Savings Account

Is designed to let you earn attractive interest along with the option of withdrawing funds, by transferring them to the linked current account.


Features of Savings Account

Attractive interest rates

Funds in your account no longer lie idle but continue to provide you with returns. The interest payable is calculated on the closing balance of the day. The accumulated interest is credited into your account at the end of every month.

 

Multi-currency

You have the option to open savings account in Singapore Dollar.

 

Minimum balance

There is no minimum balance requirement for savings account in Singapore Dollars. However if the total monthly average balance of all your accounts with us such as current account, Fixed deposit, savings account falls below 1000 currency units, the following charges will apply

 

Total Monthly average balanceCharges applied to the respective month
1000 and above No fee
500 - 1000 3
500 and below 5

 

Monthly statements

You will receive a monthly statement of your savings, on the communication address registered with the Bank.

 

Multiple account holder

For added convenience, the savings account can be opened and operated by one or more applicants, depending on the signing condition given at the time of account opening.


How to open a savings account

How to open a savings account with us in 3 easy steps

Step 1 - Please visit our branches.

Step 2 - Complete the Account opening forms and provide us Identity and Address proof documents .

Step 3 - To fund your account, you can issue a cheque or deposit cash.

 

Identity/Address proof documents

a) Proof of Identity:

  • Singapore Citizens / Permanent Residents - Copy of pink / blue NRIC card
  • Singapore Residents (Other than Permanent Residents) - Copy of documents issued by the relevant Government Agencies/ Ministries in Singapore (eg: Employment Pass) and Passport
  • Singapore Non Residents - Copy of Passport

b) Proof of Residential Address - E.g. latest copy of utility bills, bank statements etc - issued within last 3 months


Please carry the originals of the above mentioned documents with you so that our staff may verify the same.


Savings Account Interest Rates

Effective November 09, 2010

 

CurrencyInterest Rate
SGD 0.1%

 

All savings account interest Rates are expressed on a per annum basis. These savings account interest Rates used or provided are for reference only and subject to change by ICICI Bank, Singapore branch at any time without any notice. Actual rate of interest offered shall be the rate as may be determined by the Bank from time to time. Other terms and conditions apply.

FAQ's

What is a Savings Account?

The Savings Account is an account linked to a current account that offers the twin benefits of interest rates as well as flexibility of withdrawal of funds without any lock-in. The account provides facility of earning interest on the funds in it, while at the same time allowing you the flexibility to withdraw monies, as per your requirement through the linked current account. Saving account cannot be opened as a standalone account

 

In what currencies can one open a Savings Account? What is the minimum balance requirement?

You can open a savings account in Singapore Dollar (SGD). There is no minimum balance requirement, however if the total monthly average balance of all your accounts with us such as current account, Fixed deposit, savings account falls below 1000 currency units, the following charges will apply -

 

Total Monthly Average BalanceAdministrative charge for the respective month
1000 and above No fee
500 - 1000 3
3 5

 

Is any interest paid on the account?

The interest accrual will happen daily and will be credited monthly in the account.

Please note that interest rate is subject to change and the applicable rate will be updated on our website.

Incase of change in interest rate you may choose to discontinue the account for which you will be required to notify the bank within a month of the effective date of the interest rate change as updated on the website.

 

 

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