ICICI Bank unveils a premium savings account: What it has all for lifestyle shoppers, equity investors and home loan borrowers

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Updated: January 21, 2019 6:04:48 PM

'The One' savings account is not a run-of-the-mill savings account but comes with hosts of benefits and features especially for individuals who have an interest in lifestyle shopping, equity market investor and home loan borrowers.

ICICI Bank, ICICI Bank savings account, ICICI Bank The One, Privilege Banking,ICICI Demat Account, ICICI home loanAs a ‘The One’ account holder, if one opens a equity trading account, there’s a free brokerage up to Rs 22,500 with 100% fee waiver on opening of the Account.

ICICI Bank has launched a new range of premium savings account. Christened, ‘The One’, it is available in two variants, Magnum and Titanium. For both the variant account holders, there will be access to dedicated Privilege Banking area for priority service in branches, Unlimited free cash withdrawals at any bank’s ATM and up to 40 percent discount on annual locker rentals. In addition, the NEFT/ RTGS for online channels such as internet banking and iMobile will be free for them.

On choosing the Magnum variant, a Monthly Average Balance (MAB) of Rs 1 lakh while for the Titanium variant, a MAB of Rs 2 lakh has to be maintained.

The account is not a run-of-the-mill savings account but comes with hosts of benefits and features especially for individuals who have an interest in lifestyle shopping, equity market investor and a home loan borrower. Let’s look at some of the prime features of ‘The One’ account.

Lifestyle based offerings

Further, in a bid to enhance lifestyle based offerings, ‘The One’ also provides customers with a range of attractive offers. The key among those are, Amazon Gift Card on specified debit card spends; using which they can join ‘Amazon Prime’. Account holders of the Titanium variant also get complimentary one-year subscription of Zomato Gold.

Zomato Gold: Available only to Titanium variant account holders, one has to maintain the required balance in The ONE Savings Account for 3 months and do one UPI (Unified Payment Interface) transaction on iMobile app to get complimentary Zomato Gold membership for one year. The deal also comes with “Get 1+1 and 2+2′ offers at select leading restaurants in over 10 cities across India.

Amazon Prime: Available to both variants, account holders, one gets a Amazon Gift Card worth Rs 999 on spending Rs 15,000 on The ONE Savings Account Debit Card, which may be used to join Amazon Prime.

Big Basket: On paying using The ONE Savings Account Debit Card, there is a 15% discount every month, up to Rs 250 per month (for Magnum variant) and up to Rs 500 per month (for Titanium variant).

Benefits for investors

As a ‘The One’ account holder, if one opens a equity trading account, there’s a free brokerage up to Rs 22,500 with 100% fee waiver on opening of the Account. Further, for the first year, there is zero Annual Maintenance Charges (AMC) on Demat Account.

Insurance benefits

The account holder may opt for term and group health insurance plans at the time of account opening. The group health insurance plan offers a comprehensive cover including OPD, day care and surgery. The account also comes with a free exclusive debit card with insurance cover of Rs. 40 lakh in case of air accident insurance, Rs. 10 lakh and Rs. 5 lakh for personal accident insurance on Titanium and Magnum respectively; and Rs 1.5 lakh purchase protection on debit card.

Home loan benefits

For ‘The One’ account holders looking to take home loans, there will be 50% waiver on processing fee for new home loans and no processing fee on balance transfer of existing home loan.

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