Savings Account

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.

What are the currencies available?


The Savings Account can be opened in BD (Bahraini Dinar).

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.

What is the interest rate that will be applied, and how will interest be paid?


Currently, the applicable interest rate is 0.25% 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.

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.

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.

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.

Will I get overdraft facility?


No overdraft facility is provided on the Savings Account.

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The date when funds can be withdrawn from your account is referred to as cleared date, while the date from which your funds begin to earn interest is called value date.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.

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.

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.