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ICICI Bank Insta Save Account review

Earn rewards and cashback with this easy-to-open, fully digital savings account

ICICI Bank Insta Save Account is a fully digital savings account. It offers rewards and cashback on every spend made using the account and can be opened from anywhere, making it perfect for banking on the move.

In this review of the ICICI Bank Insta Save Account, we break down all of its features, costs and limits to find out if this account is the right one for you.

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₹0

Account Service

₹10,000

Average Monthly Balance (AMB)

₹150 p.a.

Physical Debit Card

Details

Product NameICICI Bank Insta Save Account
Annual Account Service₹0
Average Monthly Balance₹10,000
How to openMobile, Website
Fund TransferIMPS, NEFT, RTGS, UPI
Mobile paymentsSamsung Pay

How does the ICICI Bank Insta Save account work?

The ICICI Bank Insta Save Account is a fully digital savings account that can be opened online without visiting a bank in person. All you need is an Aadhar card, PAN card and a mobile number to get started with your very own savings account.

Once the account is ready, you can immediately transfer funds to your account and start spending. The account comes with a virtual debit card accessible via the iMobile app along with multiple other banking services. With every transaction, the account offers exciting cashback and rewards.

Key features

  • Instant account opening. Open a Savings Account instantly online with just your Aadhaar card.
  • 24×7 banking services. Get access to banking services at any time, anywhere with the iMobile App.
  • Exciting offer and rewards. Avail various offers and rewards on Amazon, Flipkart, Bigbasket, Swiggy and more.
  • Spend more, earn more. Earn points on every ₹200 spent using your ICICI Bank Smart Shopper Silver Debit Card.
  • Virtual Debit Card. Avail your debit card benefits safely on iMobile using the virtual debit card facility.
  • Video KYC. Complete your KYC verification through Video KYC and get a full-fledged digital account.

What are the account options?

The Insta Save account offers two variants: Insta Save Account and Insta Save FD Account.

Fees and limits

Although there is no cost associated with opening an ICICI Bank Insta Save account, there are certain fees and limits that you should be aware of:

  • You must maintain a monthly average balance of ₹10,000.
  • The account has a monthly limit of 5 free ATM withdrawals at any ATM. Thereafter, you will be charged ₹20 per financial transaction and ₹8.50 per non-financial transaction.
  • The debit card has a service charge of ₹150 per annum.
  • Till KYC verification is completed, the account can only have a maximum balance of ₹1 lakh at a given time. Also, the account has a credit limit of ₹2 lakh.

Pros and cons

Pros

  • Completely digital. Open and manage your account from anywhere.
  • Exciting offers and cashback. Enjoy exciting offers and cashback with every spend of the debit card.
  • Video KYC. Complete your KYC from the comfort of your home.

Cons

  • Minimum balance requirement. The account has an average monthly balance requirement.
  • Limited account balance. Your account balance cannot exceed ₹1 lakh until you’ve completed your KYC.
  • Annual credit cannot exceed ₹2 lakhs. Your annual credit to the account, in a financial year, cannot exceed ₹2 lakhs.

The verdict

The ICICI Bank Insta Save account is a great option if you are looking to open a savings account quickly with minimal processing times. It comes with a virtual debit card with amazing offers and cashback on purchases. Also, you can access almost all the banking services via the iMobile app or ICICI net banking, avoiding bank visits altogether.

Although the account comes with great perks, it also comes with a few restrictions. For example, the maximum allowed balance is ₹1 lakh until the KYC verification is completed. So, before choosing the Insta Account, make sure that it fulfills all your specific requirements.

How to sign up

Eligibility criteria

  • You have to be above the age of 18 years.
  • You have to be a resident Indian citizen.
  • You should not have an existing savings account or salary account with ICICI Bank.

Required documents

Make sure you have the following documents on hand when applying:

  • Mobile number
  • PAN card number
  • Aadhar card
  • Email ID

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