savings schemes of banks
TRANSCRIPT
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SAVINGS SCHEMES OF BANKS
GROUP NO: 2
T.Y. (B.B.I.)
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It gives us immense pleasure in acknowledging the valuable and co-operative
assistance extended to us by the various individuals who have helped us
successfully in completing our project.
We would also like to thank the Mumbai University and Professor
RenuTiwarifor giving us the opportunity to showcase our project making skills
and for giving us proper guidance in completing the same.
Last but not the least we would also like to thank our Parents, Friends and
Colleagues who have helped us in successfully completing our project.
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We the students of St. Andrews College of T.Y.B.B.I. hereby declare that we
have completed the Project SAVING SCHEMES OF BANKSfor the Subject
SECURITIES AND PROTFOLIO MANAGEMENTfor the year 2012-2013.
Information submitted is true and original to the best of our knowledge.
GROUP MEMBERS
NAME ROLL NO SIGNATURE
JashmaCordeiro 8205
SimonaDsouza 8216
TejalKelaskar 8222
Rebecca Mendes 8227
JovitaPalaty 8237
Sneha Pinto 8242
PetrinellNunes 8252
ValentinaHenriques 8256
SayliPatil 8238
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I hereby certify that the students of St. Andrews College of
T.Y.B.B.I. have completed the Project SAVING SCHEMES OF BANKSfor
the Subject SECURITIES AND PORTFOLIO MANAGEMENTfor the year
2012-2013. Information submitted is true and original to the best of my
knowledge.
GROUP MEMBERS
NAME ROLL NO SIGNATURE
JashmaCordeiro 8205
SimonaDsouza 8216
TejalKelaskar 8222
Rebecca Mendes 8227
JovitaPalaty 8237
Sneha Pinto 8242
PetrinellNunes 8252
ValentinaHenriques 8256
SayliPatil 8238
INDEX
Introduction
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Case Study ICICI Bank
Types of Saving Schemes:
(i) Dream Deposits(ii) Fixed Deposits
(iii) Recurring Deposits
(iv) Savings Deposits
(v) Silver Saving Accounts
(vi) Special Saving Accounts
(vii) Senior Citizens Saving Schemes
(viii) Professional Saving Schemes
Weblography
INTRODUCTION
Savings Meaning:
In deposit terminology, the term Savings refers to money set aside for the
purpose of future use. Savings generally represent only one part of an
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individuals assets and, unlike investments, they usually have a minimal
exposure to risk.
Savings Example:
For example, Savings will often be deposited into a bank savings account where
the funds will earn a nominal amount of interest and will be insured in most
cases. In the United States, bank savings and checking accounts are insured by
the Federal Deposit Insurance Corporation or FDIC. Savings accounts in
countries other than the United States carry different terms that may even
include different currency deposit options. Most major countries have their own
versions of deposit insurance to protect the Savings accounts of the customers
of financial institutions. Savings represent an important part of an individuals,
as well as a nations, basic assets.
Definition of 'Savings Account'
A deposit account held at a bank or other financial institution that providesprincipal security and a modest interest rate. Depending on the specific type ofsavings account, the account holder may not be able to write checks from the
account (without incurring extra fees or expenses) and the account is likely tohave a limited number of free transfers/transactions. Savings account funds areconsidered one of the most liquid investments outside of demand accounts andcash. In contrast to savings accounts, checking accounts allow you to writechecks and use electronic debit to access your funds inside the account. Savingsaccounts are generally for money that you don't intend to use for daily expenses.To open a savings account, simply go down to your local bank with properidentification and ask to open an account. Savings deposits Accounts that payinterest, typically at below-market interest rates, that do not have a specific
maturity, and that usually can be withdrawn upon demand.
ICICI BANK
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INTRODUCTION
ICICI Bank Ltd.is India's second largest financial services company
headquartered inMumbai,Maharashtra. It offers a wide range of banking
products and financial services to corporate and retail customers through a
variety of delivery channels and through its specialised subsidiaries in the areas
of investment banking, life and non-life insurance, venture capital and asset
management. The Bank has a network of 2,533 branches and 6,800 ATMs in
India, and has a presence in 19 countries, including India. The bank has
consolidated total assets of about US$ 102 billion as of September 30, 2009.
The ICICI Group has leadership positions across the financial services sector,
including insurance, securities brokerage, asset management and private equity.
The bank has subsidiaries in the United Kingdom, Russia, and Canada;
branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar
and Dubai International Finance Centre; and representative offices in United
Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and
Indonesia. The company's UK subsidiary has established branches in Belgium
and Germany.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchangeand
theNational Stock Exchange of India Limited and its American Depositary
Receipts (ADRs) are listed on theNew York Stock Exchange (NYSE).
