ICICI Bank announces the launch of a program for startups that takes care of their banking as well as beyond-banking needs such as regulatory assistance, analytics, staffing, accounting, customer acquisition and digital outreach to customers, among others.
Named ‘iStartup2.0’, the country’s most comprehensive program, offers customers an eponymous Current Account which is available in three variants–Platinum, Gold and Silver– the widest range by any Bank for start-ups. New businesses (up to 10 years old) including partnerships, private and public limited companies as well as limited liability partnerships can opt for the Current Account.
Further, startups can seamlessly open an account and get the account number instantly at the time of incorporation as 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 efforts since they don’t have to fill details again to apply for an account. As further convenience, the Bank sends an official to startups at a time of their choice to verify the original documents for KYC.
Other benefits of this Current Account include availability of a dedicated Relationship Manager, premium savings account for promoters and salary accounts for employees and 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 both domestic and international trade transactions with preferential pricing, both industry first services.