Instasave account
How is the minimum Monthly Average Balance (MAB) calculated?
The Monthly Average Balance (MAB) is calculated on a simple average of day-end balances for a calendar month. The MAB is calculated by adding the closing ledger balance of the account of each day from the start of the month to the end of the month. Then the total sum amount is divided by the number of days in that month.
What is Video KYC?
Video KYC is an additional mode through which users can complete the KYC for their accounts within just a few minutes. During the process, customer’s KYC documents are verified and their signature are recorded through a video call with a bank officer, thus doing away with the need of physically visiting a bank branch.
Do I get a Debit Card with Insta Save Account?
Yes. You will be receiving a Debit Card on your communication address once your account is successfully opened.
How much money can I deposit in this Insta Save Account?
Immediately after account opening, you can deposit a maximum of Rs 1 lakh. Once our official visits you and successfully completes your KYC verification, you can use it without any limitations.
Is there a monthly fee for Insta Save Account?
No, there is no monthly fee. You have to maintain a minimum Monthly Average Balance (MAB) of Rs 10,000 if you open an Insta Save Account and no minimum monthly balance is required in the case of Insta Save FD.
What happens if I do not create an FD in 3 months from the date of account opening or maturity date?
At the discretion of bank, your Insta Save Account can be closed.
Can I fund my Insta Save Fixed Deposit after my account opening?
Yes, you can fund your Fixed Deposit anytime during the first 3 months after you have opened your instant Savings FD Account online.
What will be the Insta Save Credit Card limit?
Credit Card limit is subject to 90% of the Fixed Deposit created.
What happens if I withdraw my FD or do not renew it?
After your FD withdrawal or on completion of FD term, you will have to open another FD within 3 months to continue enjoying your no balance commitment benefits.
How long will it take to process my Credit Card?
After successful account opening and approval of Instant approved credit card, the credit card will be processed within 3 days
Is there a fee to withdraw from Insta Save Account ?
No, there are no fees applicable while withdrawing from your Savings Account.
Who is eligible for an Instantly approved Insta Save Credit Card?
Customers who are successfully funding and opening an Insta Save FD Account will be eligible for an Instantly approved Platinum Credit Card.
Is there a limit on my initial funding and Insta Save FD creation?
Yes, the initial funding amount is subject to a maximum of Rs 25,000.
How do I access my Virtual Debit Card on iMobile?
- Click on Debit Card on home page
- Get details of your Virtual Debit Card
- Select your card and manage all services
What will happen after the end of my FD period?
Your FD will automatically be renewed after the completion of FD period at the applicable interest rate.
How can I deposit money into Insta Save Account?
You can deposit money during the account opening journey itself. If you wish to deposit money post account opening, you can use cheque deposit, Immediate Payment Service (IMPS) or National Electronic Funds Transfer (NEFT) from any other bank account. You can also visit the branch to do the cash deposit to your account.
How to open Insta Save Account?
You can open Savings Account (Insta Save Account) online by downloading our iMobile or by visiting us online.
What are the charges levied in case of non-repayment on time of my Insta Save Credit Card?
Repay as per your convenience, lump sum or in instalments. A low interest rate of 2.49% is charged in case you make part payments on your card.
What is the minimum funding amount and period required for an FD?
The minimum amount required for your Fixed Deposit is Rs 10,000 for a minimum period of 1 year in your Insta Save FD account.
Can you explain the verification process to me?
Post your account opening, while you can start enjoying our account benefits, you will receive a call from our Sales Officer who will set an appointment with you whenever you are available to complete your biometric KYC verification.
Can Insta Save Account be a joint account?
Insta Save Account is intended to be for single holding purposes and cannot be held jointly.
Is funding of account mandatory to be eligible for an Insta Save Credit Card?
Yes. For an Insta Save Credit Card funding of account is mandatory to be eligible.
What is the eligibility for opening an Insta Save Account?
Insta Save Account is available for resident individual above the age of 18 years and up to 60 years.
Can I get cheque book by opening Savings Account?
Cheque book is available with every Insta Save Account, which would be sent to you post successful KYC verification. Your cheque book will be dispatched to your communication address.
What all features are available once my Insta Save Account is opened?
- Platinum Visa Debit Card with exciting offers and Visa Privileges
- Free Internet Banking and Mobile Banking
- Free multi-city cheque book
- Free e-mail statement facility
- Enjoy 5 free ATM withdrawals at any bank ATM every month
- Get air accident insurance and purchase protection insurance of Rs 50,000 each with Insta Save Accounts
- Experience 24x7 banking access with the best mobile banking app in India, iMobile* and Internet Banking services
- Exciting offers on restaurants near you, online shopping – electronics, groceries, apparels and accessories, travel and much more with Insta Save Accounts
Is PAN card mandatory for Insta Save Account?
Yes, PAN card is mandatory to open your Insta Save Account.
What is an Insta save account?
Insta Save Account is an Aadhaar based instant Savings Account for our customers who do not have any existing Savings Account with ICICI Bank.
I do not have an Aadhaar number. Can I still apply for an Insta Save Account?
We request you to get your Aadhaar card made as Insta Save Account can be opened only if Aadhaar details are provided.
How do I register for Internet Banking and Mobile Banking services?
Once your account is successfully opened, you can log in to iMobile, set your 4-digit passcode and start exploring. For Internet Banking, you can generate your password with your User ID provided after account opening.