ICICI Bank is one of India’s most reputable private sector banks. Since its establishment in 1994, the bank has grown to become a household name in the financial industry. It offers its customers a wide range of banking products and financial services, each of which has been developed keeping in mind the customer’s requirements.
One of the financial services offered by ICICI Bank to its customers is the current account. A current account is primarily used by individuals whose financial transactions are in significantly higher amounts than that of the average customer. These large financial transactions are carried out on a daily basis and liquidity is an essential aspect to these customers. A current account specifically caters to these needs.
ICICI Bank has a wide range of current accounts that it offers its customers. Each of these accounts have been developed to meet the specific needs of the account holder. ICICI Bank’s current accounts range from those intended for large corporations to new businesses that are still in their fledgling stages.
Of the many current accounts that the bank offers is the Smart Business Account. The following are the features and benefits of this current account:
Features and benefits
- The minimum average balance to be maintained in a Smart Business Current Account is Rs.25,000. The account has the advantage of monthly free limits on maintaining the minimum average balance.
- The bank charges a fine of Rs.1,000 per month for non-maintenance of the minimum average balance.
- The Smart Business Account gives the account holder the advantage of making free cash deposits anywhere. The cash deposits up to 12 times the maintained minimum average balance can be made.
- Non-cash transactions up to 50 times the maintained minimum average balance can be made free of charge by the account holder.
- The bank also provides Smart Business Account holders with the benefit of 200 free transactions on both cash and non cash type.
- Smart Business Account holders receive 100 cheque leaves free of cost every month.
- ICICI Bank provides Smart Business Account holder the privilege of free unlimited cheque collection and cheque payments.
- The bank’s internet banking and mobile banking services are provided to Smart Business Account holders free of cost.
- Any transactions carried out through ICICI Bank ATMs do not attract any charges.
- The bank also allows account holders to switch to other variants of the current account without having to bear any charges for the shift.
- The monthly average balance of the Smart Business Account is calculated based on the average daily closing balance of the account at the end of each day over a period of one month.
- The debit card provided for a Smart Business Account can be used both locally and internationally.
- The bank provides its account holders with regular mobile alerts. A fee of Rs.25 is charged each month for mobile alerts on transactions carried out against the account. In cases where the account holder maintains a monthly average balance of Rs.1 lakh or more, the mobile alert service is provided free of charge.
The defining factor of the ICICI Bank Smart Business Account is that it has been developed to adjust to the account holder’s business cycle. The account provides account holders with the flexibility to link the transactional limits of their business to their current account based on their monthly average balance. All these benefits combined with the exceptional service from the bank make the Smart Business Account ideal for any type of business.
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