ICICI Mine Savings Account for Millennials: Here’s all you need to know

By: |
July 13, 2021 4:26 PM

To cater to millennials various banks have started coming out with savings accounts with financial products and services that are more streamlined and intuitive

The study has analysed 30 leading Tier 1 banks on their innovation in terms of digital features, investment and innovation. (Representational Image)

The banking system for Millennials is entirely different from the traditional banking system. It is not using a bank just for the sake of it – the bank needs to offer products and services to help manage money more effectively.

To cater to millennials various banks have started coming out with savings accounts with financial products and services that are more streamlined and intuitive targeting the millennials. ‘ICICI Bank Mine’ – ICICI Bank’s comprehensive banking programme for millennial customers, targeting the age bracket of 18 years to 35 years – is one such offering.

The mobile app not only offers an instant savings account but with a refreshed user interface that offers additional benefits such as a personal finance management tool and investment guidance to fit the demand of millennials. It also takes care of other financial needs such as curated credit and debit cards, instant personal loans and overdrafts.

The Mine Saving Account by ICICI is a fully digital zero balance savings account targeted at millennials in India, which can be opened instantly. The account number of this savings account is generated instantly, and one can transact instantly. There are 2 variants of ICICI Mine account – Mine Regular, and Mine Premium. The only difference between these two types of accounts is the Debit cards.

So far as subscription fee is concerned, Mine Regular charges Rs 150, whereas Mine Premium charges Rs 599. Additionally, there is cashback available but only on Mine Premium. Mine Regular does not offer any cashbacks, whereas Mine Premium offers 1 per cent uncapped cashback.

Open an ICICI Mine Savings account – Here is how;

  • Visit ICICI bank website
  • Go to the Savings Account section on the homepage
  • Enter your Aadhaar, PAN, mobile number, email ID and other required details
  • Authenticate your details with the OTP on your registered mobile number
  • Confirm and your Insta Save Mine Account will be opened

Here are some of the features of the ICICI Mine Account;

  • ICICI Mine Account is a zero balance ICICI savings account
  • People between the age of 18 to 35 years are eligible for applying digitally.
  • Offers in-app free budget analyzer to help plan one’s budget according to monthly spendings, etc.
  • Complimentary Rs 50,000 air accident and Rs 50,000 purchase protection on account opening
  • After KYC verification Cardless cash withdrawal services available
  • Easy and consistent access to banking products and services using iMobile app and internet banking
  • 5 free monthly ATM withdrawals at any bank’s ATM

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