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 Balance||Administrative charge for the respective month|
|1000 and above||No fee|
|500 - 1000||3|
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.
How will I be able to view my account statement from my internet banking page?
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.
Is there any overdraft facility on the account?
No overdraft facility is provided on the Savings Account.
What are the various charges applicable for a Savings Account?
The service charge payable for the account will be communicated by the Bank from time to time, and are detailed in the Schedule of Charges.
Are monies in the savings account insured?
Deposit Insurance Scheme
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.
How can I apply for an Affinity Current Account and what are the documents I need to submit?
It is quite simple. Please visit any of our branches, fill the Account Opening Form and furnish the following supporting 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 the last 3 months.
Please carry the originals of the above mentioned documents with you so that our staff may verify the same.
What are the transaction limits for savings account?
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*|
What are the transaction codes?
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|