ICICI Bank’s zero balance account is a savings account. It is an ideal bank account for a person who is looking forward to opening a new bank account with no minimum balance account. ICICI bank has two types of zero balance account those are:
- Insta Save FD Account
- ICICI Basic Savings Bank Deposit Account (BSBDA)
You can open a zero balance ICICI Insta Save Account online. But to open a zero balance ICICI BSBDA, you’ll have to visit the nearest branch of ICICI bank.
Eligibility and documents to open an account:
- To open the account you must be an Indian citizen above 18 years of age.
- If you don’t have an existing account in the bank then you can open the bank account.
- You’ll need an I’d proof issued by Govt. of India and address proof.
How to open an “instant Savings account” and an ‘Insta Save FD’ account:
- Visit the ICICI bank website Or app and Click on ‘Apply’
- Now in the online account opening form, select your gender, age, marital status, occupation, education, income range, residential status.
- Now enter your mobile number, email id, PAN card number, or any other I’d proof and select the button ‘Continue’
- Now please enter the OTP you got on your registered mobile number.
- Enter your Aadhaar number and click on ‘Proceed’. Enter the OTP received on your Aadhaar number to continue with the process.
- Add the details of your nominee.
- Now give your communication address if your present address is different from the Aadhaar address.
- Double-check and ensure that the details you entered in the online account form is correct and click on continue.
- Understand and then accept the terms and conditions.
- Now deposit funds in your account and open an FD within 3 months of online account opening.
- Your account will be successfully opened and a bank official will contact you to complete the full KYC process.
Benefits of Zero Balance Savings Account:
- Open Online:
You can open an ICICI Insta Save Account digitally from your home. You don’t have to visit the bank or stand in line for hours to open an account, all you need is your mobile phone.
- Video KYC:
If you’re opening a new bank account you can open the account through the video KYC process without any restrictions.
- Charges on non-maintenance of minimum average:
If you open a fixed deposit account (FD) of Rs.10,000 within three months from the online account opening process, the bank will free all the charges of non-maintenance of minimum average balance.
(Only individual people can open this type of account and it’s not available for joint account holders)
- Get a secured credit card:
Customers can also get a pre-verified credit card when you open a bank account. Whatever your FD amount it’s 90% will be credit card’s limit.
- Platinum Visa Debit Card:
Account-holders will get a free platinum visa debit card. You can use that to withdraw money and shop online and offline. You can also earn reward points by using their debit card to pay for their purchases. But there will be a maximum amount of money you can withdraw in a day.
- Insurance cover:
Instant Savings account customers get free air accident insurance of Rs.50,000. If you bought any product worth 50,000 using the debit card can insure against theft, fire, or loss in transit till 90 days from purchase.
ICICI Bank BSBDA Basic Savings Account:
The zero balance savings account feature was launched by Govt. of India under Pradhan Mantri Jan Dhan Yojana (PMJDY) to provide financial access to economically weaker sections of the society who can’t afford to open a savings account.
- Only Indian Residents above the age of 18 years can have a zero balance account, NRIs and foreign nationals are not eligible to open this account.
ICICI Bank Zero Balance Account Features:
- Bank will provide a free RuPay atm card that will allow the account holder to do cashless transactions.
- Account-holders will get a passbook from the bank, where they can keep a record of the credit and debit transactions.
- Customers can also open a joint zero balance account with their spouse, siblings, or any other family members.
- A nomination facility is available for account holders. So that if the account holder dies the nominee can take the money in his account.
- If you open an account with KYC documents will have no limitations on credit or debit transactions.
Benefits of having a bank account:
It’s very important to have a bank account. It’s good for the economy and you’ll get a lot of benefits. You can earn points. You’ll get interested at the rate of 3% for your savings account based upon how much money you have at the end of every month. If you open an FD account you’ll get interested at the rate of 5-6%. You can do cashless transactions and pay your bills using your debit card both offline and online. If you keep your money in a bank account it remains safe there. There’s no risk of theft or any kind of fraud. It’s a very simple way to save money.
You can also open an account in an old-fashioned way. It’s a very easy process, you just have to visit the nearest branch and verify your documents (I’d and address proof). If you’re an adult your account will be opened in a few hours and you will get the Passbook and debit card in the next 5-7 working days. Due to covid-19, most people don’t prefer going to the bank when they can open an account from home.
After your account is opened, you do not have to keep any minimum balance. The bank will offer a free cheque book, debit card, and a lot of other facilities.
If you don’t have an existing savings account with ICICI Bank you can open an ICICI Instant Savings account. If you open an FD account bank will waive off most of the bank charges.