The ICICI Bank Current Account is a specialised offering catering to the dynamic requirements of businesses. Know in detail about the same. Get legal support
ICICI Bank Current Account Overview
A deposit account offered by ICICI Bank, the current account facilitates seamless deposits, withdrawals of funds, and various business transactions. Tailored for professionals and enterprises dealing with substantial transaction volumes, it enables unlimited transactions without specific caps, though subject to potential government-imposed banking cash transaction taxes. This guide elaborates comprehensively on opening an ICICI Bank Current Account.
Eligibility for ICICI Bank Current Account
The following business entities commonly open current accounts:
- Limited Liability Partnerships (LLP)
- Sole Proprietors
- Partnership Firms
- Hindu Undivided Families (HUF) or Specified Associations
- Companies
- Trusts
Features of ICICI Current Account
- Current bank accounts cater primarily to business operations
- They don’t yield interest on the maintained balance
- A higher minimum balance is required, with penalties for insufficient amounts
- Holders enjoy overdraft, internet, and mobile banking services
- No limits exist for deposits/withdrawals at the home branch.
Documents Required
To open a current account at ICICI Bank, submit these self-attested documents:
Individuals (business purpose)
- Application Form
- Identity Proof: PAN Card, Aadhar Card, Driving License, Voter ID, etc.
- Address Proof: Aadhar Card, Passport, Utility bill, Property tax bill, etc.
- Two passport size photos
- Account opening Cheque from an existing Savings/Individual Current Account
Sole Proprietorship & HUF
- HUF Account: Two passport size photos, PAN Card in HUF’s name, Address Proof, Contact Details
- Sole Proprietorship: Address Proof, Two passport size photos, Two documents with proprietor’s name, POA if applicable
Partnership Firm & LLP
- Partnership Firm: List of beneficial owners (holding >15%), Partnership deed, Two passport size photos, PAN Card
Private/Public Limited Company
For Proprietorship firm submission:
- Incorporation Certificate
- Memorandum of Association (MoA)
- Articles of Association (AoA)
- Board Resolution (BR)
- Updated directors list
- Identity Proof: Entity’s PAN Card
- Address Proof: Sole proprietor/entity’s Aadhar Card, Valid Passport, etc.
For Trusts, Societies, Associations & Clubs (TASC):
- Constitution document
- Updated directors list
- Identity Proof: Entity’s PAN Card
- Address Proof: Sole proprietor/entity’s Aadhar Card, Valid Passport, etc.
For Limited Liability Partnership (LLP):
- Registrar of LLP issued Registration Certificate
- Identity Proof: Entity’s PAN Card
- Address Proof: Sole proprietor/entity’s Aadhar Card, Valid Passport, etc.
- Two passport size photos
- LLP agreement
- Designated partners updated list
Regular Current Accounts
ICICI Bank offers a range of current account products catering to diverse business needs. Ideal for small retailers, traders, self-employed sole proprietors, and businesses with annual turnovers below 2 crores, these accounts provide suitable options. Entrepreneurs can choose from the following list of ICICI Bank current accounts tailored to their specific business needs.