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DREAM DEPOSIT PLAN
All of us have dreams. We dream for ourselves, for our families,friends and
relatives and for society at large too.Some of our dreams are need based, while
some aspirational.The dreams that are close to us; they mean everything.. We
all want tonurture them and if possible secure them so that we can accomplish
them under all odds.So be it our childs education, daughters marriage, owning
a home,driving our car or planning our retirement, it is imperative that wesecure
them at all costs.To secure them, you need to plan your finances prudently,
based onyour needs and aspirations at different points in time. A plan thatgives
you the flexibility in terms of choices that suit your needs andan assurance of a
return that is safe and secure.
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ICICI Bank is proud to present Dream Deposits - A unique offering offour
deposit plans that enable you realise your dreams at every stageof your life.
TYPES OF DREAM PLAN:
1. Dream Car Plan
2. Dream Home Plan
3. Dream Education Plan
4. Dream Retirement Plan
5. Dream Gold Plan
DREAM HOME PLAN
Buying a home is probably one of your most cherished dreams in ourlives.
ICICI Bank Dream Home Plan enables you to plan for you dream ina
systematic manner. Also, it ensures that your FD/ RD created by you
from the corpus of your savings stays safe with ICICI Bank
What more, ICICI BankDream Home Plan offers multiple benefits:
1. Helps you to utilize your monthly savings to form a corpus for thedown
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payment required to buy your dream home.
2. Entitles you to get the following benefits on ICICI Bank Home Loans:
3. 25% waiver on the Processing Fee for your home loan from ICICI Bank*
4. Property alerts from ICICI Bank Home Finance to help you identify
yourdream home
5. Attractive rate of interest on our home loans
DREAM CAR PLAN
Secured and fixed returns on Fixed Deposit/ Recurring Deposit
Minimum deposit amount :
Fixed Deposit: Minimum Rs. 50,000
Recurring Deposit: Minimum Rs. 3000 per month( subject to total principal deposit minimum of Rs. 50,000)
Minimum Tenure of FD/ RD : 9 months
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Premature withdrawal: Allowed, subject to the terms and conditionsgoverning the Dream Car Plan
DREAM GOLD PLAN
1. Secured and fixed returns on Fixed Deposit/ Recurring Deposit
2. Minimum deposit amount :
Cumulative Fixed Deposit: Minimum Rs. 12,000/-
Recurring Deposit: Minimum Rs. 2,000/- per month
Minimum Tenure of FD/ RD : 6 months
Premature withdrawal: Allowed
Option of automatic renewal or automatic closure on maturity
DREAM RETIREMENT PLAN
1. Total tenure : Investment + Benefit phase: 10 years
2. Investment phase:
Minimum RD tenure: 3 year , and there after in multiples of 3 months.
Min. RD amount: Rs. 2000 and in multiples of Rs. 100 thereafter.
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3. Benefit Phase:
Option of quarterly / annual pay out min tenure of 12mnths\
DREAM EDUCATION PLAN
1. Total tenure : Investment + Benefit phase: 10 years
2. Investment phase:
Minimum RD tenure: 3 year , and there after in multiples of 3 months.
Min. RD amount: Rs 500 and in multiples of Rs 100 thereafter
3. Benefit Phase :
Option of quarterly / annual payout
Min. tenure : 12 months
ICICI Bank Youngstars Account mandatory for the plan, as
repaymentaccount in benefit phase shall be the Youngstars Account
FIXED DEPOSITS
A Fixed Deposit (also known as FD) is a financial instrument provided by
Indian banks which provides investors with a higher rate of interest than a
regular savings account, until the given maturity date . It may or may not
require the creation of a separate account. It is known as a Term Deposit in the
Canada, Australia, New Zealand and the US and as Bond in United Kingdom
they are considered to be very safe investments. Term Deposits in India is used
to denote a larger class of investments with varying levels of liquidity. The
defining criteria for a Fixed Deposit is that the money cannot be withdrawn for
the FD as against Recurring Deposit or Demand deposit before maturity. Some
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banks may offer additional services to FD holders such as loans against FD
certificates at competent interest rates. Its important to note that banks may
offer lesser interest rates under uncertain economic conditions. The interest rate
varies between 4 and 11 percent.The tenure of an FD can vary from 10, 15 or 45
days to 1.5 years and can be as high as 10 years. These investments are safer
than Post Office Schemes as they are covered under Deposit Insurance & Credit
Guarantee Scheme of India. They also offer Income tax and Wealth tax benefits.
Fixed deposits are a high-interest-yielding Term deposit offered by banks inIndia. The most popular form of Term deposits are Fixed Deposits, while otherforms of term Deposits are Recurring Deposit and Flexi Fixed Deposits (thelatter is actually a combination of Demand deposit and Fixed deposit).
