The Hindu : ICICI Bank to expand current account base

Online edition of India's National Newspaper
Sunday, Sep 22, 2002

Southern States

Southern States - Karnataka-Bangalore

ICICI Bank to expand current account base

By Our Special Correspondent

BANGALORE SEPT. 21. The ICICI Bank has projected an increase in its current account base from 12,000 accounts to 62,000 by the end of the year. The entry level for operating current account will become as low as Rs. 10,000 as average quarterly balance.

In its efforts to target emerging corporates, and small and medium enterprises with a net worth of Rs. 50 lakh to Rs. 50 crore, the bank has come out with some innovative services. One of them is the Roaming Current Account (RCA) designed primarily for this business segment, according to the Senior General Manager, P.H. Ravikumar.

The scheme has five variants with increasing quarterly balance thresholds ranging between Rs. 10,000 and Rs. 5 lakh, and with corresponding value-added services.

The services offered include multi-city cheque facility, local cheque collection, mobile alerts, and Internet banking.

The multi-city cheque facility is expected to help growing enterprises dealing with suppliers in several cities.

The cheques can be cleared locally in more than 100 cities and towns at par, and work out more economical than purchasing DDs and couriering them to other places.

The beneficiary also gets the payment faster.

The local cheque collection facility allows a RCA account holder to realise the proceeds of cheques received from various parts of the country faster, improving cash cycle.

At select locations, the bank will also offer cash pickup/delivery and cheque pickup for customers at their doorstep. The bank is also introducing a Debit/ATM Card for proprietor and partnership businesses.

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