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Savings Account
What are the changes proposed to my zero balance account?
With a view to promote digital transactions, ICICI Bank Limited (“ICICI Bank”) encourages customers to withdraw cash by using their Debit Card at any Banks ATM and transfer funds through NEFT/RTGS/UPI using Mobile Banking or Internet Banking at zero charges. To promote the same, ICICI Bank will be incorporating the below clause in the terms and conditions with effect from Oct 16, 2019:
In addition to the charges applicable to your Savings Account in accordance with the tariff guide/schedule of charges/terms and conditions applicable to your account, all cash transactions at ICICI Bank branches (both deposit and withdrawal) or cash deposits done at ICICI Bank’s cash recycler machines will be charged at Rs 100 (per transaction) for the first two transactions and Rs 125 (per transaction) for any subsequent transaction.
Are ATM transactions included in Branch Cash Transactions?
ATM transactions are excluded from these changes. You can continue to avail of free transactions at ATMs depending on the terms and conditions applicable to your product variant.
I only do 2-3 cash transactions in a month. I don’t want them to be charged. What should I do?
You can upgrade your existing account to a Regular Savings Account with us wherein you will be required to maintain minimum Monthly Average Balance (MAB) in your Savings Account. You can avail of the free transactions as per the product variant you choose. In case you do not maintain the required MAB, cash transaction charges shall be levied.
How can I convert my existing account to Basic Savings and Bank Deposits Account (BSBDA)?
Please visit the nearest ICICI Bank branch. You will have to fill up the BSBDA conversion form and provide the modification request.
In case you require any further information, please call our Customer Care or visit the nearest ICICI Bank branch.
I opened the account for cash transactions only. I don’t want to pay charges.
You can upgrade your existing account to a Regular Savings Account with ICICI Bank wherein you will be required to maintain the minimum Monthly Average Balance (MAB) in the upgraded account. You can avail of the free transactions as per the terms and conditions applicable to your product variant. In case you do not maintain the required MAB, your account shall become subject to cash transaction charges.
What are the options provided to me if I do not agree to these proposed changes?
In case you do not agree with the changes to the terms and conditions, you have the option to convert your account to a Basic Savings and Bank Deposits Account (BSBDA) or close your account with us.
In case you already have a BSBDA Account with any other Bank, you cannot open another BSBDA Account. Further, in case you wish to open a BSBDA Account, you cannot maintain any other Savings Account with us.
