BranchFree Banking From ICICI Bank
Taking the plunge in providing online-only banking to India’s 49 million netizens, ICICI Bank has launched “B2-Branch-free Banking“, which offers information through a single interface to facilitate banking transactions over the internet.
Not a bad option to save real estate costs, which are causing an increasing dent in the profit margins for most companies - in return, customers get zero charges with zero minimum balance, not to mention facilities like an e wallet – a zero limit pre paid visa card which can be used for online purchases and to pay utility bills. Customers also get quantum optima facility, wherein if the balance exceeds Rs 5,000, the money is automatically transferred, in multiples of Rs 5,000, to a linked fixed deposit which will earn ICICI Bank fixed deposit rates.
Customers however have to do all their transactions online - including signing up. As the site claims:
We’ve designed the form in a way that it’s really easy for you to fill. It also tells you how many steps you have left to go before you complete it. Just ensure that you fill in the details. Once you fill in the required information, we will never ask you for it again. It will be used for all future transactions.
The flip side is that ALL transactions would need to be done online - the customers do not even get a cheque book, which makes it ideal as a secondary account, but not necessarily as a primary account.
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