ICICI Bank has recently launched a saving account called “The One Saving Account”. It is a premium account and will help you to upgrade your lifestyle. The One Saving account is available in two variants -Magnum & Titanium. This account is for the high net worth individual who can maintain 1 Lakh or above as monthly average balance. In this post, we will review ICICI Bank “The One Saving Account”.
Also Read – Top 5 Banks for opening Saving Bank Account
Key Features – ICICI “The One Saving Account”
The key features and benefit offered by The One Saving Account are given below.
- Access to dedicated Privilege Banking area for priority service in branches
- Unlimited free cash withdrawals at any bank’s ATM
- Up to 40% discount on annual locker rentals
- Fee waiver on opening a Trading Account
- Free brokerage up to Rs 22,500
- Zero Annual Maintenance Charges (AMC) on Demat Account for the first year
- Get free health checkup for any family member at SRL Diagnostic by using iMobile app for bill payment.
- You can get 15% discount up to Rs.500 for using saving account debit card.
- Get Amazon gift card worth Rs.999 on spending Rs.15000 by using saving Account debit card.
- Maintain required balance in your account for 3 months and get ZOMATO Gold Membership.
There are two variants to this account called as Magnum and Titanium. Minimum average balance requirement and eligibility requirements are given below.
Any salaried or self-employed individual can apply for these accounts as per eligibility criteria. This account cannot be opened for companies, Hindu Undivided Family or any other corporate body.
Monthly Average Balance Requirement – 1 Lakh
Daily ATM Withdrawal Limit – 1 Lakh
POS/E-commerce Purchase Limit – 1.5 Lakh
Monthly Average Balance Requirement – 2 Lakh
Daily ATM Withdrawal Limit – 1.25 Lakh
POS/E-commerce Purchase Limit – 2 Lakh
ICICI Bank – The One Saving Account Review
The One is a premium saving bank account. This account is for High net worth individuals. This account offers multiple lifestyle and financial benefits such as Amazon Gift Card, Zomato Membership, demat account AMC waiver etc.
However, you need to manage high monthly average balance in your saving bank account to avail this facility. If you are maintaining high account balance 1 Lakh or above, you are losing on probability of earning higher returns which you can earn by investing this money.
The money in your saving bank account earns a small interest of just 4-5% per year. Inflation is around 7-8% on average and if you consider that, you are actually earning a negative real return.
Considering all these facts I would not advice to open The One Saving Account.