To compensate for the low liquidity, FDs offer higher rates of interest thansaving accounts. The longest permissible term for FDs is 10 years. Generally,the longer the term of deposit, higher is the rate of interest but a bank may offerlower rate of interest for a longer period if it expects interest rates, at which RBIlends to banks ("repo rates"), will dip in the future.
Usually in India the interest on FDs is paid every three months from the date ofthe deposit. (e.g. if FD a/c was opened on 15th Feb., first interest instalmentwould be paid on 15 May). The interest is credited to the customers' Savingsbank account or sent to them by cheque. This is a Simple FD. The customer
may choose to have the interest reinvested in the FD account. In this case, thedeposit is called the Cumulative FD or compound interest FD. For suchdeposits, the interest is paid with the invested amount on maturity of the depositat the end of the term.
Although banks can refuse to repay FDs before the expiry of the deposit, theygenerally don't. This is known as a premature withdrawal. In such cases, interestis paid at the rate applicable at the time of withdrawal. For example, a deposit ismade for 5 years at 8 %, but is withdrawn after 2 years. If the rate applicable onthe date of deposit for 2 years is 5 per cent, the interest will be paid at 5 per
cent. Banks can charge a penalty for premature withdrawal.Banks issue a separate receipt for every FD because each deposit is treated as adistinct contract. This receipt is known as the Fixed Deposit Receipt (FDR), thathas to be surrendered to the bank at the time of renewal or encashment.
Many banks offer the facility of automatic renewal of FDs where the customersdo give new instructions for the matured deposit. On the date of maturity, suchdeposits are renewed for a similar term as that of the original deposit at the rateprevailing on the date of renewal.
Income tax regulations require that FD maturity proceeds exceeding Rs 20,000not to be paid in cash. Repayment of such and larger deposits has to be either by
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" A/c payee " crossed cheque in the name of the customer or by credit to thesaving bank a/c or current a/c of the customer.
Flexibility of tenure - 7 days to 10 years
Liquidity
Premature / Partial withdrawal permitted (subject to applicable charges)
Loan / Overdraft upto 90% of FD amount
Option of monthly / quarterly payout available
Competitive interest rate -Know interest ratesfor various tenures Convenient ways to open a FD
Internet Banking
Phone banking
ICICI Bank Branch
RECURRING DEPOSITS
It is a saving avenue which works like the systematic investment plan of a
mutual fund, wherein a particular amount of money is deducted from your
account every month. You have to apply for a recurring deposit account and ask
the bank to deduct the stipulated amount from your savings or current account
every month. Your deposit can also be paid through internet banking. Almost all
banks offer this scheme and you can invest as little as Rs 5 with public sector
banks or, Rs 500 with private banks. The investment tenure ranges from a
minimum of six months to a maximum of 10 years. The date of monthly
instalments will depend on the date on which you open your account. If you
started on June 1, 2011, your installments will be deducted on 1st of every
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month, thereafter. You will get a passbook which will contain a record of all the
transactions. You can either have an individual account or apply jointly with
any family member, even a minor.
RECURRING DEPOSIT ACCOUNTICICI Bank Recurring Deposits are an ideal way to invest small amounts of
money every month and end up with a large kitty on maturity.
High recurring billing and recurring payments can be a drain on your finances
and hence large investments may seem a plan away.
Let us help you in processing your recurring payment through our recurring
billing software that keeps track of your investments with us. This can be easily
availed of through a recurring account online that comes with letting us serve
you through Internet banking. You may even transfer funds through Internet
banking into your recurring account. A recurring account transfer gets done in
seconds through Internet banking.
FEATURES
With our recurring deposits you can avail a host of facilities with ICICI Bank.
You may check on recurring account receivable, recurring account payable,recurring account fees and all recurring debit account transactions.
A recurring deposit account with ICICI Bank allows you a loan against the
deposit. Our new recurring deposit account also has a special feature - Non-
applicability of Tax Deduction at Source (TDS).
The minimum balance of deposit is Rs.500 per month and thereafter in
multiples of Rs.100. The tenure ranges from 6 months to a maximum period of10 years, recurring deposit of 3 months thereafter.
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ICICI Bank Customer Care :o Select language
o Press "1" for existing customers
DOCUMENTATION
Identity proof :
Passport PAN card Voter ID card Driving licence Government ID card Photo ration card Senior citizen ID card
Address proof :
Passport Telephone bill Electricity bill Bank Statement with Cheque Certificate/ ID card issued by Post office
* Any other Identity proof or Address proof document can be submitted, subject
to the Bank's satisfaction.
Tax on Recurring Deposits
First, what I do know for sureRDs are not tax free!While doing research for this article I came across a few forums where peoplewere asking if interest income from RDs is tax free or not. I dont know what
the origin for the question is but it could be people confusing no TDS with anytax at all.Banks dont deduct tax at source on RDs but the interest itself is taxable like
other interest income. It will be added to the rest of your income and taxed atyour slab.
