ICICI Zero Balance Savings Account

The ICICI zero balance account is one of the best zero balance savings accounts offered. It caters to the needs of individuals who are looking for flexibility and easy accessibility for their banking. The ICICI Bank zero balance savings account with nil minimum balance requirements and a quick online and offline application process, provides a convenient way for you to start a seamless banking journey.

Features like online banking, UPI transactions, BSBDA benefits are available for an ICICI Zero Balance savings account.

Features & Benefits of ICICI Zero Balance Savings Account

The following are the features and benefits of opening an ICICI zero balance savings account:

• The greatest advantage is the nil minimum balance requirement in your account.
• No initial deposits needed.
• An option of holding the account singly or jointly is available.
• A Rupay debit card privilege is available to zero balance account holders.
• There are nil charges for cash deposits
• A complimentary passbook is available.
• Net and mobile banking facilities can be availed on request.

You can check your balance by using the ICICI Bank mini statement facility.

Eligibility For an ICICI Zero Balance Savings Account

Below is the eligibility criteria to open a zero balance savings account in ICICI Bank,

• An Indian citizen and a major is eligible for opening this account
• No other bank accounts with ICICI Bank, this includes the BSBDA
• No BSBDA with any other bank
• The application for this account can be done in individual capacity only.

Documents Required for ICICI Bank Zero Balance Savings Account

Below is a list of documents required for a zero-balance account in ICICI Bank:

• Proof of Identity: Passport, Aadhaar card, ration card, driving licence, or voter ID card.
• Proof of Address: Voter ID card, PAN card, passport, Aadhaar card, or driving licence.
• A declaration for opening a BSBDA account and a completed application form.
• Passport size photographs which are self attested.
• KYC documents can be provided till 24 months from the date of opening an ICICI Zero balance account.

How to open an ICICI Zero Balance Savings Account?

Below is a process to open an ICICI Zero Balance savings account offline -

• Step 1: Visit the nearest ICICI bank branch.
• Step 2: Fill in the application form with the required details.
• Step 3: Submit the completed form to the bank.
• Step 4: The bank officials will open the account once all documents have been verified.

ICICI Zero Balance Savings Account Fee & Charges

Issue of Duplicate Statement

• INR 100/- per statement at branch or Customer Car (non-IVR),
• INR 50/- per statement through ATM, IVR and Netbanking

Issue of duplicate pass book - Rs. 100 for issuance and Rs. 25 per page for Updation

DD / PO – Issue

Rs. 50 per D.D/PO up to Rs. 10,000; Rs. 5 per thousand rupees or part thereof for DD/PO of more than Rs. 10,000, subject to a minimum of Rs. 75 and maximum of Rs. 15,000

For Senior Citizen, Student & Rural locations :

• For amounts up to Rs. 10,000 – Rs. 40,
• For amounts above Rs. 10,000 till Rs. 50,000 – Rs. 60,
• For amounts above Rs. 50,000– Rs. 5 per thousand rupees or part thereof (maximum of Rs. 15,000)

DD / PO - Cancellation /

Duplicate / Revalidation - Rs. 100 per instance

Replacement Card fees

(Lost / Damaged card) - Rs. 200 per card

ATM Balance Enquiry - Rs. 25

Cross-currency mark-up - 3.5% of transaction amount charges from ATMs outside India.

ECS / NACH Debit - Rs. 500 per instance for financial reasons. Maximum recovery will be done for 3 instances per month for the same mandate

Returns

• Cheque return outward - Rs. 200 per instance for financial reasons (cheque deposited by customer)
• Cheque return inward - Rs. 500 per instance for financial reasons. Rs. 50 for non-financial reasons except for signature verification (cheque issued by customer)
• Decline of transaction at - Rs. 25 per transaction other bank ATMs or point of sale (POS) due to insufficient balance in the Account.
• Standing Instructions - Rs. 200 per instance for financial reasons
• Any deliverable not picked up (within the stipulated time) – Rs. 50 per instance.

Maximum Limit for ICICI Zero Balance Savings Account

As per the banking rules and regulations, Basic Savings Bank Deposit Account with full KYC will have a total credit transaction limit of Rs 5 lac in a financial year.

A Basic Savings - Small Deposit Account will be in a freeze state if:

• Value of all credits in the account during the financial year exceeds Rs 1,00,000, or
• Day end account balance exceeds Rs 50,000, or
• Total withdrawals in a month exceed INR 10,000/-, or
• The customer is unable to submit valid KYC documents to the Bank, within 24 months of opening the account.

UPI Transaction Limit of ICICI Bank Zero Balance Savings Account

• The UPI transaction limit for ICICI Bank Zero Balance Savings account is Rs. 1 lakh per day.
• For the first 24 hours, if a new UPI is registered, the limit is set to Rs. 5,000 per day.
• Post the first 24 hours, the limit is reset to Rs. 1 lakh per day and the maximum transactions are limited to 20.

What is the Withdrawal Limit Per Day of ICICI Zero Balance Savings Account?

• The withdrawal limit for ICICI Zero Balance Savings Account is Rs.10,000 per month.
• The debit card and ATM limit for the BSBDA Savings account is Rs. 10,000 per day.