ICICI Bank is one of India’s leading private sector banks with over 6,600 branches and 17,100 ATMs. It offers a variety of savings accounts designed to meet diverse customer needs. As of April 2025, ICICI Bank has revised its savings account interest rates in response to the Reserve Bank of India’s (RBI) recent 25-basis-point repo rate cut to 6%.
ICICI Bank Savings Account Interest Rates
ICICI Bank calculates interest on savings accounts based on the daily closing balance, with interest credited quarterly at the end of March, June, September, and December. The revised rates, effective from April 16, 2025, are as follows:
|
Daily Closing Balance |
Interest Rate (% p.a.) |
|---|---|
|
Below ₹50 lakh |
2.75% |
|
₹50 lakh and above |
3.25% |
Key Notes:
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The rate reduction of 25 basis points (from 3% to 2.75% for balances below ₹50 lakh and 3.5% to 3.25% for balances above ₹50 lakh) aligns with industry trends following RBI’s monetary policy adjustments.
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Interest is calculated daily and rounded to the nearest rupee, ensuring transparency.
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Interest earned is taxable under the Income Tax Act, 1961, but individuals and Hindu Undivided Families (HUFs) can claim a deduction up to ₹10,000 under Section 80TTA (₹50,000 for senior citizens under Section 80TTB).
Features and Benefits of ICICI Bank Savings Accounts
ICICI Bank offers a range of savings account variants, including Regular, Insta, Young Stars, Senior Citizens, and Titanium Privilege accounts, each with unique features:
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Digital Banking: Access funds via the iMobile app, internet banking, UPI, IMPS, NEFT, or RTGS for seamless transactions, bill payments, and investments.
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Debit Cards: Accounts come with personalized debit cards (e.g., Titanium Privilege Debit Card with higher withdrawal limits or Young Stars Debit Card with a ₹5,000 daily limit for kids).
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Cashback and Rewards: Earn cashback on online transactions and reward points through ICICI’s loyalty program.
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Safety and Security: Funds are secure with 256-bit encryption, two-step verification, and automatic logout for inactive sessions.
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Value-Added Services: Link accounts to fixed deposits (FDs), access PayLater for instant credit, or invest in mutual funds and insurance products.
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Senior Citizen Benefits: Higher interest rates on linked FDs, hospitalization allowances up to ₹30,000, and no minimum balance requirement if specific criteria are met (e.g., ₹25,000 monthly credit).
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Young Stars Account: Designed for children under 18, promoting financial literacy with guardian oversight and limited transaction caps.
Minimum Balance Requirements
ICICI Bank’s minimum balance varies by location and account type:
|
Location |
Minimum Average Monthly Balance (AMB) |
|---|---|
|
Metro/Urban |
₹10,000 |
|
Semi-Urban |
₹5,000 |
|
Rural |
₹2,000 |
Penalties for Non-Maintenance:
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Charges for failing to maintain the AMB vary by account type and location (e.g., ₹100–₹500 per month for Regular accounts).
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Certain accounts, like Insta Savings or Senior Citizens accounts, may have zero-balance options if specific conditions are met (e.g., linking to an FD or receiving regular credits).
How to Open an ICICI Bank Savings Account
You can open an account online or offline:
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Online: Use the iMobile app or ICICI Bank website. Complete Video KYC, submit identity proof (Aadhaar, PAN, Voter ID), address proof (passport, utility bill), and a recent photograph.
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Offline: Visit a branch with original documents and photocopies for verification.
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Eligibility: Resident individuals, HUFs, foreign nationals, and minors (with guardians) above 18 can open accounts. Senior Citizens accounts are for those 60+.
Why Choose ICICI Bank Savings Accounts?
ICICI Bank savings accounts combine liquidity, security, and convenience, making them ideal for:
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Safe Savings: Unlike market-linked investments, savings accounts offer guaranteed returns without volatility.
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Flexibility: No maturity period, with easy access to funds via ATMs, online banking, or branches.
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Comprehensive Services: From bill payments to investment options, ICICI provides a one-stop financial solution.
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Competitive Rates: Despite the recent cut, ICICI’s rates remain competitive compared to peers like SBI (2.70%) and HDFC Bank (2.75%–3.25%).
Frequently Asked Questions (FAQs)
1. What are the current ICICI Bank savings account interest rates for 2025?
As of April 16, 2025, the rates are 2.75% p.a. for balances below ₹50 lakh and 3.25% p.a. for balances ₹50 lakh and above.
2. How is the interest calculated and credited?
Interest is calculated daily based on the closing balance and credited quarterly in March, June, September, and December.
3. Is the interest earned taxable?
Yes, interest is taxable as per your income tax slab. A deduction of up to ₹10,000 is available under Section 80TTA (₹50,000 for senior citizens under Section 80TTB). No TDS applies if interest is below ₹40,000 (₹50,000 for seniors).
4. What is the minimum balance requirement?
The AMB is ₹10,000 for metro/urban areas, ₹5,000 for semi-urban, and ₹2,000 for rural areas. Zero-balance options are available for specific accounts.
5. Can I open a zero-balance savings account?
Yes, Insta Savings Accounts or certain Senior Citizens accounts have no minimum balance requirement if conditions like regular credits or FD linkage are met.
6. What are the charges for non-maintenance of minimum balance?
Charges vary by account type and location, typically ranging from ₹100 to ₹500 per month. Check with ICICI Bank for specific account details.
7. Does ICICI Bank offer debit cards with savings accounts?
Yes, all accounts come with debit cards tailored to the account type, such as Titanium Privilege or Young Stars cards with varying limits and benefits.
8. How can I avoid penalties for low balance?
Maintain the required AMB or opt for a zero-balance account like Insta Savings. Linking to an FD or ensuring regular credits can also waive requirements.
For the latest updates, visit ICICI Bank’s official website : https://www.icicibank.com/personal-banking/accounts/savings-account/interest-rates
Also visit : https://postofficefd.com/hdfc-bank-fixed-deposit-rates/