- New Start-Up Current Account
- Shubhaarambh Current Account
- Smart Business Account
- Smart Business Account – Gold
- Roaming Current Account Gold
- Roaming Current Account Premium
- Roaming Current Account Classic
- Roaming Current Account Standard
| S.No. | ICICI Bank Current Account | ICICI Bank Current Account minimum Monthly Average Balance (MAB) | Non-Maintenance Charges | Cash Deposit Requirement |
| 1. | New Start-Up Current Account |
NIL (for first 6 months) Post 6 months ₹25,000 |
₹1,000 per month | Free cash deposits up to 12 times the maintained MAB |
| 2. | ShubhAarambh Current Account | NIL for the first six months, ₹25,000 thereafter | ₹1,000 per month | Free cash deposits up to 12 times the maintained MAB |
| 3. | Smart Business Account | ₹25,000 | ₹1,000 per month | Free cash deposit of up to 12 times the maintained MAB |
| 4. | Smart Business Account – Gold | ₹1 Lakh | ₹3,000 per month | Free cash deposit of up to 12 times the maintained MAB or ₹1.8 Cr |
| 5. | Roaming Current Account – Gold | ₹1 Lakh | ₹2,000 | Free cash deposit up to ₹10 Lakhs per month |
| 6. | Roaming Current Account – Standard | ₹10,000 | ₹750 |
Free cash deposit up to ₹1 Lakh per month |
| 7. | Roaming Current Account – Classic | ₹25,000 | ₹1,000 |
Free cash deposit up to ₹2.5 Lakhs per month |
| 8. | Roaming Current Account – Premium | ₹50,000 | ₹1,500 | Free cash deposit up to ₹5 Lakhs per |
New Startup Current Account
iStartup Account, tailored for startup founders and young entrepreneurs, offers customised payment and collection solutions, including:
- 200 monthly free RTGS and NEFT transactions
- 100 free monthly cheque leaves
- Non-cash transactions free up to 50 times the maintained MAB
- Free withdrawals up to ₹50,000 daily (self-cheques)
- Unlimited base location withdrawals at no charge
- First-year debit card charges waived
- Free cash deposits up to 12 times the average monthly balance for 6 months (conditions apply).
Shubhaarambh Current Account
It exclusively for proprietorships, aligns with the iStartup Account’s features, including free RTGS/NEFT transactions, cheque leaves, non-cash transactions, and similar withdrawal benefits. Smart Business Account links free limits to your maintained average balance, offering:
- 200 monthly free RTGS/NEFT transactions
- 100 free cheque leaves/month
- Non-cash transactions free up to 50 times the MAB
- Free withdrawals up to ₹50,000/day (self-cheques)
- Unlimited base location withdrawals
- Debit card charges at ₹250/month
- Free cash deposits linked to maintained average balance.
Smart Business Account – Gold extends the Smart Business Account, providing locker facilities, auto loan discounts, and enhanced benefits:
- 300 free RTGS/NEFT transactions
- 300 free cheque leaves/month
- Non-cash transactions free
- Free withdrawals up to ₹50,000/day (self-cheques)
- Unlimited base location withdrawals
- Debit card charges at ₹250/month
- Free cash deposit up to 12 times the maintained MAB or ₹1.8 Crore.
Roaming Current Account Premium
It includes 100 free cheque leaves/month, unlimited base withdrawals, free non-base withdrawals up to ₹50,000/day (self-cheques), and 300 free RTGS/NEFT transactions.
Roaming Current Account Gold
- Free monthly cash deposits up to ₹1 Crore within the account city
- Minimum balance requirement: ₹1 Lakh
- Penalty for non-maintenance: ₹2,000
- Unlimited value-based withdrawals
- Non-base withdrawals up to ₹50,000/day (self-cheques)
Roaming Current Account Classic:
- Free monthly cash deposits up to ₹2.5 Lakhs within the city
- 50 free cheque leaves/month
- Minimum balance: ₹25,000
- Penalty for non-maintenance ₹1,000
- Unlimited value-based withdrawals
- Non-base withdrawals up to ₹50,000/day (self-cheques)
Roaming Current Account Standard:
- Free monthly cash deposits up to ₹1 Lakh
- 25 free cheque leaves/month
- Minimum balance: ₹10,000
- Penalty for non-maintenance: ₹750
- Unlimited value-based withdrawals
- Non-base withdrawals up to ₹50,000/day (self-cheques)
Premium Current Account:
- Tailored for large domestic businesses
- Includes Club Elite Ivy, Roaming Current Account Elite, Smart Business Account – Platinum, Roaming Current Account (RCA) Platinum, Roaming Current Account Gold Plus, Made 2 Order accounts.
