ICICI Bank is one of India’s leading private sector banks. It was founded in 1994 and has now grown exponentially in terms of its customer base and the financial services that it offers them. The products that the bank offers range from savings accounts to mutual funds.
One of the services that ICICI Bank provides its customers is the current account. A current account is a type of bank account that is primarily meant for individuals who require liquidity. It is mostly used by individuals who make frequent withdrawals and deposits usually for business-related transactions.
ICICI Bank has a variety of current accounts that it offers its customers. Each of these accounts has features that are specific to a particular group of customers. One of the current accounts offered by the bank is the Shubhaarambh Current Account.
Features and Benefits
- The Shubhaarambh Current Account is a zero balance account for the first 6 months from the account being opened. After 6 months the account holder is expected to maintain a minimum average balance of Rs.25,000.
- The bank charges Rs.1,000 each month for non-maintenance of the minimum average balance.
- Account holders are given the privilege of making free cash deposits up to 12 times the minimum monthly average balance maintained in their account or up to the limit of Rs.1.2 crore.
- The Shubhaarambh Current Account entitles account holders to free RTGS and NEFT transactions.
- The account provides account holders with the benefit of conducting free non-cash transactions upto 50 times of the minimum average balance maintained.
- The bank provides Shubhaarambh Current Account holders free mobile alerts for transactions carried out against their account.
- Account holders receive a Titanium debit card and have Rs.250 waived on debit card charges for the first year.
- The bank permits account holders to make cash withdrawals up to Rs.50,000 free of charge on a daily basis. This is applicable only for withdrawals made using self cheques.
- Shubhaarambh Current Account holders receive 100 free cheque leaves every month.
- The bank provides its internet banking, mobile banking, and SMS banking facilities free of charge for its account holders.
- Cheques collected at the base location, local cheque payments, and funds transferred within the bank do not levy any charges.
- The bank charges a certain fee for transactions that go beyond the free limits provided. This is with reference to withdrawals, deposits, and other non-cash transactions.
- The average monthly balance is calculated based on the average of the daily balance at the close of each working day over a one-month period.
- Cash transactions made in a single day that are above Rs.10 lakh would require the account holder to inform the bank a day in advance and receive approval of the same.
The following are the eligibility criteria for opening a Shubhaarambh Current Account with ICICI Bank:
- The Shubhaarambh Current Account is only available to proprietorships.
- The account should be opened within 6 months of establishment of the proprietorship.
- The applicant cannot have an existing current account with ICICI Bank.
Opening a current account with ICICI Bank comes with a number of perks. The Shubhaarambh Current Account has been developed to exclusively cater to the challenges that come with new proprietorship. The features of the account help with managing cash flows that are typical of a new business. Furthermore, account holders can be assured of the quality of service that will be provided to them.
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