The Special Savings Account has been designed keeping in mind the specific needs of organizations such as Trusts, Associations, Societies, Councils, Clubs etc. It provides organizations solutions with added value and is ideal for tax exempted entities.
The Special Savings Account has the following salient features
1. Multi-City Cheque Book: This facility allows its customers to skip the traditional way of transferring funds to other cities through a demand draft. The Special Savings Account holder are issued two separate chequebooks for local and outstation use, thereby not only saving on time but also saving on draft commission. The cheques are payable at par at designated ICICI Bank branches across the country. There will be no limit to the value of cheque issued on a single day at RBI clearing centers. For all other centers a cap of Rs.10, 00,000 on a single day apply. All chequrebooks are personalized.
2. Quantum Optima Facility: Quantum Optima facility combines the liquidity of a saving account and high returns of Fixed Deposit. All balances in the saving account above Rs.25,000 are transferred to a fixed deposit in multiples of Rs.5,000 for a time period of one year. The funds however continue to be accessible around the clock through ATM, and also through cheques. Whenever the saving account balance falls below the specified limit, sufficient amount is transferred back from the fixed deposit by breaking in units of Rs.1,000 on last in first out basis, the terms of the fixed deposit can be specified. This facility is available to those employees who do not use the overdraft facility. However one the overdraft is regularized this facility can be resumed.
3. Others:
- Internet Banking .
-Free Anywhere banking .
-Free collection of outstation cheques.
-Free monthly account statements.
-Payroll processing for employees of the organization through ICICI Bank Salary Accounts.
-Inward remittance through Money2India for approved trusts.
Eligibility
Special Savings Account can be opened by
a. Primary Co-operative Credit Society which is being financed by the bank.
b. Khadi and Village Industries Boards.
c. Agriculture Produce Market Committees.
d. Societies registered under the Societies Registration Act, 1860 or any Other corresponding law in force in State or a Union Territory.
e. Companies governed by the Companies Act, 1956 which have been Licensed by the Central Government under Section 25 of the said Act, or under the corresponding provision in the Indian Companies Act, 1913 and permitted, not to add to their names the words 'Limited' or the words 'Private Limited'
f. 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.
g. Government departments/bodies/agencies in respect of grants/ subsidies released for implementation of various programmes/ schemes sponsored by Central/State Government subject to production of an authorization from the respective Government departments to open savings bank account.
h. Development of Women and Children in Rural Areas (DWCRA).
i. Self-help Groups (SHGs), registered or unregistered, which are Engaged in promoting savings habits among their members.
j. Farmers' Clubs - Vikas Volunteer Vahini - VVV.
Special Savings Account cannot be opened in the name of
a. Government departments/bodies depending upon budgetary allocations for performance of their functions
b. Municipal Corporations or Municipal Committees
c. Panchayat Samitis
d. State Housing Boards
e. Water and Sewerage / Drainage Boards / Metropolitan Development Authority / State / State Text Book Publishing Corporations / Societies / District Level Housing Co-op. Societies etc.
f. Any political party or trading or business concern, whether such concern is a proprietary or a partnership firm or a company or an association.
Documentation:
1.1 Mandatory documents for all Special Savings Accounts
1. Appropriate Account opening form.
2. Specimen signatures and latest photographs of all authorised signatories.
3. Copy of PAN or duly filled Form 60-with reasons of not having PAN.
Copy of duly acknowledged form 49A where the client has filled form 60 with the reason 'Applied for PAN'.
4. Self-drawn Cheque (Signature and stamp on cheque to match with that in Account opening form)
5. Certified copy of Resolution to open the account signed by Managing Trustee / Chairperson / Secretary / any two authorised signatories (for Trust / Association / Society / Club)
1.2 Documents specific for Trusts/Associations/Clubs/Society
1. For Trusts:
Certified "True and Updated" copy of Trust Deed signed by managing / authorised trustees
For Associations / Society / Clubs:
Certified "True and Updated" copy of rules & bye-laws (for Association / Society / Club) signed by the Secretary
2. Certified "True and Updated" copy of certificate of registration (for Trusts/ Association / Society / Club).
Exclusion:
Certificate of Registration is not mandatory for opening accounts of Private Trusts. In such cases, proof of address is mandatory
3. List of all office bearers / Trustees, to be obtained on the letterhead (of the Trust / Association / Society / Club), with their addresses and signed and dated by Managing Trustee / Chairperson / Secretary / two authorised signatories.
4. The following documents are required to establish the tax-exempt status of the applicant (if applicable):
i. Copy of the last acknowledged return of income / IT assessment order verifying that the income is exempt from tax
ii. Registration certificate from Income Tax establishing that the income of entity is exempt from tax
iii. Confirmation from the authorised signatory that the income of the entity is exempt under the Income-tax Act
5. Identity proofs for all authorised signatories.
6. If documents as mentioned in point 1, 2 or the IT assessment order/IT registration certificate submitted by the applicant does not establish the communication address as mentioned in the Account opening form, separate proof of communication address in the name of the Trusts / Associations / Society / Club needs to be collected.
