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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
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 Balance | Administrative charge for the respective month |
|---|---|
| 1000 and above | No fee |
| 500 - 1000 | 3 |
| 500 and below | 5 |
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.
You are able to view or download your account statement from your internet banking page under the section Account Statement (PDF).
Please note that you will be able to view or download your account statement only if you have done any transaction in operative accounts during the respective month. Kindly contact our call centre or visit any of our branches if you wish to receive your account statement regardless if you have done any transaction.
If you only hold a fixed deposit with ICICI Bank, the Deposit Confirmation Advice ("DCA") provided to you provides the details of your deposit with us.
No cheque books are provided.
No overdraft facility is provided on the Savings Account.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75000 till Mar 31, 2024 (S$100,000 from April 01, 2024) 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
Yes, you can hold the Savings Account in joint names, to a maximum of four account holders. The account operations shall be in accordance with the instructions provided at the time of account opening.
Please visit our branches and meet our Customer Service representatives.
The following transaction limits are applicable on Internet banking:-
| S.no | Transaction Type | From Account | To Account | Currency | Maximum Limit in currency units | Frequency |
|---|---|---|---|---|---|---|
| 1 | Fund transfer | ICICI Savings Account | Self current account with ICICI Bank | SGD | 249,999 | Daily* |
Daily Funds Transfer limit for a particular day is reset at 12:00 AM Singapore time
The transaction codes that reflect in your statement are as follows:
| S.no | Transaction Type | From Account | To Account | Narration format | Sample Narration |
|---|---|---|---|---|---|
| 1 | Fund transfer | ICICI Savings Account | Self current account with ICICI Bank | TRTR/12 digit trans action reference number/Date and time /SW | Transaction reference number is 178 executed on 24 October 2012 the narration will be - TRTR/000000000178/24-10-2012 17:40:54/SW |
We currently offer accounts to people above 18 years of age.
English is the language of communication with the bank
The bank will accept only those post dated cheques that can be sent for clearing within the next 5 working days from the date of receipt of such cheques. Only cheques with issue date in the last 6 months can be sent for clearing. Any date beyond that will be treated as stale and will have to be returned to the customer.
Min. amount for accepting a Direct Mark Request for Outward clearing will be S$50,000. Customer has to pay charges of SGD50.00 to each ICICI Bank and Paying Bank respectively regardless whether the cheque is good for payment or not.
Cheques deposited by 1500 hrs will be made available, subject to clearing, after 1400 hrs on the following working day.
Clearing takes place only between Monday and Friday. No clearing happens on Saturdays, Sundays and Public Holidays.
The Presenting Bank can transmit an item for express clearing. This item will be sent to the Paying Bank’s inward queue immediately once the BeCTS (Back end Cheque Truncation System) Host has processed the item
