My Experience with ICICI Bank
Over the past few years, I’ve had multiple interactions with ICICI Bank, including their branches, staff, and customer care. Despite being the largest private bank in India, I’ve found their processes, standards, and policies to be inconsistent and sometimes frustrating. If you’re considering opening an account, upgrading to a different variant, or understanding how their banking system works, this guide might help you make an informed decision. I’m sharing my experiences in the hope that it benefits others navigating ICICI’s banking system.Wealth Management Account Dilemma
I’ve been debating whether to open an ICICI Wealth Management (WM) account directly or start with a Privilege account and upgrade later. The main issue is the bank's insistence on an initial funding (IF) of ₹5 lakh, even though my Total Relationship Value (TRV) from mutual funds is well above their requirement. I recently learned that ICICI does not count personal mutual fund investments toward TRV, meaning my banking relationship with them is weaker than I initially thought. While I might be able to negotiate the IF down to ₹3 lakh, it won’t go any lower. Another factor to consider is that opening a WM account directly comes with a full welcome kit, whereas upgrading from Privilege only includes an ATM card and a chequebook.TRV & Investment Limitations
Since ICICI does not include personal investments in TRV calculations, I had to rethink my banking approach. Despite having significant investments, they don’t contribute to my ICICI TRV unless they are made through their platform. This means I can’t rely on my existing portfolio to maintain WM status and must explore other banking products to meet their eligibility criteria. Additionally, I discovered that salary-based WM accounts do not offer full benefits unless a strong banking relationship is maintained to prevent downgrades.ICICI’s Changing Policies & RM Experiences
ICICI has tightened its WM eligibility criteria and no longer offers zero-MAB Privilege accounts easily. Even with a high-limit Sapphiro credit card, I still have to meet the initial funding requirement. My interactions with ICICI’s relationship managers (RMs) have been inconsistent—some say a ₹3 lakh net salary is required for a direct WM salary account, while others only offer a standard salary account with family-linked benefits. My recent branch visit wasn’t very helpful, so I planned to check a few more branches to find better support and a smoother entry into WM.Summary of Findings
- ICICI's Shift in Strategy – ICICI Bank has changed its focus towards premium and affluent customers. They discourage 0-balance accounts and insist on an initial funding (IF) of ₹50K–₹1.5L to open a Privilege, Wealth Management (WM), or Family 360 account. Even high-limit credit cardholders are required to provide IF.
- Inconsistent Branch Experiences – Different branches have different rules and approaches. Some rural branches are more flexible, while urban branches, especially in wealth segments, strongly push for IF. Even when eligibility conditions are met (e.g., holding a high-limit credit card), branches still demand IF, often due to internal targets.
- Hidden Rules for TRV and Investments – While ICICI advertises Total Relationship Value (TRV) benefits, only investments made through the iMobile app count. Direct investments outside ICICI are not included. This impacts customers aiming for WM status or other banking privileges.
- Difficulty in Opening 0MAB Account – While the website states eligibility conditions for a 0MAB Privilege account, branches either push for Family 360, 3-in-1 accounts (with ₹999 demat charges), or demand IF. In reality, opening a fully 0MAB account without IF is nearly impossible.
- Alternative Approach – Salary Account – Given the hurdles, opening a salary account was the best solution. It requires no initial funding, has minimal paperwork, and can be used as a normal savings account. If salary stops for 3+ months, it may convert into a regular savings account with minimum balance requirements, but this is still a better option than dealing with IF demands.
- ICICI Account Types & Eligibility: ICICI now primarily offers Family 360 and Wealth Management (WM) accounts; the Privilege variant has been removed. WM salary accounts require a net salary of ₹3L, but some RMs may allow it for ₹2.7-2.8L.
- Salary vs. Personal Savings Account: A salary account is easier to open with no minimum balance requirement (0 MAB), while personal savings accounts require maintaining a high Total Relationship Value (TRV). Salary accounts can be linked to family members for shared benefits.
- Wealth Management (WM) Account Issues: WM account eligibility and benefits are inconsistent. Some branches demand ₹3L initial funding, while others allow TRV-based upgrades. Downgrades can happen suddenly if TRV isn't maintained. The branch confirmed that to maintain WM status, I need to keep at least ₹3 lakh in my savings account or increase my TRV through other banking products. However, if I choose to upgrade later, there is a risk of being downgraded again if I fail to meet their requirements.
- Salary Account to WM Conversion: A salary account itself has zero MAB (Minimum Average Balance), but if upgraded to WM, it follows the normal TRV-based route. Even if upgraded, I need to maintain a good relationship to avoid downgrades. Salary Wealth isn’t the same as a regular WM account—it carries the name but doesn’t offer full benefits unless I maintain the required TRV.
- ICICI’s TRV Consideration: ICICI does not count personal mutual fund investments towards TRV. This means my overall banking relationship with them is weaker than I expected. Even though my total investment value is over ₹50 lakh, it doesn’t directly help in getting or maintaining WM status unless those funds are held within ICICI’s investment platform.
I have opened a basic salary account with ICICI, which comes with zero balance, zero initial funding, and no documents required. It’s the simplest version of their salary account. If my salary isn’t credited for 3-6 months, it will be downgraded to a regular savings account with a ₹10K minimum balance requirement, which I’m fine with since I only need a basic ICICI savings account. This method is a shortcut to enter ICICI’s system without spending any money. They have already provided me with an instant kit, a titanium debit card, and 5-leaf cheque book. Now, I just need to activate internet banking, set my ATM PIN, and link my existing user ID with this new account.