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This is what I think will happenIf you take a RD for the duration of over a year, say 2 yearsthen you willhave to see how much interest accrues to you in one financial year, and thendeclare that interest as part of your return and pay tax on it.
So, even though you are stillpaying installments for the RD, and it hasntmatured yet, you will need to declare the income that has accrued to you, andpay tax on it.
Interest rates on Recurring Deposits
I was going through the interest rate page of ICICI Bank, and saw that they giveinterest rates of 8.25% on RDs of 12, 15, 18, and 21 months, but they give9.25% on a 390 day fixed deposit.A few other bank websites said that they offered RDs at the same interest rate asthe fixed deposit, but I think that means exclusion of special interest rates thatbanks give on deposits of 390, 555, 400 day maturities etc., and since these arethe maturities that give you the higher interest rate, it looks like the interest on aRD will be lower than a fixed deposit.
Effect of Direct Tax Code on Recurring Deposits
Ive seen that sooner or later someone comes along and asks how DTC will
affect a particular product, so I thought to include this here.There are no tax benefits of investing in RDs, they arent covered underSection80C, and the interest is not tax free either. So, there are no tax benefits ofinvesting RDs that will be affected negatively by the DTC. The tax slabs willchange in DTC, and since interest income from RDs are going to be taxedaccording to your income slabthats the only effect that DTC will have onRD. In my opinion, this is not material or something that will make a differencein your decision to opt for a RD or not.
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Stopping Recurring Deposits Early
Banks allow you to stop your recurring deposit earlier than the maturity period,but like fixed deposits, you get a lower interest rate than what you have settledfor, and in some cases there is some penalty as well, which is also called aservice charge in some banks.
NRI ACCOUNT
What is NRE Recurring Deposit Account?
NRE Recurring Deposit Account, maintained in Rupees, is an excellent optionfor NRIs to make big savings by investing small sums every month from yourforeign income.
Why choose NRE Recurring Account?
The investment per month is not big and you can avail of easy account funding
options. Plus, you get full repatriability
Features and Benefits Easy funding of account: transfer funds every month from your NRE Savings
account.
Flexible monthly installments: from INR5,000 to INR100,000 in multiples ofINR1,000.
Multiple tenure options: ranging from 1 to 10 years.
Constant access: free Internet banking for 24-hour access to your account.
Easy movement: funds are fully repatriable.
Tax benefits: interest earned not taxable in India.
Favourable exchange: Competitive exchange rates on conversion of yourforeign currency into rupees.
.
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SAVINGS BANK ACCOUNT
Savings accounts are accounts maintained by retail financial institutions that
pay interest but cannot be used directly as money in the narrow sense of
a medium of exchange (for example, by writing a check). These accounts let
customers set aside a portion of their liquid assets while earning a monetary
return. For the bank, money in a savings account may not be callable
immediately and therefore often does not incur a reserve requirement freeing up
cash from the bank's vault to be lent out with interest.
The other major types ofdeposit account are transactional (checking)
account, money market account, and time deposit.
DEFINITON
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Investopedia explains 'Savings Account'
Because savings accounts almost always pay lower interest rates than Treasury
bills and certificates of deposit, they should not be used for long-term holding
periods. Their main advantages are liquidity and superior rates compared to
checking accounts. Most modern savings accounts offer access to funds through
visits to a local branch, over the internet and through automated teller
machines.
Savings accounts are accounts maintained by retail financial institutions that
pay interest but cannot be used directly as money (for example, by writing a
cheque). These accounts let customers set aside a portion of their liquid assets
while earning a monetary return.
How to Deposit Money in a Savings Account
Saving money is one thing that many people find difficult. However, starting a
savings account at your bank is one way to get your own nest egg started.
Depositing money in your savings account can be done in several different
ways.
Documentation required to open Savings Bank Accounts
Identity proof to open Savings Bank Accounts :
Passport PAN card Voter ID card Driving licence Government ID card Photo ration card Senior citizen ID card
Address proof to open Savings Bank Accounts :
Passport
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Telephone bill Electricity bill Bank Statement with Cheque Certificate/ ID card issued by Post office
* Any other Identity proof or Address proof document can be submitted, subject
to the Bank's satisfaction.
Note:
Please produce the original document(s) for verification & a photocopy of eachdocument.
Please fill the form in CAPITAL LETTERS using Black ink. Please countersign in case of any overwriting. Please avail of the nomination facility.