Senior Citizen Account:
The Senior Citizen Account has a few services that the Normal Savings Account does not offer. The salient feature of the Senior Citizen Account are
• Higher Interest Rates.
• Demand Loan / overdraft against deposits will be upto 90% of the deposit.
• The upcountry cheque collection facility for locations with ICICI Bank presence free of charge to the Senior Citizen customers.
• The ICICI Bank Ncash debit card is a debit-cum-ATM card providing you with the convenience of acceptance at merchant establishments and cash withdrawals at ATMs.
• Auto Invest Account
• Internet Banking is 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 quarterly balance of Rs 5,000 only. Non-maintenance of the minimum average quarterly balance attracts a fee of Rs 750 per quarter.
• Nomination facility is available.
• Interest is payable half-yearly.
Eligibility Criteria
• A person who has completed the age of 60 years may be treated as a senior citizen for getting the benefit under the special deposit scheme for senior citizens.
Documentation
Applicants must satisfy the following documentation requirements
(A) Identity proof:
-Verified true copy of valid passport
-Letter from existing bank
-Valid driving license
-Valid employee identity card
-Valid PAN card
-Valid pension book
-Valid photo credit card along with the current billing cycle (latest) statement
-True copy of valid arms license issued by Govt of India/State govts/Union territory with photograph
-Valid freedom fighter's pass issued Home Ministry of Government of India
(B) Proof of communication address :
-Latest electricity bill
-Latest telephone bill
-Latest statement of account from a credit card issuing company
-Current lease agreement
-Consumer gas connection card
-Latest premium receipt from any life insurance company
-Certificate from ward officer, maintaining election roll, certifying address of the applicant
-Residential certificate mentioning name and address of the applicant issued by municipal corporation/local body etc.
-Latest certificate (not more than 3 months old) from the postal office confirming address of the applicant
-Letter from employer certifying the residential address of the employee as recorded in their books
(C) Self cheque (if the applicant is not visiting the branch for account opening)
(D) Age Verification Document:
-Secondary School Leaving Certificate Indicating date of birth
-LIC Policy
-Voters Identity Card
-Pension Payment Order
-Birth Certificate issued by the competent authority
-Passport
The Special Savings Account has the following salient features
1. Multi-City Cheque Book: This facility allows its customers to skip the traditional way of transferring funds to other cities through a demand draft. The Special Savings Account holder are issued two separate chequebooks for local and outstation use, thereby not only saving on time but also saving on draft commission. The cheques are payable at par at designated ICICI Bank branches across the country. There will be no limit to the value of cheque issued on a single day at RBI clearing centers. For all other centers a cap of Rs.10, 00,000 on a single day apply. All chequrebooks are personalized.
2. Quantum Optima Facility: Quantum Optima facility combines the liquidity of a saving account and high returns of Fixed Deposit. All balances in the saving account above Rs.25,000 are transferred to a fixed deposit in multiples of Rs.5,000 for a time period of one year. The funds however continue to be accessible around the clock through ATM, and also through cheques. Whenever the saving account balance falls below the specified limit, sufficient amount is transferred back from the fixed deposit by breaking in units of Rs.1,000 on last in first out basis, the terms of the fixed deposit can be specified. This facility is available to those employees who do not use the overdraft facility. However one the overdraft is regularized this facility can be resumed.
3. Others:
- Internet Banking .
-Free Anywhere banking .
-Free collection of outstation cheques.
-Free monthly account statements.
-Payroll processing for employees of the organization through ICICI Bank Salary Accounts.
-Inward remittance through Money2India for approved trusts.
Eligibility
Special Savings Account can be opened by
a. Primary Co-operative Credit Society which is being financed by the bank.
b. Khadi and Village Industries Boards.
c. Agriculture Produce Market Committees.
d. Societies registered under the Societies Registration Act, 1860 or any Other corresponding law in force in State or a Union Territory.
e. Companies governed by the Companies Act, 1956 which have been Licensed by the Central Government under Section 25 of the said Act, or under the corresponding provision in the Indian Companies Act, 1913 and permitted, not to add to their names the words 'Limited' or the words 'Private Limited'
f. 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.
g. Government departments/bodies/agencies in respect of grants/ subsidies released for implementation of various programmes/ schemes sponsored by Central/State Government subject to production of an authorization from the respective Government departments to open savings bank account.
h. Development of Women and Children in Rural Areas (DWCRA).
i. Self-help Groups (SHGs), registered or unregistered, which are Engaged in promoting savings habits among their members.
j. Farmers' Clubs - Vikas Volunteer Vahini - VVV.
