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1. Who is eligible to open an ICICI Bank Savings Account?
- All Individual Residents of Bahrain including Bahrainis (People who hold citizenship of Kingdom of Bahrain), NRIs and other Nationalities residing inside Bahrain.
- Relationships can be opened in the name of the individual in his/ her own name.
- Relationships can be opened for minors (persons below 21 years of age), under guardianship of a major.
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2.
What are the currencies available?
The Savings Account can be opened in BD (Bahraini Dinar). |
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3. What are the minimum balance requirements?
The monthly average minimum balance in the account should
be BD 20.
Further, there is no minimum balance requirement for orphans, widows, pensioners, students, persons receiving social subsidy from Ministry of Labour and Social Affairs, Kingdom of Bahrain and Bahraini nationals earning less than BHD 250 only per month.
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4. What is the interest rate that will be applied, and
how will interest be paid?
Currently, the applicable interest rate is 0.50% per
annum. Interest rates are liable to change, and we will
intimate you of the same from time to time.The interest
payable is calculated on the closing balance of the
day. The accumulated interest is credited into your
Savings Account at the end of every quarter.
The interest rate shall
be subject
to maintaining of a minimum daily balance of 20 Bahraini
Dinar.
With effect from 1st August 2008, a higher interest rate of 2%
per annum
can be availed on Savings Account, subject to maintaining of
a minimum
daily balance of 50 Bahraini Dinar. The interest payable is
calculated
on the closing balance of the day and the accumulated
interest is
credited into your Savings Account at the end of every
quarter |
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5. How can I get the statements of account?
Statements of account are available on a Half yearly basis and will be sent to your communication address. Monthly statements are also sent to you by email. Please provide us with your email address while opening your account. |
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6. What are the charges?
The service charges payable for the account will be
communicated by the Bank from time to time, and are
detailed in the Schedule
of Charges. You can also get details of Bank
charges by telephoning us at + 973-17-576161.
Alternatively, you could enquire at our Bahrain branch. |
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7. Are cheque books issued?
No, cheque books are not issued for the Savings Account.
However, we will issue Personalised Withdrawal Slips
that let you withdraw money from your account across
the counter. You can also authorise a third person to
withdraw the money on your behalf, by signing the mandate
on the back of the Personalised Withdrawal Slip. |
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8.
Will I get overdraft facility?
No overdraft facility is provided on the Savings Account.
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9.
What is the value date of transaction?
The date when funds can be withdrawn from your account
is referred to as cleared date, while the date
from which your funds begin to earn interest is called
value date. All transactions generally have
a value date as the date when the transaction is accounted
at the branch. In case of debits, the value date is
the date when ICICI Bank's account is debited by its
correspondent bank, or the date of debit (whichever
is earlier). When cash is deposited in the branch
where your account is held, it will be credited to
your account on the same day. However, when you deposit
cash at another branch or bank, it will be credited
on the date of receipt at the branch where your account
is held, or the date of credit into our Nostro account
(whichever is later). Local clearing instruments deposited
before 12:00 noon, local time, will be credited on
the second working day (except Friday and Saturday,
which are non-working days for clearing). In case
such an instrument is returned unpaid, the amount
will be debited from your account. Foreign currency
cheques shall be credited on the date of credit to
our Nostro account with recourse, subject to realisation
and under 21 day reserve. |
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10.
Can joint accounts be opened?
Joint accounts can be opened in case of individuals.In
such cases joint account holders are responsible individually
and jointly to observe the terms and conditions of
the account, including payment of Bank charges on
the account. The Bank may accept instructions to allow
any one or more of the account holders to operate
the account, but such an instruction should be signed
by all the account holders. Any changes to the instruction
must be signed by all account holders, except in cases
of withdrawal of such an authority. Any account holder
can withdraw such an authority through written instructions. |
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11.
How do I close the account?
The Savings Account does not have any fixed maturity
and can be closed any time. We would need a specific
request for closure of the account in writing, signed
by all the account holders in accordance with the
account mandate. In case the account is closed within
12 months of its opening, we would collect early
closure charges from you. Of course, we will inform
you of these charges in advance.The closure of an
account is authorised by a Bank officer, and interest
due till the date of closure, for all the months
that the account was open, is paid at the time of
closure of the account.
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