HiSAVE Savings Account

Frequently Asked Questions - HiSAVE Savings Account

What is a HiSAVE Savings Account?

A HiSAVE Savings Account is an online savings account with ICICI Bank – Singapore. Your money earns a high interest rate and is available anytime you need it using internet

How does a HiSAVE Savings Account differ from a regular savings account?

With a HiSAVE Savings Account there is no need to maintain a passbook. Your account transaction history can be accessed online via www.icicibank.com.sg HiSAVE Savings doesn't provide customers with a cheque book, ATM Debit Card or Branch access.

What are the interest rates for HiSAVE Savings Account Singapore? How is the interest calculated and credited in my account?

Interest rates are calculated daily and credited at the end of every month. Please click here for applicable interest rates

Can I open HiSAVE Savings Account with a joint account holder?

Yes - accounts can be opened in both single and joint capacity. In the case of joint accounts each account holder must be able to use the account on their own, without the permission of the other account holder.

Is my money safe with HiSAVE Savings Account?

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. For further information, please visit: www.sdic.org.sg

Is there a minimum deposit amount required to open a HiSAVE Savings Account?

You can open HiSAVE account with as low as SGD 1.

Is there a minimum balance that needs to be maintained on a monthly basis for a HiSAVE Savings Account ?

There is no minimum balance that needs to be maintained on a monthly basis for a HiSAVE Savings Account, so you can transfer money in and out of your HiSAVE Savings Account as and when required.

Is there a monthly or a yearly fee payable for a HiSAVE Savings Account?

There is no monthly or a yearly fee payable for HiSAVE Savings Account.

What will happen if the there is no transaction in the HiSAVE Savings Account?

HiSAVE will become dormant if there are no customer-induced transactions (either debit and credit) for a period of 12 months, few examples of customer induced transactions are -

  • No Fund transfer from linked current account.
  • Change of address and contact details.

The same can be activated by -

  • Funding the account from linked account; or
  • Mailing us his/her ID and add proof at the PO box located at
    ICICI Bank Ltd.
    6 Raffles Quay,
    Unit #01-02,
    Singapore 048580

Will I have access to my HiSAVE Savings Account through the branch?

Since HiSAVE Savings Account is an online savings account, you will not have access to your HiSAVE Savings Account through the branches.

HiSAVE Account Opening and Operation

How do I open a HiSAVE Account?

Existing customers - The quickest way to apply for a HiSAVE Savings Account is by logging in to internet banking, clicking 'Open a HiSAVE Savings Account' and completing the short form.

  • Existing customers means holder of an "Current Account" with ICICI Bank Limited Singapore branch, where "Account" means any account of the Customer with the Bank including without limitation any Fixed Deposits Account, Current Account, Call Deposit Account, Savings Account and any other accounts which may be made available by the Bank from time to time.
  • Existing customers with only deposit account with ICICI Singapore branch need to open a Current Account at the branch before applying for HiSAVE Account.

New Customers - Just follow these 5 easy steps:


Step 1
Click apply now, read and accept the terms & conditions of the HiSAVE Account


Step 2

  • Fill in the Account Opening Form online
  • Select your login password and get your Customer ID and Account number.

Doing this will generate your Customer ID and Account number. On completion of the form and generation of your account details you will get option to generate a PDF of your details.


Step 3
Generate and Print the PDF file and attach the supporting documents as mentioned below:

  • Identity Proof:
    • Singapore Citizen / PR: Self signed copy of NIRC (front & back),
    • Others: Self signed copy of EP / WP / DP / SP (front & back) and Copy of Passport (with Visa page if applicable).
  • Address Proof : Original bank statement or original utility bill or original credit card statement or original phone bill (address proof must not be older than 3 months)
    Self attest all the pages of supporting documents.(Self attestation means documents need to be signed by you/applicants)

Step 4
Send the documents to us at the address below:

ICICI Bank Ltd
6 Raffles Quay,
Unit #01-02,
Singapore 048580


Step 5
Initial Funding: Initial funding can only be done from the account that you wish to link to HiSAVE Account and of which you have provided details in the application form. You can choose from the following modes of funding the account:

a. Cheque Funding: Self drawn cheque from your other bank personal account (as stated in the AOF to be your linked account) held in any local or QFB (Qualified Full Bank) banks in Singapore.
b. Online Funds Transfer from your other bank personal account (as stated in the AOF to be your linked account)

If you'd like to speak to someone before applying, please contact us on our toll-free number at 800 1012553 or (65) 67239009 (call charges may apply) , (between 0800 - 1800 hrs), (IVR Option 1 - Singapore Retail). We'll be happy to assist.

What is an Inactive Customer ID and Inactive Account Number?

Upon submitting your HiSAVE Account opening form, you will receive an INACTIVE CUSTOMER ID and INACTIVE ACCOUNT NUMBER. Customer ID : INACTIVE CUSTOMER ID will be activated after successful processing of submitted signed account opening form and supporting documents. Customer ID is required to log into HiSAVE Account.


Account Number : INACTIVE ACCOUNT NUMBER will be activated after successful processing of submitted signed Account Opening Form and supporting documents. Customer can use this account number for transfer of funds from any other local bank in Singapore.

If I submitted my application through the website, why do I still need to send the hard copy?

Due to regulatory requirements, ICICI Bank Ltd - Singapore needs applicant's signature and supporting documents to open an account.

How do I know that my HiSAVE Account application has been successful?

On successful verification of signed account opening form and supporting documents sent to ICICI Bank Singapore, your Inactive Customer ID and Inactive Account Number will be activated. Email informing your account activation would be sent to you.

