The first step to investment is savings, it is a challenge for customers to build up an investible surplus in their savings account without spending it. The piggy bank is a tool where customer can transfer small amounts and invest the same in mutual funds when it reaches the required threshold. Piggy Bank is a type of savings accounts with the below mentioned features:
Eligibility: Piggy Bank account will be available only to resident Indians (Above the age of 18 years)
Holding type: Piggy Bank account will be available only in single mode
Minimum Balance: There is no minimum balance requirement in this account
Initial Funding: There is no initial funding required for this account
Interest Rate: You earn the same interest rate which you get in the ICICI Bank Savings Account
Deliverables: No deliverables like cheque book, debit card are provided in this account
Transactions available: Money in piggy bank can only be transferred back to your savings account. Other transaction modes like NEFT/ RTGS/ IMPS/ Demand Draft/ Pay Order/ Withdrawal from debit card are not available in this account.