| S.No. | ICICI Current Account | ICICI Bank Current Account minimum Monthly Average Balance (MAB) | Non-Maintenance Charges | Cash Deposit Requirement |
| 1. | Roaming Current Account Elite | ₹10 Lakh | ₹5,000 if MAB is more than 50 percent and ₹10,000 if MAB less than 50 per cent | Free cash deposits up to 10 times the maintained MAB |
| 2. | Roaming Current Account Gold Plus | ₹3 Lakhs | ₹3,000 | Free cash deposit up to ₹30 Lakhs per month |
| 3. | Roaming Current Account Platinum | ₹5 Lakhs | ₹2,500 if MAB more than 50% and ₹5,000 if MAB is less than 50% | Free cash deposit up to ₹50 Lacs per month |
| 4. |
Smart Business Account – Platinum
|
₹5,00,000 | ₹10,000 per month | Free cash deposit up to 12 times the maintained MAB |
| 4. | Made2Order Account | ₹3 Lakhs | N/A | N/A |
Club Elite Ivy
This exclusive current account program operates on an invitation-only basis. Account opening agreement terms and conditions are signed during the account initiation process.
Roaming Current Account Elite
- Designed for high-end businesses with local transactions
- Includes a complimentary Business Banking Debit Card
- Unlimited value-based withdrawals
- Non-base withdrawals up to ₹50,000/day (self-cheques).
Smart Business Account – Platinum
- Extension of the unique Smart Business Account
- Features free cheque pickup, discounted Locker facility, Cash Management services, and Auto loan
- Offers free RTGS, NEFT transactions, and 600 free cheque leaves/month.
Roaming Current Account (RCA) Platinum
- Provides a free Business Banking Debit Card
- Unlimited value-based withdrawals
- Non-base withdrawals up to ₹50,000/day (self-cheques).
Roaming Current Account Gold Plus
- Includes 600 free cheque leaves/month
- Unlimited value-based withdrawals
- Non-base withdrawals up to ₹50,000/day (self-cheques).
Made 2 Order
- Flexibility in determining the MAB
- Enhanced service free limits and customisable free cheque leaves
- Unlimited value-based withdrawals
- Non-base withdrawals up to ₹50,000/day (self-cheques).
One Globe Trade Account:
- Integrates domestic Roaming Current Account features with global trade services.
- Suitable for domestic, export, and import transactions.
- Offers options to maintain Monthly Average Balance (MAB) or Monthly Throughput (MTP).
- Features three variants tailored to specific needs.
| S.No. | Type of Account | MAB |
| 1. | Trade Basic | MTP 5,000 USD equivalent or 50,000 MAB |
| 2. | Trade Gold | MTP 20,000 USD equivalent or 1,00,000 MAB |
| 3. | Trade Platinum | MTP 80,000 USD equivalent or 5,00,000 MAB |
The account provides digital alerts such as E Advices, E Swift, E-mail Statements, and E–Acknowledgements. Additionally, it includes complimentary inward remittances and E – BRC issuance. Customers also enjoy preferential pricing for Locker Charges, Cash Management Solutions, Auto Loan, and Personal Accidental Insurance upon opening this account.
FAQs
What is the minimum balance for Icici current account?
The minimum balance for an ICICI current account varies depending on the type of account. It typically ranges from zero balance to a specified amount. Refer to ICICI's official website or contact their customer service for specific details based on the account type you're interested in.
Can I open zero balance current account in Icici?
Yes, ICICI Bank offers zero balance current accounts with certain conditions. These accounts cater to specific categories like startups, small businesses, or accounts linked to specific banking programs. Explore their offerings and eligibility criteria on their website or by contacting the bank directly.
Who can open current account in ICICI?
Individuals, businesses, partnerships, limited companies, trusts, associations, and more can open a current account with ICICI, subject to fulfilling their documentation requirements. Different account types might have specific eligibility criteria; therefore, it's advisable to check with the bank for precise details.
Also Read
