ICICI Bank offers a wide range of current accounts tailored for startups, professionals, entrepreneurs, and large businesses. ICICI offers account variants to suit every business need—along with benefits like overdraft facilities, high transaction limits, zero balance startup options, and access to the powerful InstaBIZ app. 

In this guide, you’ll find everything you need to know—types of ICICI Bank current accounts, minimum balance requirements, benefits, eligibility, documents required, and a step-by-step process to open your account online or offline.

ICICI Bank Current Account

An ICICI Bank Current Account is a type of bank account designed primarily for businesses and individuals who conduct a high volume of financial transactions. ICICI Bank offers current accounts with several benefits and types to meet customers' varied preferences and requirements. Likewise, current accounts are deposit accounts that ensure seamless transactions from your account without any restrictions on the volume.

Therefore, customers can access hassle-free transactions in ICICI Bank in various ways, including NEFT, RTGS, etc. The bank also features different types of current accounts to meet the requirements of multiple sectors and organisations. You can also enjoy facilities like ICICI Bank's current account net banking, faster collection of upcountry cheques, doorstep banking, etc.

How to Open Current Account In ICICI Bank?

If you wish to open a current account in ICICI Bank online, you need to follow a few simple steps to initiate the process. These include the following:

• Visit the official website of ICICI Bank.
• Navigate to the necessary option to open the current account application form.
• Carefully fill in the details required in the application form.
• Submit the form along with the required documents.
• Now go to the KYC option, wherein the bank usually verifies through OVD or Officially Valid Document and pre-populating relationship details from government websites like the Ministry of Corporate Affairs (MCA). Enter your PAN card, address proof, etc.

You can also opt for opening a current account in ICICI Bank offline in the following way:

• Visit the nearest branch of ICICI Bank.
• Navigate to a member of the necessary authority and request a current account application form.
• Fill in the form carefully by providing the required details.
• Submit the duly filled application form along with the necessary documents.

The bank will take a few working days to verify your details and process the application. After that, you will receive the credentials to access your current account. You can then fund your account to make it active.

ICICI Bank Current Account Types

ICICI Bank offers different types of current accounts featuring different benefits and objectives:

ICICI Bank Current Account Opening Eligibility

If you wish to opt for a current ICICI Bank account, you must satisfy a few eligibility criteria. Thus, the following business entities are eligible to apply:

• Public companies
• Private companies
• Partnerships
• Limited Liability Partnerships
• Sole proprietorships firms
• Trusts, Associations, Societies & Clubs (TASC)
• HUF

ICICI Bank Current Account Opening Documents

The required document list depends on the current type you opt for in ICICI Bank. The following points mention a general list of required documents that you will need in the process of ICICI Bank's current account application:

• A duly filled current account application form
• PAN card
• Address proof of all the partners involved in the business
• Partnership agreement mentioning the details of all the partners involved in the business
• Certificate of Incorporation and Memorandum of Association (MoA), applicable for Trusts and Companies
• Identity proof of all the partners involved in the business
• Contact details of all the partners including their phone number and mail ID.
• A cheque from an existing savings account

It is important to note that ICICI Bank holds the right to ask for additional documents based on the type or nature of the current account you have opted for. Thus, it is better to inquire and confirm the required list of documents well in advance so that you can arrange those beforehand, ensuring a seamless ICICI Bank current account application process.

ICICI Bank Current Account Minimum Balance

The minimum balance required to maintain your current account in ICICI Bank depends on the type of account you have opted for:

ICICI Bank Current Account Benefits

ICICI Bank's current accounts offer several advantages for account holders, ensuring their convenience. These include the following:

Flexibility of Overdraft

• One of the key benefits of current accounts in ICICI Bank is the overdraft facility. 
• This feature allows account holders to borrow funds whenever required without compromising their business operations. 
• The online draft facility will enable you to access up to ₹25 Lakh without collateral. 
• At the same time, the interest is paid only on the amount utilised.

Effective Finances Management

• Current accounts in ICICI Bank ensure seamless transactions, which lets you manage your finances better. 
• It provides quick fund transfers, streamlined payment solutions, and seamless cash flow management. 
• All these are essential for managing finances in a business, making current accounts an ideal option for professionals.

High Transaction Limit

• The higher transaction limits in an ICICI Bank current account make it the best choice for entrepreneurs and other business professionals. 
• It is essential for making payments to suppliers, receiving payments from customers, and disbursing salary.

Seamless Business Payments

• ICICI Bank also offers multiple payment options to ensure efficient cash flow management. 
• These solutions include RTGS, NEFT, IMPS, credit card, debit card, chequebook, etc. 
• You can choose any of these payment options according to your preferences to maintain and manage your finances.

Instant Collections

• With ICICI Bank current accounts, you can also access the facility of instant payment collection. 
• The bank offers multiple options for this, including PoS or Point of Sale QR codes and payment gateways.

Personalised Mobile Application

• ICICI Bank also features its personalised mobile application, InstaBIZ, which all current account holders can use to access their accounts. 
• Through the bank's mobile banking option, you can manage and operate your account from anywhere, anytime. 
• In other words, InstaBIZ is a business banking app that is a one-stop solution for your needs.

ICICI Bank Current Account Interest Rate

ICICI Bank does not offer interest on current accounts. This is because the prime objective of these current accounts is to ensure higher transactions for businesses without any hassle. Therefore, no interest is applicable or paid to the current account holders for maintaining their account in ICICI Bank. However, it comes with other benefits including:

• High transaction limits without additional charges
• Overdraft facility
• Complimentary issuance of cheque books

ICICI Bank Current Account Customer Care

ICICI Bank offers an efficient customer service team that is available 24 hours a day to help customers with their queries. Thus, in case you encounter any issues accessing your current account, consider reaching out to the nearest ICICI Bank branch. 

Or else you can call the toll-free customer care number of ICICI Bank - 1800 1080. Domestic customers who are travelling overseas can call ICICI Bank at +91 22 33667777 and 1860 120 777.

How to Close ICICI Bank Current Account?

In case you wish to close your ICICI Bank current account, you need to follow a few simple steps, which include the following:

• Visit the nearest branch of ICICI Bank.
• Navigate to a necessary authority member and ask for instructions on writing a request letter to close your current account.
• Write the closure letter and explain the reason for closing your account. It should be on the company's letterhead and signed by all the partners involved in the business.
• Submit the closure letter and KYC documents, including the PAN and Aadhaar cards, for all the signatories.
• Submit the chequebooks, unused cards, and passbooks for your current account.

Once the bank processes your closure application and verifies the details you provided, you will receive the balance amount, either in the form of a demand draft or cash, or it will be transferred to any of your other accounts.

ICICI Bank Current Account Charges

The following table mentions some of the charges applicable to the current account of ICICI Bank:

ICICI Bank Current Account Statement Password

You need to use a password to access your ICICI Bank current account bank statements. It is a combination of the first four letters of your name, which should be in upper case. It should be followed by four digits of your date of birth. If you have any issues accessing your ICICI Bank current account statements, consider contacting the bank's customer service team, who can guide you through the process.

Bottom Line

To sum it up, current accounts are an effective way to ensure seamless and hassle-free transactions among different businesses. ICICI makes business banking easy and efficient with features like high transaction limits, overdraft facilities, zero balance options for new businesses, and digital banking through InstaBIZ. These address the customers' requirements and add to the convenience of all businesses. 

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