* Mandatory to provide Permanent address and telephone numberSaving Account - Features
Other Accounts
ICICI Bank Savings Accounts Features
The ICICI Bank International debit card is a debit-cum-ATM card providing youwith the convenience of acceptance at merchant establishments and cashwithdrawals at ATMs. Click here for details
The next time you want to withdraw cash from your ICICI Bank Savings account,just walk into any bank's ATM and use your ICICI Bank ATM-cum-Debit card forfree. The above benefit is available free of cost for the first 5 transaction per month
uptoRs 10,000 per transaction. Money Multiplier Facility Internet Bankingis offered free of cost. Anywhere Banking - This facility entitles the account holder to withdraw or deposit
cash upto a limit of Rs.50,000 across all ICICI Bank branches. You can give us various types of standing instructions like transferring to fixed
deposit accounts at regular intervals. An average monthly balance of Rs.10,000 only in metro and urban locations,
Rs.5,000 only in semi-urban and Rs. 2,000 only in rural locations.
Nomination facilityis available. Interest is payable half-yearly.
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Average Monthly Balance*
Type of Account Balance
Savings AccountRs. 10,000 in metro and urban locationsRs. 5,000 in semi-urban locationsRs. 2,000 in rural locations
Non-maintenance of the minimum average monthly balance attracts a fee as
given below:
Non Maintenance MABcharges**
Metro/Urban:Rs. 250 per month; if Rs 5,000 =< MAB
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Nomination facility available for bank deposits. There can be only one Nominee for a deposit account whether held singly or
jointly. A person legally empowered to operate a minor's account can file a nomination on
behalf of the minor. Applicants can make nomination by filling up the Form prescribed under the
Banking Companies (Nomination) Rules 1985 The nomination details can be changed during the subsistence of the account
relationship by filling up the Form prescribed under the Banking Companies(Nomination) Rules 1985
For more details approach your bank.
*At erstwhile Sangli Bank locations (not migrated yet) the following savingsaccount products are also offered:
Savings account without chequebook with a minimum balance requirement ofRs.50.
Savings account with Non-MICOR chequebook with a minimum balancerequirement of Rs.300.
Savings account with MICOR chequebook with a minimum balance requirement ofRs.500.
No Frills Savings account with a minimum balance requirement of Rs.10.
SILVER SAVINGS ACCOUNT
Silver Savings Account - Features
ICICI Banks Silver Savings Account entitles you to select privileges and
offers.
The ICICI Bank International VISA debit card is a debit-cum-ATM card providingyou with the convenience of acceptance at merchant establishments and cashwithdrawals at ATMs.
Money Multiplier Facility. Internet Banking is offered free of cost. You can give us various types of standing instructions like transferring to fixed
deposit accounts at regular intervals. Nomination facility is available. Interest is payable half-yearly.
http://www.icicibank.com/Personal-Banking/account-deposit/savings-account/moneymultiplier.htmlhttp://www.icicibank.com/Personal-Banking/insta-banking/internet-banking/index.htmlhttp://www.icicibank.com/Personal-Banking/account-deposit/silver-savings-account/index.html#nominationhttp://www.icicibank.com/Personal-Banking/account-deposit/silver-savings-account/index.html#nominationhttp://www.icicibank.com/Personal-Banking/insta-banking/internet-banking/index.htmlhttp://www.icicibank.com/Personal-Banking/account-deposit/savings-account/moneymultiplier.html -
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Nomination
Nomination facility available for bank deposits. There can be only one Nominee for a deposit account whether held singly or
jointly. A person legally empowered to operate a minor's account can file a nomination on
behalf of the minor. Applicants can make nomination by filling up the Form prescribed under the
Banking Companies (Nomination) Rules 1985.
The eligibility criteria for opening an ICICI Bank Silver Savings Account?
The Silver Savings Account brings to you exclusive benefits, especially created forvaluable customers like you. To retain membership of this elite Silver Savingscircle, all you need to do is maintain a minimum monthly average balance (MAB)of Rs.25,000 in your Savings Account. If you do not maintain the requiredminimum balances for two consecutive quarters, Silver Savings Account benefitswill be withdrawn
The minimum balance required to be maintained for an ICICI Bank Silver
Savings Account?The minimum monthly average balance (MAB) to be maintained in your Silver
Savings Account is Rs.25,000. Non-maintenance of MAB in any month will attracta charge* as per the following guidelines:
MAB maintained in the account Charges to be levied
Rs.10,000 =< MAB < Rs.25,000 Rs. 175 per month
Rs. 5,000 =< MAB
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Interest earned on your Silver Savings Account balance shall be credited to youraccount on a half yearly basis in the months of September and March.
In case of the linked Money Multiplier Account, the accrued interest on the FDs
created will be paid on maturity or on withdrawal in case of premature withdrawal
Do I have any facility for Standing Instructions?
Yes, you can set up standing instructions through your ICICI Bank SilverSavings Account. A few examples of the same are as below:
Transfer to a Fixed Deposit. Transfer to a Recurring Deposit Make recurring payments like LIC premium, Installments etc.
For more details please contact your nearest ICICI Bank branch.
