ICICI Bank is an Indian Financial Institution that offers multiple Saving account as Zero Balance Account. Here are the some of the Best ICICI Bank Zero Balance Account. ICICI Basic Savings Bank, ICICI Insta Save FD Account, ICICI MINE Account are the three types of ICICI Bank’s zero balance account.
All account mentioned above are Digital Zero Balance Account. ICICI Insta Save FD Account and ICICI MINE Account can be opened online without any Bank branch visit. ICICI Basic Savings Bank can be opened through a bank branch.
In this article, I will share the different features and benefits of the above three zero balance accounts and see which is the Best ICICI Bank Zero Balance Account in 2021.
List of Best ICICI Bank Zero Balance Account
- ICICI MINE Saving Account
- ICICI Insta Saving Account
- ICICI Basic Savings Bank
- Pradhan Mantri Jan dhan yojana
#1. ICICI MINE Saving Account
ICICI MINE Saving Account is a fully digital Zero Balance Account targeted to millennials in Indian. The account number is generated instantly, you can transact instantly, and you will get an instant banking experience.
You can experience 200+ banking and informational services for daily banking and investments from your smartphone through this account. Designed for Android, iOS and to help you keep your financial game healthy. There is two variant of ICICI MINE Saving Account, Mine Regular, and Mine Premium, the only difference between them are types of Debit card.
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 |
| Customization | Nil | Card image |
| Cashback | Nil | 1% Uncapped Cashback |
| SMS Alert Charges | 15 + GST Per Quarter | 15 + GST Per Quarter |
Cashback
The benefit of the ICICI Bank Zero Balance Account is, you also get cashback on selected merchant spends through a Debit card. However, cashback is only available on Mine Premium. If you spend below mentioned selected merchant and categories, then you earn 1% uncaped cashback.
| Categories | Merchant |
| Dining | Zomato |
| Groceries | BigBasket |
| Entertainment | BookMyShow |
| Shopping | Myntra |
| Utility | Bill payments (excluding tax payments) |
Features and Benefits
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 Cardless 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
- 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.
Insurance Benefits
- 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
- ICICI MINE is available for individual customers between the age of 18 to 35 years,
- You should be Resident Indian individuals.
- You Should have PAN Card, Aadhaar Card registered with a mobile number.
# 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.
Features & Benefits
- 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 month
I have written a separate article for 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
This account can be opened if it does not hold Basic Savings Bank Deposit Account (BSBDA) with any other bank. You do need to keep any minimum Monthly Average Balance (MAB) with Basic Savings Bank Account – it’s a zero balance Savings Account!
Features
- MAB requirement: Nil
- Initial funding: Nil
- Mode of holding: Single or Joint
- Free Rupay Debit Card
- Free cash deposit
- Free passbook facility
- Internet Banking and Mobile Banking available on request.
- Free cheque book with 15 leaves.
- No foreign remittances can be made if you do have submitted his/her 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.
Document
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
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.
Do you know, Best ICICI Bank Zero Balance Account in 2021? Please share your thought in the comment box below.
is ICICI Mine account zero balance?
Yes. ICICI Mine Account is Zero Balance account, that can be opened easily by video KYC verification.
Not able to open this account online
Simply open ICICI Mine Account and forgot about no balance maintenance charges
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