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Family Banking - CIB

What is the minimum Monthly Average Balance (MAB) required to be maintained by the Family?

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The minimum Monthly Average Balance requirement for a Family ID is defined at the family level instead of the individual Customer ID level and is called Family Monthly Average Balance (FMAB). The minimum FMAB required to be maintained by the family is as follows:

Minimum balance requirementSavings FamilySilver FamilyGold Privilege FamilyTitanium Privilege Family
FMABRs. 30,000 (Metro/Urban Family) Rs. 20,000 (Semi-urban/Rural Family)Rs. 50,000Rs.1,00,000Rs.1,25,000 (reduced from Rs. 1.5 lac w.e.f. December 1, 2012)
Non-maintenance of FMAB chargesi. Rs. 500 per month if MAB falls below 10k
ii. Rs. 350 per month if MAB is above 10k and below 20k
iii. Rs. 175 per month if MAB is above 20k and below 30k (applicable only for Metro/Urban Family.)
i. Rs. 500 per month if MAB falls below 20k
ii. Rs. 350 per month if MAB is above 20k and below 50k.
i. Rs. 500 per month if MAB falls below 20k
ii. Rs. 350 per month if MAB is above 20k and below 50k
iii. Rs. 175 per month if MAB is above 50k and below 1 lac.
i. Rs. 500 per month if MAB falls below 20k
ii. Rs. 350 per month if MAB is above 20k and below 50k
iii. Rs. 175 per month if MAB is above 50k and below 1 lac iv. Rs. 100 per month if MAB is above 1 lac and below 1.25 lac.
Waiver of FMAB chargesSubject to FD of minimum Rs. 1.5 lac for Metro / Urban Family and Rs. 1 lac for Semi-urban / Rural Family, under the same Family ID.Subject to FD of minimum Rs.2.5 lac under the same Family ID.Subject to FD of minimum Rs.5 lac under the same Family ID.Subject to FD of minimum Rs.6.25 lac (reduced from Rs. 7.5 lac w.e.f. December 1, 2012) under the same Family ID

Categorisation of the Savings Family as Metro / Urban or Semi-Urban / Rural will be on the basis of the branch category where the primary customer ID of the Family ID is opened

What are the benefits of Family Banking?

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The key benefits of Family Banking include the following:

  • Pricing benefit: The minimum MAB required to be maintained at the Family ID level is much lower than the MAB required to be maintained at the individual Customer ID level to avail of the same product benefits. Illustration: The minimum required MAB for a Gold Privilege Account is Rs. 50,000 and the minimum required FMAB for a Gold Privilege Family is Rs. 1,00,000. If 4 members of a family group together to form a Gold Privilege Family, then the minimum balance required to be maintained per person is Rs. 25,000. This is much lower than the MAB of Rs. 50,000 required to be maintained at the individual level.
  • Flexibility to maintain balances across accounts: Family Banking provides the flexibility to maintain the required minimum balance in any one or more of the accounts which are linked under the same Family ID.
  • Privilege benefits to all members: Family Banking makes the superior product benefits of an upgraded status available to all members of the family linked under the Family ID while the required minimum balance can be maintained in any one of the accounts.
  • All banking needs are catered to by a single 'Family' Bank.

Can two Savings Accounts be linked under a Family ID?

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Yes, two Savings Account holders can form a Savings Account Family ID.

What are the variants under which Family Banking is available?

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Family Banking is available in the following 6 variants:

  • Savings Family
  • Silver Family
  • Gold Privilege Family
  • Titanium Privilege Family
  • Wealth Management Family
  • Global Private Clients Family

Can members of a Family ID close the Family ID?

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Yes, members of a Family ID can use the Family Banking Application Form to close the Family ID relationship with ICICI Bank. Consent from all the members of the family is required on the Family Banking Application Form.

What is ICICI Bank Family Banking?

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Family Banking is a product in which individual members of a family can group their respective relationships (Savings Account, Fixed Deposit, Recurring Deposit), i.e. their Customer IDs with ICICI Bank, under a single ID called the 'Family ID'.

Which accounts are eligible to be grouped under the Family ID?

