ICICI Insta Save Account: Features, benefits; Here’s all you need to know about this account

By: |
April 19, 2020 1:39 PM

The Insta Save FD account can be opened by only new bank customers, an existing customer with ICICI Bank can not opt for an Insta Save FD Account. However, one can open an Insta Save account that requires a monthly average balance.

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ICICI Bank is offering ICICI Insta Save account, which is an Aadhaar-based instant digital savings account, for customers who would like to open an account online. One has to be over 18 years of age to be eligible for the Insta Savings Account.

There are 2 variants available of this bank account – Insta Save Account and Insta Save FD Account. The Insta Save account is an instant savings account that requires a monthly average balance (MAB) of Rs 10,000. The Insta Save FD account, on the other hand, is an instant saving account with FD where the account holder can enjoy the benefits of a savings account without any minimum balance commitment, given he/she opens an FD of Rs 10,000 for 1 year.

With the FD savings account, along with no balance commitment, account holders will get assured complimentary credit card with a limit of up to 90 per cent on his/her FD created, to manage the day to day requirements without breaking their FD. The Insta Save Account is intended for single users only, and cannot be held jointly.

The Insta Save is a self-assisted model, where account holders can open his/her account online (through website or iMobile) and later on KYC regularisation will be done by the branch/SO/PB/VB. Upon successful completion of the account opening, on the final page, the account holder will get his/her account number and other account-related details. Once the process is complete, the account holder will get his/her account activated instantly and can start transacting immediately, through internet banking or iMobile application.

To open this account, account holders will need their Aadhaar and PAN number. Note that, your Aadhaar has to be linked with your mobile number without which you cannot proceed with the Insta Save Account opening. For the Insta Save account, minimum funding of Rs 2,000 is required and subject to a maximum of Rs. 50,000 initially. In the case of Insta Save FD Account, minimum funding of Rs 10,000 is required for a minimum period of 12 months, subject to a maximum FD of Rs 50,000 initially.

The Insta Save FD account can be opened by only new bank customers. An existing customer of ICICI Bank can not opt for an Insta Save FD Account. However, customers can open an Insta Save account. This account will be limited and subject to debit freeze until the customer gets the account regularization done and the limitations are removed.

Here is how you can open an Insta Save Account:

  • Visit the official website of ICICI bank, for opening the account.
  • The account will be opened basis OTP sent on account holder’s mobile number linked with Aadhaar.
  • PAN will be validated with NSDL and the Mobile number will be validated basis OTP.
  • Once the mobile number is verified, the account holder will have to fill all the account related details online.
  • There is also a separate field ‘Reference Code’ created for providing sales credit for an online account. In the ‘Reference Code’ field on the last page after confirming the T&C, you will have to mention your employee ID followed by ‘P’. For instance, if your employee ID is 567891 capture 567891P in the reference code field.
  • The account will be opened within a few minute’s bases of Aadhaar and PAN, and the account holder can start transacting immediately.
  • Note that, there will be certain transaction restrictions in the account till the regularization is done basis in person Biometric Verification.

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