Are you looking for a new bank account that has few or no fees? If so, you may want to consider opening an ICICI Bank Zero Balance Account. This account is designedfor people who don’t have a lot of money to spare and want to avoid paying any account-related fees.
In this article, we will explain features and Benefits a ICICI Bank Zero Balance Account online in (2022).
Keep reading for more information!
About ICICI Bank
ICICI Bank is one of the largest banks in India. It was founded in 1955 and has since grown to become one of the most successful banks in the country. ICICI Bank offers a wide range of products and services, including savings accounts, checking accounts, investment products, and mortgages.
The bank also has a strong presence in the online space, with a website and mobile app that offer a convenient way to manage your finances.
ICICI Bank Zero Balance Account
The ICICI Bank Zero Balance Account is a savings account that doesn’t require a minimum balance. This means that you can open an account with any amount of money, no matter how small.
The account comes with a debit card and gives you access to all of the bank’s online and mobile banking services. There are no monthly maintenance fees or account-related charges, making it an ideal choice for people who want to avoid paying fees on their savings.
The ICICI Bank offers three types of Zero balance Saving accounts-
- ICICI Basic Savings Bank,
- ICICI Insta Save FD account, and
- ICICI MINE account.
All three types of accounts offer different features and benefits. ICICI Insta Save FD Account and ICICI MINE Account ICICI MINE Account can be opened online without any Bank branch visit. For opening an ICICI Basic Savings Bank account, you will need to visit an ICICI Bank branch.
Let’s take a closer look at each of these account types:
List of Best ICICI Bank Zero Balance Account
#1. ICICI MINE Saving Account
Millennials are always on the go- they don’t have time to visit a bank branch and wait in line. That’s why ICICI Bank created an online account for them, called ICICI MINE Saving Account.
This account is designed for Android, iOS devices, and has two different types of debit cards: my Regular and my Premium. You can use this account to do your daily banking and investment activities from your smartphone. The only difference between my Regular and my Premium accounts is the types of debit cards.
Some of the features of the ICICI MINE Saving Account include:
- 200+ banking and informational services
- A fully digital account- no need to visit a bank branch
- Instant account number generation
- Instant transactions
- An instant banking experience
If you’re a millennial and you’re looking for a bank account that can keep up with your fast-paced lifestyle, then the ICICI MINE Saving Account is perfect for you.
Here is the comparison table of features between the two types of accounts:
ICICI Mine savings account charges
|CHARGES||MINE REGULAR||MINE PREMIUM|
|MAB charges in ICICI bank||N/A||N/A|
|Subscription Fee||150 + GST||599 + GST|
|Cashback||Nil||1% Uncapped Cashback|
|SMS Alert Charges||15 + GST Per Quarter||15 + GST Per Quarter|
Benefits of the ICICI Bank Zero Balance Account
The ICICI Bank Zero Balance Account is a great account to have because it offers a number of benefits. These benefits include, but are not limited to, the following:
- You get cashback on selected merchant spending through a Debit card.
- The cashback is only available on Mine Premium.
- If you spend below mentioned selected merchant and categories, then you earn 1% uncapped cashback.
Here is the table depicting selected merchants and categories:
|Utility||Bill payments (excluding tax payments)|
Features and Benefits of ICICI Bank Zero Balance Account
I have divided all the benefits into Debit card benefits and Saving account benefits. Below are the Features and Benefits of the ICICI Bank MINE Savings Account.
Saving Account Benefits and features
- It’s a truly, Zero Balance Account from ICICI, with a no balance commitment.
- It’s a truly, digital Account that can be opened instantly online, without any need of visiting the Bank Branch.
- 5 free ATM withdrawals at any bank’s ATM every month, with Card-less Cash Withdrawal Service
- 24×7 banking access with iMobile and Internet Banking services.
- Free e-mail statements.
- Automatic conversion of Saving account balance into Fixed Deposit on request. You only need to fix a limit for the same.
- Free in-app budget analyzer, which can help you to plan your budget better
You can keep a maximum balance of Rs 1 lakh in all your linked deposit accounts. Once you complete your Physical KYC verification, you can use it without any limitations.
Mine Debit Card Benefits
Below are the Mine Debit Card Benefits.
- Set transaction limits through iMobile.
- Virtual Debit Card which is available instantly on account opening
- That can be used for e-commerce transactions.
- Flat 1% Cashback on Select Merchants Zomato, Bigbasket, BookMyShow, Myntra, and Bill Payments with Mine+ Debit Card.
- Air Accident Insurance: Rs.50,000
- Purchase Protection : Rs.50,000
Complimentary Purchase Protection of Rs.50,000 for goods purchased using ICICI Bank Debit Card from theft, fire, or loss in transit until 90 days from the purchase date.
