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What is the minimum balance required to be maintained for Advantage Woman Savings Account?

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The minimum Monthly Average Balance (MAB) required to be maintained for Advantage Woman Savings Account is Rs. 10,000.

Charges for Non-maintenance of Minimum MAB (NMMAB) with effect from June 1, 2016.

What is Advantage Woman Savings Account?

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ICICI Bank Advantage Woman Account is a Savings Account for the woman of today who is looking for independence and an identity of her own, a Savings Account which will help her save for the future as well enjoy the present.

This Savings Account brings to you all our core banking services with many exciting benefits and features attached, especially for our women customers.

What kind of rewards can I get by referring my friends?

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Each referral programme has different rewards in the form of gift vouchers, discount coupons, etc. for the referrer and/or the referred person. Please refer to the information given about each referral programme at www.icicibankrefer.com for details about the rewards.

What is the eligibility criteria for opening Advantage Woman Savings Account?

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The account can be opened with primary applicant as any resident Indian woman (majors above 18 years).

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.

When do I get my rewards for the referrals?

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Each referral programme has different stages at which it rewards the referrer and/or the referred person. Please refer to the information given about each referral programme at www.icicibankrefer.com for details about the rewards.

On what value do we have to pay GST?

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GST would be payable on the the ‘Transaction value’.

Transaction value is the price actually paid or payable for the said supply of goods and/ or services between unrelated parties. The transaction value is also said to include all expenses in relation to sale such as packing, commission etc.

However, discounts/ incentives given before or at the time of supply will be permissible as deduction from the transaction value. As regards, discounts given after supply is made, the same will be permissible as deduction, subject to fulfillment of prescribed conditions.

What is the ICICI Bank Referral Programme?

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The ICICI Bank Referral programme serves as a platform through which you can refer multiple ICICI Bank products/services to your family and friends. You can also view the status of your referrals and related rewards through your account online.

Do you have more questions on Advantage Woman Savings Account?

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To know more about frequently asked questions, Click Here.

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 is ICICI Bank Family Banking?

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Savings Family Banking

  • Enjoy moments of togetherness: A single 'Family' bank to cater to all the banking       needs of your family.
  • Superior account benefits and privileges to all family members.
  • Maintain a lower minimum Monthly Average Balance (MAB) at the family level. Each       family member need not have to maintain minimum MAB individually
  • Flexibility of maintaining the required minimum MAB in any one (or more) of the       accounts that members of the family hold with ICICI Bank.

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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.

What are the special privileges of Advantage Woman Savings Account?

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  • A special Woman’s Debit card
  • Unlimited cash withdrawal transactions at any bank’s ATM, free of charge

For privilege advantage woman accounts, Click Here.

How to claim input tax credit in GST?

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For enabling buyer claim input tax credit, the GST law inter-alia prescribes that the supplier should deposit the GST and file GST returns. Effectively, through this provision, the buyer of goods/ services, will have to ensure that all his vendors pay GST and file returns.

Can I close my goal mid way? Is there any penalty?

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Yes, you can close the Iwish account at any time. However, pre closure charges applicable.
If a iWish RD Account is prematurely closed, then the interest on it will be earned for the period it is held with the bank minus the premature closure charges and is 0.5% if original tenure is less than 1 year and 1% for more than 1 year.

What is GST?

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GST is an abbreviation for Goods and Service Tax. GST would be levied on all the transactions of goods and services made for a consideration. This new levy would replace almost all of the indirect taxes at Central and State level.

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.

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.

Do I need to be an ICICI Bank customer to make referrals?

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No, the referral programme is open to anyone who wishes to recommend ICICI Bank products/services.

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 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.

How GST will impact me as a service provider?

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Currently a service provider is required to pay Service Tax. This amount is required to be paid to Central Government. Going forward, in GST regime, the service provider will have to pay GST on services based on ‘place of supply’. Also, registration requirement at present could be centralised, in GST it will be State-wise.

How do I register and refer my friends?

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To register, please visit www.icicibankrefer.com and click on the 'Register Now' tab at the top of the homepage. You will need to give us your details like name, email id, mobile number and will be able to login to the system with the help of your mobile number. You can refer your friends and family using your Facebook/email accounts.

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 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

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 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.

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.

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.