ICICI DSP account
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ICICI Bank Defence Salary Account: Benefits, Eligibility, and Charges

The ICICI Bank Defence Salary Account is a specialized offering for our courageous men and women in the defence forces. Defence Salary Account provides comprehensive financial solutions with no requirement for a minimum balance such as exclusive loans for defence personnel, high-interest savings, and robust insurance coverage, whether in service or retired.

In this article, we will give you information and details about the ICICI DSP account, its benefits, eligibility, and charges. So keep with us until the end.

What is an ICICI DSP Account?

An ICICI DSP (Defence Salary Package) Account is a specialized salary account offered by ICICI Bank, tailored to meet the unique financial needs of defence personnel. This account is designed to provide various benefits and features that cater to the lifestyle and requirements of individuals serving in the armed forces.

Eligibility for ICICI DSP Account 

The ICICI DSP (Defence Salary Package) Account is specifically designed for defence personnel and includes various categories of individuals serving in different capacities within the defence sector. Here are the primary eligibility criteria for opening an ICICI DSP Account:


Serving or Retired Defence Personnel

Both serving or retired defence personnel in the Indian Army, Indian Navy, or Indian Air Force are eligible.

Coast Guard Personnel

Indian Coast Guard: Both active and retired members of the Indian Coast Guard.

Features and Benefits of ICICI DSP Account

Here are the key features and benefits of the ICICI DSP Account.

  • Coverage for accidental death in air incidents is up to Rs 1 Crore, including service aircraft.
  • You are covered for a personal accident death benefit of Rs 50 Lacs, with an additional Rs 10 Lacs in case of casualty due to a terrorist action.
  • Permanent Total Disability covers up to Rs 50 Lacs, based on the extent of disability.
  • If an Army personnel passes away due to an accident, their children are eligible for an educational benefit of Rs 5 Lakhs. Additionally, if the child is a girl, she can receive an educational benefit of an extra Rs 5 Lakhs.

Extension of Personal Accidental Insurance 

This accidental insurance coverage is extended up to the age of 80 years for these individuals.

  • Gentlemen Cadets (trainee officers)
  • Re-employed Officers (retired officers who have been re-hired).
  • Retired Defence Personnel (retired military personnel)

Banking Convenience

  • Enjoy unlimited free usage of ICICI Bank ATMs and ATMs from other banks.
  • Each family can have up to four zero-balance accounts.
  • Get Credit card options with lifetime benefits based on your membership rank.
  • The processing fee for personal loans has been waived.
  • Special rates are available for personal, home, and car loans.

Additional Features and Benefits of ICICI DSP Account across all ranks

Here are some additional benefits & features of ICICI DSP accounts across all the ranks.

Saving Account Portability facility

When you transfer your account to another branch in India, you will keep the same account number, debit card, and chequebook.

Money Multiplier Scheme (Manual sweep-in & Auto Sweep-out Facility)

The ICICI Bank Money Multiplier Scheme allows you to automatically transfer your excess funds from your savings account to a fixed deposit (FD) and back, to maximize your earnings.

Key features of Money Multiplier scheme

Manual Sweep-In

  • You can manually transfer funds from your savings account to an FD account.
  • The minimum transfer amount is ?10,000.
  • The FD can be created for a tenure of 7 days to 10 years.

Auto Sweep-Out

  • When you need to access the funds, the system will automatically transfer the required amount from the FD back to your savings account.
  • There is no limit on the number of sweep-outs you can perform.
  • The funds are transferred back to your savings account on the same day.

Interest Rates

  • The interest rate on the FD portion is higher than the interest rate on the savings account.
  • The blended interest rate (combining the savings account and FD) is generally higher than a regular savings account.


  • You can choose to manually sweep-in funds or set up an auto sweep-in facility.
  • You can also set a target balance in your savings account, above which the excess funds will be automatically swept into an FD.

ICICI Bank Money Multiplier Scheme allows you to optimize your earnings by automatically transferring funds between your savings account and an FD, providing you with better returns on your idle funds.