In case if I forget my Password, what should I do?

Should you forget your password, kindly click on the FORGOT PASSWORD link on login page and follow the steps to receive a new password.

How do I close my personal account with HiSAVE Singapore?

You may cancel your HiSAVE Account by sending us a signed letter at the following address.


HiSAVE Account
6 Raffles Quay,
Unit #01-02,
Singapore 048580


We request you to kindly mention the reason for cancelling your HiSAVE Account. Also, please note that the signature on the letter should be the same as the one appearing on the initial deposit cheque.

Can I open a standalone HiSAVE Fixed Deposit?

No, a HiSAVE Savings Account will be opened by default with a HiSAVE Fixed Deposit. The proceeds from the maturity of HiSAVE Fixed deposit will be paid to your HiSAVE Savings Account automatically.

HiSAVE Funds Transfer

How can I transfer money into my HiSAVE Account?

You can transfer funds via following modes:

  1. Cheque Deposit - Cheque must be deposited with ICICI BANK Branch in Singapore mentioning your name and HiSAVE Account number
  2. Online Fund Transfer - Customer can transfer funds online from any bank in Singapore to HiSAVE account giving below details:
    Bank Name: ICICI BANK

How can I withdraw money using my HiSAVE Account?

You can withdraw money online by transferring the funds from your HiSAVE Account to your linked bank account or any current account held with ICICI Bank, Singapore Branch.

How long does the fund transfer normally take?

It normally takes 3 working days to transfer funds between your HiSAVE Account and your linked bank account. If you are transferring funds to your current account held with ICICI Bank, Singapore Branch, the funds are transferred immediately.

Is the fund transfer free of any charge?

Outward Transfer from HiSAVE Account to your linked bank account is free.

Inward Transfer from your linked bank account to HiSAVE Account will depend upon the charges of other banks.

What is the GIRO upgrade about?

This is an industry wide enhancement of the current interbank GIRO payment infrastructure led by the Association of Banks in Singapore (ABS).

What are the benefits of this upgrade?

The benefits that are available after the upgrade are:

  • Ease of setting up payment instructions without the need for a bank branch code
  • Introduction of new Purpose code and Reason codes
  • Ability to pay credit or charge cards with other banks
  • Greater clarity of payment instruction in bank statements

Will my bank account number be changed?

Your bank account number will not be changed. However when you are adding payee for fund transfer please note that for HSBC, OCBC and State Bank of India (SBI), you will need to incorporate the branch into the account number field after the upgrade. The full account number will be expanded to include the branch code followed by the existing account number for these 3 banks, please remember to use the new account number going forward.

See below for an example:

Bank NameCurrentPost Upgrade
Bank CodeBranch CodeAccount NumberSWIFT/BICAccount number
HSBC 7232 146 12345678 HSBCSGSGXXX 14612345678
SBI 7791 277 34567891 SBINSGSGXXX 27734567891
OCBC 7339 550 45678901 OCBCSGSGXXX 55045678901
All other banks NA NA 58901234 SWIFTCode 58901234



What is Second Factor Authentication (2FA)?

Two-factor authentication (2FA) is a process whereby two different factors/ determinants are used to authenticate a system login by a customer. Using two factors as opposed to one delivers a higher level of authentication.


This concept is adopted in our internet banking login as well i.e. when a customer logs into the website, he/ she must first enter his/ her designated user name and password (provided separately) and then enter the SMS OTP (One Time Password)/URN (Unique Reference Number) which is sent to the mobile device of the customer only once he/ she has logged into internet banking on the website. Only after all successful authentication (including OTP/URN), will a customer be able to login to the internet banking facility.

What is Online Transaction PIN (OTP) via SMS and how does it work?

The OTP via SMS or SMS-OTP is a one-time password which is sent to the customers via SMS through their mobile phones. Customers using this method will be required to have a mobile number registered with the bank.

How do I apply for OTP via SMS?

By default, the customer's mobile number registered with the bank will be able to receive OTP via SMS through their mobile phones.

What do I need in order to receive the Online Transaction PIN (OTP) via SMS?

In order to obtain your OTP, you need to ensure that your existing mobile phone number registered with our Bank is valid and current. You can update your mobile number by walking into our branch and submitting the request

What if my mobile phone is stolen/ lost?

You must notify the bank immediately.

Will I incur any charges for receiving OTP via SMS?

No. You will not be charged for incoming local SMS. However, if you are receiving SMS while travelling overseas, there may be a charge for the incoming SMS depending on telecommunication service providers in that country.

Can I access my Internet Banking overseas using OTP via SMS?

Yes, you should be able to access your Online savings account in any country with an internet connection.

How long will my OTP be valid ?

Your OTP will only be valid for 100 seconds after which it will expire and cannot be used for logon. You need to re-enter the first level Internet Banking ID and Password at our main logon page in order to activate a new OTP to be sent to you.

I am not able to receive OTP after I have logged on using my existing Internet Banking ID and Password, why is it so?

If you are unable to receive your OTP, it could be due to the following reasons:

a) You have not registered your mobile number with us. You can contact our Customer Service Hotline Toll Free: 8001012553 (7 day a week, 0800 - 1800 hrs) for instant registration or visit us at any of our branches to fill up the form to update your personal particulars.

Kindly contact our Call Centre at Toll Free: 8001012553 (7 day a week, 0800 - 1800 hrs - IVR Option 1), Overseas: (65) 67239009 (call charges may apply) kindly choose option 1 for further assistance.