On Thursday, ICICI Bank (1), a private money lender, launched a program iStartup 2.0. It takes care of startups’ banking and other needs, including regulatory assistance, accounting, analytics, customer acquisition, staffing, digital outreach, etc.
iStartup 2.0 offers an eponymous Current Account, which is available in three variants in Silver, Gold, and Platinum. It is the most comprehensive range offered by any Banks for startups. New business, up to ten years old, including partnership, private and public limited companies along with limited liabilities partnership, can opt for the current account.
It will also allow startups to open an account seamlessly and instantly access account numbers during its incorporation as the bank has APIs integration with the Ministry of Corporate Office website.
Features of ICICI’s iStartup 2.0
iStartup 2.0 offers vital assistance to founders and entrepreneurs. It will save time and effort as they don’t have to fill all the details to apply for a bank account. For further convenience, the bank also sends officials to startups according to their time for KYC original document verification.
Other than that, iStartup 2.0 also offers holders to a dedicated relationship manager, premium savings account, and salary accounts for employees, and waiver for quarterly average balance for a year. Startups can also customize and select the features as per their requirement. Account-holders can choose a single account for both domestic and international trade transactions with preferred prices.
The Self Employed Segment Head of ICICI Bank, Pankaj Gadgil, stated that the self-employed segment is the Indian economy’s backbone. The startup economy in India is poised for fast-paced growth and has favorable regulations and high-spirit.
Pankaj also added that we believe that iStartup 2.0 is the most comprehensive startup program available in India. It will provide easy banking and beyond-banking services to entrepreneurs and startups.
Key Highlights of Program
- Instant payment of GST
- Easy bulk collection & payments of funds via multiple modes
- Automatic bank reconciliation
- Inward and outward remittances.
- Availability of Corporate Internet Banking platform
- Availability of online trade
- Automatic bank reconciliation feature ‘Connected Banking.’ It has over 40 popular accounting / ERP platforms.
- It also offers business debit cards and FD backed business credit cards.
- Special pricing on ‘Loan Against Securities’ and ‘Overdraft facility against Fixed Deposit’
- Zero processing fee and commitment charges on Fixed Deposits and Overdrafts
- Group Health & Personal Accident cover