How to Open an ICICI Bank Current Account?

What is the difference between the ICICI bank current account and savings account? Is there a special benefit to having a current account? Well, if you are wondering about the same then you are at the right place. 

In this article, we will discuss everything about a current account, from ICICI Bank's online current account opening to its benefits and importance. After reading this article, you will be able to determine whether a current account is the best option for you.

What is a Current Account and How is it Different from Others?

Savings Account is a popular option among individuals. We will go as far as saying that this is the only account that most people know about apart from the salary account. However, if you own a business, big or small, a current account is gonna turn out quite useful!

The ICICI bank's current account is used by businesses. With this account, you can easily manage income, make payments, and access your money whenever and wherever you need it. It is the same as a savings account but you should opt for it if you want to promote a business.

Features of an ICICI Bank Current Account

If you own a business, you should definitely go for a current account. Let me tell you about the features of the current account at the ICICI Bank:

• You can make unlimited transactions per day. This includes transferring funds online, receiving and writing cheques, and more.
• Like all other bank accounts, you can get your exclusive ATM card and chequebook issued for this account type as well.
• There are all the banking services available such as your usual NEFT/RTGS/IMPS. You can check out your account balance and statement for any time period with just a click. 
• Apart from all the above, you can pay your bills with standing instructions like EMI or other utility payments.

The only disadvantage of a current account is that you will not be able to earn any interest on your amount in the account. This is what makes it different from the savings account. 

All of the above sounded too good to be true anyway. The flexibility and the higher transaction limit do come at the cost of no interest. But don’t get so disappointed as the ICICI bank current account benefits are endless which we will discuss further in the article.

Eligibility Criteria

Before we tell you all the steps to open a current account, it is important to know if you are even eligible for it. You must fall under the following account type to be eligible:

• An Individual or HUF (Hindu Undivided Family)
• A Company, Partnership Firm, or Proprietorship: It can be either public or private Ltd.
• An Institution, Trust, Association, or government department.

Documents Required

There are some documents required to open a current account. Make sure you keep them in handy while applying for this account:

• PAN card
• A valid address proof such as an Aadhaar Card or Passport
• Certificate of Incorporation and MoA for companies and Trusts.
• Partnership Agreement
• A cheque from an existing Savings Account 
• Passport Size Photograph

How To Open An ICICI Current Account Online?

Here is a step-by-step guide to open a current account online with ICICI Bank. Just follow the steps below for a seamless experience:

Registration

Visit the official website of the ICICI Bank and click on Apply Now for a current account online. Start by filling out the application form with your basic details such as your first and last name, mobile number, email ID, customer type, Branch name, and PIN code.

Select the Type of Current Account

Selecting the right type of Current Account is important because ICICI offers different types of bank accounts to cater to different business needs. For added convenience, the bank will evaluate your needs and suggest the best Current Account type according to your profile.

Make sure you through the benefits of it and other types as well to make the right decision as per your business requirements.

Complete the Online KYC

After you select the type of account, you will have to fill in your PAN (Permanent Account Number), and GSTIN (Goods and Services Tax Identification Number) along with all the documents mentioned above.

ICICI will verify all these details through OVD (Officially Valid Document). You may also be required to submit some additional documents depending on the type of entity you are. 

Receiving an Account Number

Now that you have submitted all the documents, wait for the verification to be completed. If everything checks out, the bank will create an online current account for you. You will receive an account number which will be unique only to you for the same. 

You will be glad to know that the ICICI Bank allows you to select the last six digits of your account number. It totally depends on the availability of that number though but yeah, you can set your preferred account number at ICICI Bank.

Activation

Before your current account is activated, an ICICI Bank official will visit your business premises to do an in-person verification. he/she will cross-check the documents you uploaded with the original ones. 

After this, you will receive an email or SMS that your account has been activated. Now you can make use of all the benefits of Internet banking, and mobile banking and use the exclusive debit card to withdraw cash as well.

Benefits of An ICICI Current Account

We did give you a sneak peek above with the benefits of a current account, now let’s talk about them in detail:

• Cash withdrawal: Current Accounts give you the flexibility to withdraw cash anytime. This feature is why most businesses opt for this account type.
• Several Account Variants: ICICI Bank offers custom current account variants based on the type of business or entity. By answering just a few simple questions, the bank will recommend you the best variant for you.
• Overdraft: You can easily avail an overdraft facility against a current account. An overdraft helps meet the working capital needs of a business at any given point in time.
• Insight into your Credit: Current Accounts provide much-needed insights into creditworthiness through inter-bank connections. This information is necessary to assess the financial health of the business.

Final Note

The ICICI Bank current account has tons of benefits such as higher transaction limits, overdraft facilities, and other digital banking services. ICICI Bank offers a range of current account variants which can be opened with minimal documentation.

In this article, we discussed primarily the steps involved in opening a current account at ICICI. In case, you face any difficulties, contact ICICI customer service which is available round the clock for all banking assistance. So, what are you waiting for? If you are a business owner, get your ICICI Bank current account opened right now!