Salary Overdraft Account

  • You may be eligible for an overdraft limit of up to 4 times your net monthly income. The offer amount ranges from 30 thousand to 20 lakhs.
  • Interest is only payable on the amount of credit used for the number of days it is used.
  • You can choose to automatically transfer funds between your accounts to reduce your monthly interest, depending on fund availability.
  • No charges for foreclosing.

Credit Cards 

Free lifetime credit card options are available based on individual ranks.

ATM cum Debit Card

ICICI Debit cum credit card

  • Free international ATM/debit card
  • Unlimited free transactions at ICICI Bank ATMs and other bank ATMs in India.
  • No annual maintenance charges
  • Get a free add-on card for a family member.

Other features

  • Government Schemes like PPF/NPS facility available
  • E KYC device account opening / Express Tab account opening
  • Tax Assist
  • Dedicated Relationship Manager

Dedicated Helpline Number 

Toll-Free Number 180010 80 is available to resolve all queries. Have a dedicated Helpline for Defence/CAPF personnel.

ICICI DSP Accounts Fees & Charges

Here are the fees & charges associated with the ICICI Bank Defence Salary Account.

Feature / Service

Other Ranks (below JCO/Equivalent Ranks)

Junior Commissioned Officers & Equivalent Ranks

Commissioned Officers (Lieutenant & above Ranks)

Debit Card Variant




Daily Limit on Debit Card

Rs 1.25 Lac

Rs 1.5 Lac

Rs 2 Lac

Daily ATM Cash Withdrawal Limit

Rs 75,000

Rs 1 Lac

Rs 1 Lac

Flexibility to Enhance ATM Daily Limit




Free DD/Banker’s Cheque (Daily Limit)

Rs 1 Lac

Rs 1 Lac


Concession in Locker Charges




Wealth Management Programme

Not Available

Not Available

Yes (World Masterchip Debit Card for Defence Wealth customers)

Zero Balance Salary Account

Yes (No Minimum Balance Requirement)

Yes (No Minimum Balance Requirement)

Yes (Zero Balance Account for family, available for up to 4 members)

How to open a DSP Account in ICICI Bank?

Opening a Defence Salary Package (DSP) Account with ICICI Bank is a straightforward process. Here are the steps to help you get started:

Eligibility Check

First of all, check your eligibility you should be an active or retired personnel from the Indian Army, Navy, Air Force, Coast Guard, or civilians working with defence organizations.

Documents Required

Ensure that you have gathered all the required documents needed to complete the application form:

DSP account documents

  • Proof of Identity: Passport, Voter ID, Aadhaar Card, PAN Card, or any other government-issued ID.
  • Proof of Address: Utility bills, Electricity bills, Aadhaar Card, or any other valid address proof.
  • Proof of Employment/Service: Service ID card or retirement certificate.
  • Photographs: Two to three recent passport-sized photographs.

Visit the ICICI Bank Branch

Go to the nearest ICICI Bank branch. You can locate the nearest branch through the ICICI Bank website or mobile app.

Fill Out the Application Form

Request the DSP Account application form at the branch. Fill out the form with accurate personal and employment details.

Submit Documents

Submit the filled application form along with the gathered documents to the bank representative.

Verification Process

The bank will verify your documents and eligibility. This may include:

Identity Verification: Ensuring the validity of your ID and address proofs.

Employment Verification: Confirming your employment status with the defence organization.

Account Activation

Once the verification process is complete, the bank will open your DSP Account. You will receive:

Account Details: Account number, IFSC code, and other relevant details.

Welcome Kit: Debit card, chequebook, and other necessary banking materials.


The ICICI Bank Defence Salary Package (DSP) Account is designed to meet the unique needs of defence personnel. It offers benefits such as zero balance requirements, preferential loan rates, enhanced insurance coverage, and personalized banking services. Opening an account is simple, with minimal documentation and a straightforward verification process. 

Account holders can access ICICI Bank’s extensive branch network, digital banking services, and dedicated support. ICICI DSP account is meant to provide a seamless and rewarding banking experience for both active and retired defence personnel, offering the financial tools and peace of mind necessary to focus on serving the country and enjoying life beyond duty.

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