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ICICI Bank Savings Account Interest Rates. Account Details APY Updated; ICICI Savings Account: 4.00%. Write a ICICI Bank Review It only takes less than a. Savings Bank Account interest will be calculated on the basis of end of day account balance maintained in savings bank account, at the rate of interest as specified by ICICI Bank time to time With effective from 4th June 2020, the savings account interest rate applicable would be. ICICI Bank Basic Savings Bank Account It was introduced by the bank for the beginners with the sole purpose of getting them familiar with financial handlings and to develop a habit of saving money. The interest rate comes with it is 4% which is payable on a six-month basis. How is Savings Account Interest Rates Calculated? Savings Bank Account interest is calculated on a daily basis on the daily closing balance in the Account, at the rate specified by ICICI Bank in accordance with Reserve Bank of India directives. The interest amount calculated is rounded off to the nearest rupee. 1 day ago  The interest rate on home loans has been lowered by ICICI Bank to 6.70 percent. The Bank's adjusted interest rate, which is the lowest in ten years, takes effect today, March 5, 2021.

New Delhi: Days after the SBI and HDFC reduced interest rate on home loans, lending major ICICI Bank on Friday slashed its home loan interest rate to 6.70 per cent. Issuing a statement, the bank said that the revised interest rate -- the lowest in 10 years by the bank has come into effect March 5.

In the statement, the bank further added that the revised interest rate can be availed by clients for home loans up to Rs 75 lakh. Apart from this, for loans above Rs 75 lakh, interest rates are pegged at 6.75 per cent onwards. The bank also added that these revised rates will be available till March 31.

'We see resurgence in demand from consumers, who want to buy homes for their own consumption, in the past few months,' said Ravi Narayanan, Head - Secured Assets, ICICI Bank.

'We believe that this is an opportune time for an individual to buy his or her dream home, considering the prevailing low interest rates. We believe that with our completely digitised home loan process, including instant sanction for customers of any bank, everybody will find it immensely convenient to avail a home loan with us,' he added.

The development comes days after the SBI and the HDFC took similar steps and reduced the interest rate on home loans.

In November 2020, the ICICI Bank became the first private sector bank in the country to cross Rs 2 trillion (Rs 2 lakh crore)-mark in mortgage loan portfolio. Further, the bank informed that during its mortgage disbursements increased in Q3-2021 over Q2-2021 and reached an all-time monthly high in December 2020.

(With inputs from IANS)

A Savings Account is very beneficial with multiple advantages as detailed below:

(1) Earns Interest on your Savings

Icici Bank Savings Account Interest Rate Calculator

This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.

Interest rate in savings account ranges from 3.5% to 7%.

(2) Provides Security of Funds

There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.

(3) No Lock-in Period

There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.

(4) Offers Liquidity

You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.

(5) Availability of Variety of Savings Account

Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.

(6) Services of Customer Relation Manager

Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.

(7) Online Banking Facilities

If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts. Crazy quilt solitaire game download.

(8) Provides ATM/ Debit Card

You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.

(9) Helps you Get Credit or Loan

The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.

(10) No Cap on Deposits

There is no limit on the amount deposited and number of times it is deposited.

(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions

You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.

Icici Bank Savings Account Interest Rate 2020

(12) Free Mobile App

Icici Bank Savings Account Interest Rate Comparison

Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.