Business & Economy

ICICI Bank launches premium savings account, ‘The One’, for upwardly mobile men

NetIndian News Network

Mumbai, January 22, 2019

ICICI Bank, India's largest private sector lender, has announced the launch of a new range of premium savings account, christened, ‘The One’, for upwardly-mobile salaried and self-employed men.
The savings account also offers a bouquet of benefits for the account-holder's family’s long-term financial needs such as asset creation, wealth management, life-protection and investment, a press release from the bank said.
Available in two variants, Magnum and Titanium, 'The One' offers protection to the account holder with the debit card as it recognises the requirement of enhanced protection to the account holder for financial security of his family, it said.
Additionally, the customer can conveniently opt for health and term life insurance covers. It also provides a boost for asset creation of a home with attractive waiver on processing fees on home loans, it said.
‘The One’ also provides customers with a range of attractive offers. The key among those are, Amazon Gift Card on specified debit card spends; using which they can join ‘Amazon Prime’. Account holders of the Titanium variant also get complimentary one-year subscription of Zomato Gold.
Pranav Mishra, Head- Retail Liabilities Group, ICICI Bank said, "We are committed to offer unique and innovative product propositions to our customers with the highest level of convenience. Our research has identified different customer sub-segments who require different product propositions. In line with this earlier in this fiscal, we had introduced new savings account offerings for senior citizens, working women and families. Now we are launching, ‘The One’ a premium savings account exclusively for upwardly-mobile male customers. Our research shows, this customer segment aspires to provide the best lifestyle to his family as well as secure their future against uncertainties. This includes owning a house, car and providing quality education for children. Alongside these commitments, his investments and insurance requirements become critical components for his family’s financial security."
"We believe that it is our responsibility as an organisation to play the role of a catalyst in the life of these customers and make opportunities available for them to invest and secure their financial life. Thus, we have curated a special offering that bundles many benefits of enhanced insurance covers, access to convenient asset creations, investments and lifestyle benefits. This unique proposition is our contribution towards providing our customers with exclusive privileges, thereby making their banking experience a rewarding one," he said.
Among other things, the account offers benefits such as free unlimited transactions on ICICI Bank as well as non–ICICI Bank ATMs in India; free NEFT/ RTGS for online channels such as internet banking and iMobile; up to 40% discount on annual locker rentals; and insurance and protection benefits.
The account offers the option for term and group health insurance plans at the time of account opening. The group health insurance plan offers a comprehensive cover including OPD, day care and surgery. This plan offers flexibility of monthly EMI option, a feature designed and available exclusively with the bank.
It offers a free new exclusive debit card with insurance cover. The coverage is Rs. 40 lakh air accident insurance, Rs. 10 lakh and Rs. 5 lakh for personal accident insurance on Titanium and Magnum respectively; and Rs 1.5 lakh purchase protection on debit card.
It also offers the option of a term life insurance for 10 years with Rs. 50 lakh as sum assured; offers unique dual feature of  monthly pay-out for 10 years (in case of a claim) and payout increase by 10% each year.
It offers choice of Group Health Insurance with a comprehensive cover including OPD, day care, surgeries and more. This plan offers flexibility of monthly EMI option and cashless treatment at 3600+ partner hospitals.
On the asset creation and investment side, the account offers benefits such as free brokerage upto Rs 22,500 on equity stock trading; free opening of trading account; waiver of annual charge on demat account for the first year; 50% waiver on processing fee for new home loans; and no processing fee on balance transfer of existing home loan.
Other benefits include Amazon Gift Card of Rs 999 on specified debit card spends, using which one can join Amazon Prime for a year; complimentary one year subscription of Zomato Gold for Titanium variant on specified attachments; discount on Bigbasket, a leading online supermarket to purchase daily groceries; complimentary health check-up at SRL Diagnostics for any family member on specified attachments; and minimum 15% discount at 2500+ restaurants across the country on using ‘The ONE’ savings account debit card, as part of the bank’s ‘Culinary Treats’ programme.

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