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Only Savings Account holders, with the exception of the No Frills, HUF and NRI Account holders are eligible to form the Family ID. Account holders who have only Fixed Deposit or Recurring Deposit Accounts are not eligible to form a Family ID under Silver Family, Gold Privilege Family, Titanium Privilege Family, Wealth Management Family or GPC Family.
Only Savings Account, Advantage Woman Savings Account, Senior Citizen Savings Account and Youngstars Savings Account are eligible to form the Family ID, under Savings Family.

How can I join the Family Banking relationship?

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You will need to fill up the Family Banking Application Form and provide the relevant details. The family is required to define the head of the family and this will be recognised as the Primary Customer ID by ICICI Bank.

Can a Privilege Account, i.e. Gold Privilege Account/Titanium Privilege Account, and a Savings Account be linked under a Family ID?

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Only Savings Accounts can be linked to a Savings Family ID. Savings Account and Privilege / Wealth / GPC Account can be linked under any other family variant except for Savings Family.

What are the minimum and maximum number of members who can form a Family ID?

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A minimum of 2 and a maximum of 6 members of a family can form a Family ID.

What are the eligibility criteria for the Wealth and Global Private Client Family?

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At least one of the members of the family should be either an existing Wealth Management or a Global Private Client at the time of creation of the family.

What is the minimum balance requirement for the Wealth and Global Private Client Family?

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There is no minimum Monthly Average Balance requirement for the Wealth and Global Private Client Family. The Deposits and Investments Value (DIV) / Total Relationship Value (TRV) requirement is as per the definition at the individual level along with the applicable terms and conditions. For example, if the Deposits and Investments Value (DIV) required to be maintained for a Wealth Management Account holder is Rs. 25 lac, then the Deposits and Investments Value (DIV) required to be maintained by the Wealth Management Family is also Rs. 25 lac.

Similarly, for GPC Families, the Total Relationship Value (TRV) is Rs. 2 crore at the family level.

From which account under the Family ID will the charges be collected in the event of non-maintenance of Family Monthly Average Balance (FMAB)?

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The non-maintenance of FMAB charges are collected from the Primary Customer ID's account. If there is an insufficient balance in these accounts, then the charges are recovered from any other account under the Family ID.

Can a new member be added to a Family ID at a later date?

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Yes, a new member can be added to the Family ID at a later date. The Family Banking Application Form is to be filled-in and signed by the new entrant. Also, consent from all the existing members of the Family ID needs to be obtained.

Which account holder can I nominate as the Primary Customer ID?

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Any member of the Family ID is eligible to become the Primary Customer ID, except for Young Star and Bank@Campus Account holders.

Can I upgrade the Family ID to a higher variant at a later stage?

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Yes, the member who holds the Primary Customer ID in the family can sign the Family Banking Application Form and upgrade the family over-the-counter to the desired status. No fresh funds are required for this but the FMAB as per the upgrade variant required needs to be maintained. To upgrade the Family Banking account to the Wealth Management and Private Banking Family status, at least one of the members under the Family ID is required to be a Wealth Management Client and a Private Banking Account holder.

What are the banking relationships with ICICI Bank that can be linked under the Family Banking relationship?

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Members of a family can group their deposit relationships with ICICI Bank under a single Family ID which includes the Savings, Fixed Deposit and Recurring Deposit Accounts.

Which of my family members can be grouped under the same Family ID?

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Family members including parents, spouse, children, grand parents, grand children, in-laws and siblings of the Primary ID holder can be linked under the same Family ID.

Can any member of the Family ID leave the group at a later date?

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Yes, any member of the Family ID can leave the group at a later date by submitting the Family Banking Application Form. However, if a member who holds the Primary Customer ID wishes to leave the group, consent from all the remaining members of the family is required on the Family Banking Application Form. The Family ID will then be dissolved. The member who is leaving the group has to select a product of his choice post exiting from the Family ID and has to submit an application for product change along with the request for de-linking of name from the Family ID.

Are non-maintenance of FMAB charges applicable for Salary Account holders who are grouped under a Family ID?

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Yes.