What are the different channels through which I can access my ICICI
Bank Silver Savings Account?You can access your Silver Savings Account through:ICICI Bank branchesICICI Bank.comICICI Bank ATMsPhone Banking
Mobile BankingSPECIAL SAVING SCHEMES
Special Savings Account:
ICICI Banks Special Savings Account provides comprehensive banking
services to non profit motive organizations like Trusts, Associations, Societies,
Clubs, NGOs, Hospitals, Educational and Research Institutes and section 25
companies and entities eligible for a savings account as per RBI Guidelines .
The ICICI Bank Edge
Free multi city chequebook facilityAll cheques issued by you will bepayable at par at various ICICI Bank branches across the country
Money Multiplier FacilityOn your request a Fixed Deposit is linked toyour Special Savings Account enabling you to enjoy high returns andmaximum liquidity. To know more,
No penalty for non-maintenance of minimum balances in the accounts. Internet Banking Phone Banking
http://www.icicibank.com/find-atm-branch.htmlhttp://www.icicibank.com/find-atm-branch.htmlhttp://www.icicibank.com/http://www.icicibank.com/find-atm-branch.htmlhttp://www.icicibank.com/Personal-Banking/insta-banking/ivr/index.htmlhttp://www.icicibank.com/Personal-Banking/onlineservice/mobile-banking/mobile.htmlhttp://www.icicibank.com/customer-care.htmlhttp://www.icicibank.com/customer-care.htmlhttp://www.icicibank.com/Personal-Banking/onlineservice/mobile-banking/mobile.htmlhttp://www.icicibank.com/Personal-Banking/insta-banking/ivr/index.htmlhttp://www.icicibank.com/find-atm-branch.htmlhttp://www.icicibank.com/http://www.icicibank.com/find-atm-branch.htmlhttp://www.icicibank.com/find-atm-branch.html -
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Free Anywhere banking Free collection of outstation cheques Free monthly account statements Inward remittance through Money2India for FCRA approved trusts
Supplementary Savings Solutions with added features
Can an unregistered association, clubs and societies open Special Savings
Account?
No, accounts of unregistered Trust, associations, clubs and societies cannot be
opened. They have to be necessarily registered under the Societies Act with the
Registrar of Societies.
Is there any specific notification/guideline from RBI/or any other
government organisation permitting ICICI Bank to open accounts of
trusts, associations, clubs and societies?
ICICI Bank is a scheduled commercial bank and any bye-law stating that the
entity can open a bank account with a scheduled commercial bank will include
us.
What is the minimum balance required for opening this account? There is
no minimum balance requirement for this account, but a cheque of Rs.25,000
should accompany the account opening form as an initial deposit.
What are the features of the Money Multiplier Facility offered for
SSA?Money Multiplier Facility features are :
Minimum balance in Special Saving Account should be Rs. 25,000 to
generate a linked Fixed Deposit Fixed Depositrequest will be made in multiples of Rs. 5,000 only. You can have more than one Fixed Deposit linked to the sameSpecial
Saving Account. You will have to give a specific request for each FixedDeposit creating and linking.
All Fixed deposit linked to the account will be enabled for automatic reversesweep in multiples of Rs. 5,000 when the balance in Special Saving Accountfalls below Rs. 10,000.
Fixed Deposit will be broken in Last In First Out (LIFO) basis of reverse
sweep. Linked Fixed Deposit will be in auto-renewal mode.
http://www.icicibank.com/Personal-Banking/account-deposit/fixed-deposit/index.htmlhttp://www.icicibank.com/Personal-Banking/account-deposit/fixed-deposit/index.htmlhttp://www.icicibank.com/Personal-Banking/account-deposit/special-savings-account/index.htmlhttp://www.icicibank.com/Personal-Banking/account-deposit/special-savings-account/index.htmlhttp://www.icicibank.com/Personal-Banking/account-deposit/special-savings-account/index.htmlhttp://www.icicibank.com/Personal-Banking/account-deposit/special-savings-account/index.htmlhttp://www.icicibank.com/Personal-Banking/account-deposit/special-savings-account/index.htmlhttp://www.icicibank.com/Personal-Banking/account-deposit/special-savings-account/index.htmlhttp://www.icicibank.com/Personal-Banking/account-deposit/fixed-deposit/index.html -
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What are the charges applicable for DDs and Pay orders for this account?
A multi-city chequebook is provided with accounts to facilitate fund transfer on
Pan-India basis. However, in the event of request for a DD or a Pay order, the
usual charges as per the directory of service charges will be applicable.
Can a SSA account be opened for entities not allowed to open a Savings
account?
Only Roaming Current Account/Made2Order(m2o) with at-par cheque books
can be offered to such entities. The customer can get the benefits of fixed
deposits interest through Money Multiplier Facilty.
What are the documents that need to be submitted for entities enjoyingtax benefit under section 11 for opening of Special Savings account with
interest on savings balance?