Special Savings Account cannot be opened in the name of
a. Government departments/bodies depending upon budgetary allocations for performance of their functions
b. Municipal Corporations or Municipal Committees
c. Panchayat Samitis
d. State Housing Boards
e. Water and Sewerage / Drainage Boards / Metropolitan Development Authority / State / State Text Book Publishing Corporations / Societies / District Level Housing Co-op. Societies etc.
f. Any political party or trading or business concern, whether such concern is a proprietary or a partnership firm or a company or an association.
Documentation:
1.1 Mandatory documents for all Special Savings Accounts
1. Appropriate Account opening form.
2. Specimen signatures and latest photographs of all authorised signatories.
3. Copy of PAN or duly filled Form 60-with reasons of not having PAN.
Copy of duly acknowledged form 49A where the client has filled form 60 with the reason 'Applied for PAN'.
4. Self-drawn Cheque (Signature and stamp on cheque to match with that in Account opening form)
5. Certified copy of Resolution to open the account signed by Managing Trustee / Chairperson / Secretary / any two authorised signatories (for Trust / Association / Society / Club)
1.2 Documents specific for Trusts/Associations/Clubs/Society
1. For Trusts:
Certified "True and Updated" copy of Trust Deed signed by managing / authorised trustees
For Associations / Society / Clubs:
Certified "True and Updated" copy of rules & bye-laws (for Association / Society / Club) signed by the Secretary
2. Certified "True and Updated" copy of certificate of registration (for Trusts/ Association / Society / Club).
Exclusion:
Certificate of Registration is not mandatory for opening accounts of Private Trusts. In such cases, proof of address is mandatory
3. List of all office bearers / Trustees, to be obtained on the letterhead (of the Trust / Association / Society / Club), with their addresses and signed and dated by Managing Trustee / Chairperson / Secretary / two authorised signatories.
4. The following documents are required to establish the tax-exempt status of the applicant (if applicable):
i. Copy of the last acknowledged return of income / IT assessment order verifying that the income is exempt from tax
ii. Registration certificate from Income Tax establishing that the income of entity is exempt from tax
iii. Confirmation from the authorised signatory that the income of the entity is exempt under the Income-tax Act
5. Identity proofs for all authorised signatories.
6. If documents as mentioned in point 1, 2 or the IT assessment order/IT registration certificate submitted by the applicant does not establish the communication address as mentioned in the Account opening form, separate proof of communication address in the name of the Trusts / Associations / Society / Club needs to be collected.
Senior Citizen Account:
The Senior Citizen Account has a few services that the Normal Savings Account does not offer. The salient feature of the Senior Citizen Account are
• Higher Interest Rates.
• Demand Loan / overdraft against deposits will be upto 90% of the deposit.
• The upcountry cheque collection facility for locations with ICICI Bank presence free of charge to the Senior Citizen customers.
• The ICICI Bank Ncash debit card is a debit-cum-ATM card providing you with the convenience of acceptance at merchant establishments and cash withdrawals at ATMs.
• Auto Invest Account
• Internet Banking is 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 quarterly balance of Rs 5,000 only. Non-maintenance of the minimum average quarterly balance attracts a fee of Rs 750 per quarter.
• Nomination facility is available.
• Interest is payable half-yearly.
Eligibility Criteria
• A person who has completed the age of 60 years may be treated as a senior citizen for getting the benefit under the special deposit scheme for senior citizens.
Documentation
Applicants must satisfy the following documentation requirements
(A) Identity proof:
-Verified true copy of valid passport
-Letter from existing bank
-Valid driving license
-Valid employee identity card
-Valid PAN card
-Valid pension book
-Valid photo credit card along with the current billing cycle (latest) statement
-True copy of valid arms license issued by Govt of India/State govts/Union territory with photograph
-Valid freedom fighter's pass issued Home Ministry of Government of India
(B) Proof of communication address :
-Latest electricity bill
-Latest telephone bill
-Latest statement of account from a credit card issuing company
-Current lease agreement
-Consumer gas connection card
-Latest premium receipt from any life insurance company
-Certificate from ward officer, maintaining election roll, certifying address of the applicant
-Residential certificate mentioning name and address of the applicant issued by municipal corporation/local body etc.
-Latest certificate (not more than 3 months old) from the postal office confirming address of the applicant
-Letter from employer certifying the residential address of the employee as recorded in their books
(C) Self cheque (if the applicant is not visiting the branch for account opening)
(D) Age Verification Document:
-Secondary School Leaving Certificate Indicating date of birth
-LIC Policy
-Voters Identity Card
-Pension Payment Order
-Birth Certificate issued by the competent authority
-Passport