.

Here is more:

  • Nomination facility, Standing Instructions, internet banking, mobile banking
  • Money Multiplier
  • Free email statement
  • Smart Shopper Silver Debit Card with Visa Privileges and offers
  • Free multi-city cheque book

It is possible to transfer an SB account on request from one ICICI Bank branch to another. You can do so through customer care or internet banking. If you want to do so through the branch, then submit a written request. After this, your account transfer will be completed within 2 working days without any change in your account number, suspension of account operations, or surrender of a chequebook or Debit Card.