The following documents needs to be submitted by the entities exempt under
section 11 for opening ofSpecial Savings Account:
Copy of the last acknowledged return of income / IT assessment orderverifying that the income is exempt from tax
Registration certificate from Income Tax establishing that the income of
entity is exempt from tax Confirmation from the authorised signatory that the income of the entity is
exempt under the Income-tax Act [refer in prescribed format]. It should alsobe confirmed in the letter that the trustee/authorised signatories undertakes tointimate the withdrawal of tax exemption to the Bank. This confirmationshould be obtained annually in the month of April to the effect that the entitycontinues to be exempt from tax.
Note: The above proof of income tax exemption is not needed for list of entities
who are eligible for opening a saving account ( refer section on " Elegibility")except , when falling under (f) i.e. "Institutions other than those mentioned in
clause (i) and whose entire income is exempt from payment of Income-tax
under the Income-Tax Act, 1961" Also , Provisions of Section 10 of the
Income-tax Act, 1961 refers to the entities eligible for tax exemption. All the
entities exempt under section 10 do not enjoy blanket tax exemption. Circular
no.4/2002-03 dated July 16, 2002 issued by Central Board of Direct Taxes
(CBDT), wherein, CBDT has exempted certain specified entities falling under
section 10 from the provisions of deduction of tax at source (TDS) which areunconditionally exempt from tax under section 10 and are not required to file
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the return of income under section 139 of the Income tax Act, 1961. Such
entities are eligible to open a Special Savings Account.
Is TDS deductible on the interest earned on savings account and deposits?
No TDS is applicable on savings interest. In case of interest on Money
Multiplier/FDs, no TDS is applicable for interest uptoRs. Rs. 5000 under
section 194A. Only if the interest received or likely to be received exceeds Rs.
5000 but does not exceed Rs.100,000 during the financial year Form 15G can
be submitted for the purpose of exemption from TDS. Otherwise, the entity
must produces a certificate of tax exemption u/s 197 , as issued by the Income
Tax Dept. or provide a valid Sec 10 exemption - which permits them
unconditional exemption and shows that they are not required to file return of
income also. Then no TDS will be deducted.
Will multi-city cheques be available for this account?
Yes. With this facility, all cheques issued by you will be payable at par at
various ICICI Bank branches across the country. This is a unique facility,
which gives you the power to issue cheques that are treated as local cheques at
all ICICI Bank locations across India. (Option of local and/or multi-city cheque
book is available.)
Can multi-city cheque be issued for local clearing in the centre where the
account is held?
Yes
Can credits be routed in the account from any of our branches? Yes,
anywhere banking is offered to SSA clients.
Can any fund based / non-fund based credit / loan limits be offered to these
accounts?
Credit limits are not offered as part of the product.
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SENIOR CITIZENS SAVINGS SCHEMES
Senior Citizens Savings Scheme, 2004
ICICI Bank's Senior Citizens Savings Scheme (SCSS) is the safest and the mostconvenient investment option for your life savings. Its credibility is further
escalated by the fact that it is a Government of India product. Additionally, it
offers the highest interest to depositors, 9% interest per annum.
The ICICI Bank Edge
Minimum Investments - Rs.1000 and in multiples thereof Maximum Investments - Rs.15 lacs Interest Rate - 9% p.a., TDS is applicable Interest option - Quarterly payable on 31st March, 30th June, 30th September,
31st December Interest paid through direct credit to ICICI Bank Account, ECS facility or 4
post dated cheques sent to the investor every year Tenure - 5 years; depositor may extend the account for a further 3 years but
request for the same must be submitted within one year from maturity Premature closure of account -Up to 1 year - Not allowed
-After expiry of 1 year, up to 2 years - Charges @1.5% of the balance deposit
amount is deducted
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-On or after expiry of 2 years - Up to 2 years - Charges @1% of the -balancedeposit amount is deducted
Mode of Investments - Cash or Cheque / Pay order / DD in the name of"ICICI BANK - A/C 9% S.C.S.S."
Value date - Date of realisation of the cheque / DD or date of cash deposit atthe Bank Phone Banking facility for queries Avail account statement containing details of deposit balance and transactions
Senior Citizens Savings Scheme Details:
Senior Citizens Savings Scheme (SCSS) is a Government of India Product.
9% interest offered to depositors.
Since the product is offered by Govt of India, this product is one of the most
Safest Investment Option.
Premature closure of account is possible after one year from the date of opening
the account.(Charges applicable).
Advantages of ICICI Banks Senior Citizens Savings Account::
Large number of Branches.
Facility of Direct Credit of Interest to ICICI Bank Account.
In case the investor does not want to avail Direct Credit facility or ECS facility,
4 Post Dated Cheques will be sent to Investor every year.
Account Statement containing the details of Deposit Balance & transactions.