ICICI MINE Account Eligibility
Here are the eligibility criteria for an ICICI MINE account:
- You should be a resident of India.
- Your age should be 18 to 35 years.
- You should have a PAN card.
- You should have an Aadhaar card linked to your bank account.
- You should have a mobile number that is registered with your bank.
# 2. ICICI Insta Saving Account
ICICI Insta Saving Account is a fully digital Savings Account maintained and operated by ICICI bank. You can open this account within 4 minutes from home without visiting a bank branch. There is two variant of Insta Save Account and Insta Save FD Account.
Here are the Features & Benefits of the ICICI Insta Saving Account:
- The account can be opened within 4 minutes
- The account can be opened using Aadhaar
- 24×7 access to banking services with iMobile App
- Complimentary Credit Card with a limit of up to 90% on the FD created
- Exciting offers on Amazon, Flipkart, Big-basket, Swiggy, Eros Now, Pharm-Easy
- Platinum Debit Card and earn reward points on spends
- Verification through Video KYC
- Full-fledged Digital Account
- Air Accident Insurance Rs.50,000/-
- Free monthly email statements
- Enjoy 5 free ATM withdrawals at any banks’ ATM every months.
You can get all these benefits by just opening an ICICI Insta Saving Account. So, if you are looking for a quick and easy way to open a bank account, then this is the account for you.
Want to know more? Read my detailed review of Insta Save Account and Insta Save FD Account. You can read a detailed review here.
# 3. ICICI Basic Savings Account
There are two types of ICICI Basic Savings Bank First are (1). Basic Savings Bank Deposit Account(BSBDA) (2.) Basic Savings Account opened under Pradhan Mantri Jan Dhan Yojana (PMJDY). Here is everything you should know about both accounts.
Basic Savings Bank Deposit Account
An ICICI Basic Savings Bank Deposit Account is a zero balance account that doesn’t require any minimum monthly average balance.
You’ll also get a free Rupay debit card, free cash deposit, free passbook facility, and free internet and mobile banking. Plus, you can get a free checkbook with 15 leaves.
Here are the features and benefits of an ICICI Basic Savings Bank Deposit Account:
- You don’t need to maintain a minimum balance
- You’ll get a free Rupay debit card
- You can make free cash deposits
- You’ll have free access to your passbook
- You can get free internet and mobile banking
- You’ll get a free checkbook with 15 leaves
- No foreign remittances can be made if you do not have submitted your KYC documents.
Eligibility for ICICI Bank Basic Savings Bank Account
To be eligible for this account, you need to meet certain eligibility criteria, and these are below.
- You should be a resident of India.
- Your age should be 18 years or above.
- Individuals belonging to HUV Kartas are not eligible for this savings account.
- NRIs are not eligible for this account.
- To be eligible for this account, the applicant should not hold any other savings account with ICICI Bank.
You need to have a copy of the PAN Card, One Photo, and address proof. For detailed documents, you can visit ICICI Official website.
# 4. Basic Savings Account opened under Pradhan Mantri Jan Dhan Yojana (PMJDY)
Pradhan Mantri Jan Dhan Yojana (PMJDY) is a plan for ‘National Mission for Financial Inclusion’ launched by The Department of Financial Services (DFS), Ministry of Finance, Government of India.
This plan will ensure access to financial services and timely and adequate credit to the excluded sections, i.e., the low-income groups. The initiative was launched on August 15, 2014. Basic Savings Bank Accounts are opened under PMJDY.
Accounts opened under PMJDY will have the following features:
- Free Passbook
- Free Personalised Rupay Debit Card
- Free cheque leaves
ICICI Bank has come up with an amazing offer for its customers. If you are looking for a zero-balance account that offers great features, then this is the perfect option for you.
You can open the account online without any hassle and start using it immediately. The best part is that there is no minimum monthly average balance required, so you can keep your account active without having to worry about maintaining a certain balance.
Share this article if you liked it and let your friends know about this amazing offer from ICICI Bank!
How to convert icici bank account to zero balance account.
ICICI regular account can not be converted to Zero Balance account. ICICI Zero balance account can be opened only of , if you have not prior relationship with bank. Even if you have credit card of ICICI Bank, then you can not open Zero balance account.
Which bank is best for zero balance account?
The ICICI and RBL bank offer best of Zero balance account, However, may fintech companies are with Zero balance account, some of among are Fi Zero Balance account, Digi Bank Saving account.
What is mine saving account in ICICI?
An ICICI Basic Savings Bank Deposit Account is a zero balance account that doesn’t require any minimum monthly average balance. You’ll also get a free Rupay debit card, free cash deposit, free passbook facility, and free internet and mobile banking. Plus, you can get a free checkbook with 15 leaves.
Can I open ICICI mine account at branch?
No, you cannot open an ICICI Basic Savings Bank Deposit Account at a branch. You can only open this account online.