ICICI is one of the leading private banks in India with a network of 4,882 branches across the country and total assets at Rs. 12.50 trillion as of June 30, 2019¹. They offer numerous options for current accounts and a wide breadth of services for businesses in India. So if you are a startup or a legacy and established business in India, ICICI will likely have an account that can fit your needs. Let’s learn more about what this popular bank offers businesses and if it can be a good option for your business’ needs.
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ICICI offers different levels of current accounts under three different types of Indian businesses².
This is for small and mid-sized Indian businesses, self-employed professionals, and any other types of businesses with an annual turnover of less than 2 crores. There are 8 types of regular current accounts and each carries additional benefits based on the monthly average balance maintained in the account.
These are current accounts for large domestic businesses that are continuing to grow and scale. These accounts provide special privileges, free services, customized offerings, and higher limits on daily transactions. There are 6 types of premium current accounts at ICICI and each has its own monthly average balance requirements and benefits.
These are unique accounts for Indian import and export businesses that provide specific features like global trade services and composite banking options. The accounts are tiered depending on the monthly average balance maintained in the account. You get a dedicated relationship manager with these accounts as well as free inward remittances.
If you are just starting out, ICICI has specific accounts for startups that provides a customized current account, help with business registration and licensing, and a BizCircle platform for networking.
A business account with ICICI opens up the doors to all their business services. This includes, but is not limited to, the ICICI payment gateway or Point of Sale terminals, business loans, credit facilities, trade services, tax payment solutions, overdraft facilities, vendor payments, and online collections.
ICICI has also launched a new app called ICICI InstaBiz which makes it even easier to take advantage of the relevant 115 services that the bank offers.
With certain accounts, you can also get a dedicated relationship manager that is there for you and helps guide you through the different benefits, packages, and services that ICICI offers.
To get started you can apply directly from the ICICI business banking website. Most typical account openings can be done in 4 steps:
- Register on the website
- Upload the necessary documents
- Choose the account that fits your business
- Speak with a business banking representative
You can also SMS “CURRENT” to 5676766 or walk into any of the ICICI branches to get started³.
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To open a business bank account you will need up to date and valid incorporation and KYC documents. Each type of registered business, whether it is an individual or a private limited company, will require its own specific paperwork⁴.
Each type of current account has a different fee structure. The varying charges may be based on⁵:
- Cash deposit transactions
- Cash services
- Charges for other transactions
- Debit card transactions
- Account closure charges
- Common charges
- Cash Management Services
- Value-added features
Each of the current accounts have different features that are free and come included with the account. Find the account that best fits your business and then take a look at their charges at the ICICI website.
ICICI has two primary ways for support- their customer care page and by phone. On their customer care page on the website, you can type in any questions you have and their pre-populated articles can help guide you with an answer. If you want to speak to someone over the phone, you can reach their business banking phone line at 1860 120 6699.
Wise makes international payments fast, cheap and easy. You can open an account for free, and send, spend and receive money in multiple currencies.
Sources used for this article
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