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PROFESSIONAL SAVINGS ACCOUNT
At ICICI Bank, the staff always strive to cater to all the present and emerging
financial needs of our customers. ICICI Bank Professional Savings Account isan exclusive set of banking and financial services, catering to the specific needs
of discerning professionals. It brings together a host of services, privileges and
lifestyle benefits.
A professional can opt for any of the banks following four variants of
Professional Accounts:
Regular Professional Account Gold Professional Account Titanium Professional Account Wealth Professional Account
Listed below are the unique benefits that you can enjoy with this account:
Access to Privilege Banking Zone
Dedicated Relationship Manager#
International Debit Card with insurance coverage*
Facility to link with Current Account under CASA Family Anywhere Banking with higher limits
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Daily account balance alerts
Multi-city cheque book with 25 leaves
And many more...
#Applicable for Wealth Management Account
*Applicable to only Gold, Titanium and Wealth variant
Priority services at ICICI Bank branches and Customer Care
At ICICI Bank, we understand the value of your time and the opportunities it
holds for you. This is why we offer priority services to you whenever you walk
into our branch or call our Customer Care.
Dedicated Wealth Manager
A dedicated Wealth Manager will be your personal guide to the possibilities of
Wealth Management and will work closely with you in achieving your financial
goals. You will also have access to a Customer Service Manager/Officer who
will complement your Wealth Manager. (applicable for Wealth Professional
Savings Account)
International Debit Card with insurance cover
A special International Debit Card with a host of benefits and offers that arevalid both nationally and internationally is designed exclusively for you. This
Debit Card also comes with enhanced ATM withdrawal and purchase limits at
merchant outlets. Also, your ICICI Bank Debit Card provides you with
purchase-protection cover on eligible purchases against losses due to fire or
burglary. What's more, you get air accident and personal accident cover too! For
details, visit www.icicibank.com.
Higher cash deposit and cash withdrawal limits at our branchesWe understand that at times you need to withdraw or deposit a large amount of
cash at your non-base branch. That is why we have increased these limits
especially for you.
Facility to link your Professional Savings Account with your Current
Account
You can link your Professional Savings Account with your Current Account
and enjoy additional benefits. Not only this, you can also link the Savings
Accounts of your family members and pass on the privileges to them as well.
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Linking all your accounts under CASA Family Banking provides you with the
following benefits:
Monthly Average Balance (MAB) requirement at family level and not at eachaccount level
Flexibility to maintain balances in any one or more accounts Free limits at the family level for Current Accounts rather than separate limits
for each account for various transactions such as multi-city cheque usage,cash withdrawal, deposits, DD/PO, etc.
e.g. for a CASA Silver Family, multi-city cheque usage is free up to Rs. 50lac per month at the family level. This limit can be utilised in any one accountor a combination of different Current Accounts.
Daily account balance alert
Every morning you will get an SMS giving details of the balance in your
account. This will help you plan your account-related transactions in a better
way.
Multi-city cheque book with additional leaves
Through the multi-city cheque facility, you have a unique advantage to encash
your cheques as local cheques in locations where ICICI Bank has a presence.
Features
Other Accounts
In our constant endeavour to fulfill all your banking needs and to enhance
exclusivity, ICICI Bank has launched the Professional Account - a specially
designed product for professionals like doctors, lawyers, CAs, archiects and
engineers.
Listed below are the unique benefits that you can enjoy with this account:
Access to Privilege Banking Zone Dedicated Relationship Manager# International Debit Card with insurance coverage* Facility to link with Current Account under CASA Family Anywhere Banking with higher limits Daily account balance alerts Multi-city cheque book with 25 leaves
http://www.icicibank.com/Personal-Banking/account-deposit/professional-saving-account/features.htmlhttp://www.icicibank.com/Personal-Banking/account-deposit/professional-saving-account/features.htmlhttp://www.icicibank.com/Personal-Banking/account-deposit/professional-saving-account/features.html -
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And many more...
#- Applicable for Wealth Management Account
*- Applicable to only Gold, Titanium and Wealth variant
A professional can get additional features for any of our following four variants
of Professional Accounts:
Regular Professional Account Gold Professional Account Titanium Professional Account Wealth Professional Account
Eligibility
Professionals like doctors, lawyers, CAs , architects and engineers
Documentation
Identity proof :
Passport PAN card Voter ID card Driving licence Government ID card Photo ration card Senior citizen ID card
Address proof :
Passport Telephone bill Electricity bill Bank Statement with Cheque Certificate/ ID card issued by Post office
* Any other Identity proof or Address proof document can be submitted, subject
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to the Bank's satisfaction.
Note:
Please produce the original document(s) for verification & a photocopy ofeach document.
Please fill the form in CAPITAL LETTERS using Black ink. Please countersign in case of any overwriting. Please avail of the nomination facility.
* Mandatory to provide Permanent address and telephone number
WEBLOGRAPHY
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