ICICI Bank is India's largest private sector bank that was founded in 1994. It has subsidiaries across the globe, yet is deeply committed to the economic and social development of the country. Since its establishment, it has been known for its innovation in the banking industry and has received recognition for its services.
ICICI Bank has a number of financial products that it offers its customers. Each of these products has variants that have been developed to cater to the needs of a particular type of customer. One of the many services that ICICI Bank offers its customers is the current account.
ICICI Bank’s current account is broadly categorised into 3 groups—a regular account for domestic businesses, a premium account for domestic businesses, and an account for import and export businesses. Each of these categories is further sub-categorised based on the very niche requirements of the potential account holder.
One of the current accounts that ICICI Bank offers is the New iStartUp Current Account. The account has been specifically designed for young entrepreneurs looking to start a new business. The account includes a host of services to help the account holder grow their business. Additionally, account holders can also customise the features of their account.
Features and benefits
- Account holders can enjoy zero balance for the first 6 months after opening the account, after which the account holder will have to maintain an average monthly balance of Rs.25,000. Non-maintenance of the minimum average balance would result in a penalty of Rs.5,000 for accounts that have been opened in RIB and certain SURU locations. Accounts opened in other locations carry a penalty charge of Rs.25,000 for non-maintenance of the monthly average balance.
- Holding an iStartUp Current Account entitles the account holder to preferential charges on transactions for imports and exports.
- The bank provides account holders with salary solutions for their employees.
- iStartUp account holders are given the opportunity to meet private equity players and venture capitalists at events and summits organised by ICICI Bank.
- ICICI Bank makes the account holder’s banking experience more convenient through various technological innovations.
- Account holders can also choose higher variants of the iStartUp Current Account to further accelerate the growth of their business.
- ICICI Bank offers special deals on regulatory and legal consulting to its iStartUp Current Account holders. The bank helps set up meetings with consulting firms to help provide account holders with advice and support on matters relating to regulatory requirements, registration, and licencing.
- Account holders also have a dedicated Relationship Manager assigned to them. These relationship managers customise solutions for the account holders.
- The bank provides account holders with Forex services and guidance on managing FDI.
The iStartUp Current Account is ICICI Bank’s attempt at making banking transactions a little less cumbersome for budding entrepreneurs. The account has been developed by taking into account all the hurdles and roadblocks that are often associated with starting a new business. More recently, the bank has launched the iStartup Garage which provides guidance and information to young people considering starting a business venture. iStartup Garage is set up at select ICICI Bank branches and provides potential entrepreneurs with advice on setting up a start up in a wide range of fields.
With features and benefits that are exclusive to this particular demographic, the ICICI Bank iStartUp Current Account is ideal for young people looking to break in the business world.
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