ICICI Bank launches iStartup 2.0 to aid Startups with its Current Account facility

By : |September 11, 2020 0
Any start-up can apply for the ‘iStartup 2.0’ programme, whether or not ICICI Bank customer.

ICICI Bank has announced the launch of a program for startups that takes care of their banking as well as beyond-banking needs. This will include regulatory assistance, analytics, staffing, accounting, customer acquisition, and digital outreach to customers, among others.

The iStartup2.0 will offer startups an eponymous Current Account which is available in three variants – Platinum, Gold, and Silver. Startups or business (up to 10 years old) can opt for the Current Account with this scheme. Further, startups can seamlessly open an account and get the account number instantly at the time of incorporation. The Bank has integrated its APIs with the website of the Ministry of Corporate Affairs (MCA). It offers significant convenience to founders/entrepreneurs as it saves time and effort since they don’t have to fill details again to apply for an account. As a further convenience, the Bank sends an official to startups at a time of their choice to verify the original documents for KYC.

What are the benefits of the ICICI Bank Startup 2.0?

You will get a dedicated Relationship Manager. The account will come with the benefit of a premium savings account for promoters. It will also have salary accounts for employees and a waiver of quarterly average balance for a year. Additionally, startups can customize and choose the facilities required in their account and use the single account for domestic as well as international trade transactions with preferential pricing.

· Access to state-of-the-art ‘InstaBIZ’ mobile application: With over 150 services, this comprehensive mobile app enables businesses to complete almost all their banking transactions digitally, without visiting a bank branch. It offers many industry-first features namely instant payment of GST, easy bulk collection & payments of funds through multiple modes, automatic bank reconciliation, and inward/outward remittances among others.

· Availability of Corporate Internet Banking platform and Trade Online, a specialized digital platform for export-import transactions

· Automatic bank reconciliation feature via ‘Connected Banking’ with over 40 popular accounting / ERP platforms

· Business debit card and FD backed business credit cards.

· Preferential pricing on ‘Loan Against Securities’ and ‘Overdraft facility against Fixed Deposit’

· Also, zero processing fee and commitment charges on Fixed Deposits / Overdrafts

· Group Health & Personal Accident cover

StartUp Assist features

· Start-up set up concierge: Specially curated to assist startups in the setup stage. Offers single-point service to startups at a special discounted price for ICICI Bank customers. They can get access to services like company registration, taxation, compliance, logistics, facility management. Further, they have a dedicated concierge helpline or via an app or an email

· Digital concierge: Useful for start-ups wanting to expand the digital business. It offers a one-stop solution ranging from website development & hosting, social media marketing, SEO & SEM among others. The digital packages come with a host of benefits for ICICI Bank customers at an exclusive discounted price offered by a partner through a dedicated helpdesk & mobile app.

· Additional offers: For attractive discounts on solutions for ‘Work-From-Home’, IT hardware package deals on the purchase of laptops consisting of free accessories like printer, hard disk & monitor. Also offers exclusive packages at an attractive price for ICICI Bank customers. It has an accounting software, website hosting company, and cloud services among others. Further, they also get exclusive packages for advertising with a leading online streaming network with complimentary additional advertising value.

Further, you can know more about the initiative here.

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