ICICI Bank Current Account – Features, Benefits & Application Guide

A Current Account is essential for businesses and professionals who require frequent transactions. When Raj, a small business owner, decided to open a Current Account, he researched various banks and discovered ICICI Bank’s Current Account.

 He found that ICICI Bank offers multiple benefits, including seamless online banking, a wide branch network, and customised account variants for different business needs. Intrigued by features such as high transaction limits, cash management services, and digital banking solutions, Raj decided to open an ICICI Bank Current Account to efficiently manage his business finances.

After opening his ICICI Bank Current Account, Raj conducted various transactions for business payments, supplier settlements, and operational expenses. Below is a detailed summary of his financial transactions in the first week:

Types of ICICI Bank Current Account

ICICI Bank offers three main types of Current Accounts, catering to businesses of all sizes and transaction needs. Each category includes multiple variants designed to provide flexibility, seamless banking, and tailored financial solutions.

1. Premium Banking

• Business 360° Banking
• Wealth Management Current Account
• Private Banking Current Account

2. Everyday Banking

• Smart Business Account
• Roaming Current Account Standard

3. Special Banking

• ESCROW Current Account
• RERA Current Account
• Exchange Earners Foreign Currency Account
• GEM Current Account

Types of ICICI Bank Current Account and their Features

ICICI Bank Current Account Fees & Charges

ICICI Bank Current Account Eligibility

Entities engaged in business activities are eligible to open a Current Account. This includes:

• Individuals (for business purposes)
• Sole Proprietorship Firms
• Hindu Undivided Family (HUF)
• Partnership Firms
• Private Limited & Public Limited Companies
• Trusts, Associations, Societies & Clubs (TASC) Limited
• Limited Liability Partnerships (LLP)

Documents Required for Opening a Current Account in ICICI Bank

1. Documents for Individuals (Business Purpose)

• The PAN Card of the individual
• Aadhaar Card / Passport / Voter ID / Driving License (for ID & Address Proof)
• Business Registration Proof (if any)
• GST Registration Certificate (if applicable)
• Recent Passport-sized Photograph
• Latest Utility Bill / Rent Agreement (if business premises address differs from personal address)

2. Documents for a Sole Proprietorship Firm

• PAN Card of Proprietor
• Aadhaar Card / Passport / Voter ID / Driving License (for ID & Address Proof)
• Business Registration Certificate (any one of the following):
  • GST Registration Certificate
  • MSME Registration
  • Shop & Establishment Certificate
  • Income Tax Return (ITR) with business name
• Recent Passport-sized Photograph
• Bank Statement of the Proprietor (last 3-6 months)
• Latest Utility Bill / Rent Agreement (if the business address is different)

3. Documents for Hindu Undivided Family (HUF)

• PAN Card of HUF
• PAN Card of Karta (Head of Family)
• HUF Declaration Deed
• Aadhaar Card / Passport / Voter ID / Driving License of Karta (for ID & Address Proof)
• Business Registration Proof (if applicable)
• A recent Passport-sized Photograph of Karta

4. Documents for Partnership Firm

• PAN Card of the Partnership Firm
• Partnership Deed (duly signed by all partners)
• Registration Certificate (if registered)
• GST Registration Certificate (if applicable)
• Aadhaar Card / Passport / Voter ID / Driving License of all Partners (for ID & Address Proof)
• Business Address Proof (Utility Bill / Rent Agreement)
• Partnership Authorization Letter (authorising a partner to operate the account)

5. Documents for Private & Public Limited Company

• PAN Card of the Company
• Certificate of Incorporation (COI) issued by the Registrar of Companies
• Memorandum & Articles of Association (MOA & AOA)
• Board Resolution for Account Opening (signed by Directors)
• GST Registration Certificate (if applicable)
• Company Address Proof (Utility Bill / Rent Agreement)
• List of Directors (from the MCA portal) and their KYC Documents
  • Aadhaar Card / Passport / Voter ID / Driving License
  • PAN Card
  • Recent Passport-sized Photograph

6. Documents for Trust, Society, Association & Club (TASC) Limited

• PAN Card of the Trust/Society/Association/Club
• Trust Deed / Bye-laws / Constitution Document
• Registration Certificate (if applicable)
• Board Resolution / Managing Committee Resolution (for account opening)
• List of Authorized Signatories with their KYC Documents:
  • Aadhaar Card / Passport / Voter ID / Driving License
  • PAN Card
  • Recent Passport-sized Photograph
• Proof of Address of the Trust/Society/Association/Club

7. Documents for Limited Liability Partnership (LLP)

• PAN Card of LLP
• LLP Agreement
• Certificate of Incorporation (COI) issued by the Registrar of Companies
• List of Designated Partners and their KYC Documents:
  • Aadhaar Card / Passport / Voter ID / Driving License
  • PAN Card
  • Recent Passport-sized Photograph
• Board Resolution / Authorization Letter (for account opening)
• GST Registration Certificate (if applicable)
• Business Address Proof (Utility Bill / Rent Agreement)

Other Documents (If Applicable for Any Entity)

• FSSAI License (if involved in the food business)
• Import Export Code (IEC) (if involved in international trade)
• Shop & Establishment Certificate (if applicable)
• MSME Registration Certificate (if applicable)
• Income Tax Returns (ITR) with business details
• Any other licenses required for specific businesses

How to Open an ICICI Bank Current Account Online?

Step 1: Go to the official website of ICICI Bank.

Step 2: After visiting the site, in the search bar, write “Online Current Account” and click on the first suggestion.

Step 3: After clicking on that, you will be redirected to a new page where you will see a link to apply for the Current Account. Click on that. And then click on the “Open a current account” button.

Step 4: Fill out the application form by entering your personal and business details, including PAN and business type.

Step 5: Upload required KYC documents such as Aadhaar, PAN, business registration proof, and address proof.

Step 6: Complete verification through a bank representative or via Video KYC if applicable.

Step 7: Upon successful verification, the bank will approve and send your account details via SMS/email.

Step 8: Activate your account by logging into ICICI Net Banking or the iMobile App and start transactions.

How to Open an ICICI Bank Current Account Offline?

Step 1: Choose the Type of Current Account

ICICI Bank offers different types of current accounts based on business needs. Visit your nearest ICICI Bank branch and consult with a bank representative to choose the right account type.

Step 2: Collect the Account Opening Form

Request a Current Account Opening Form from the bank or download it from the ICICI Bank website and fill it out before visiting the branch.

Step 3: Gather Required Documents

Prepare the necessary KYC (Know Your Customer) documents, including:

• Identity Proof 
• Address Proof
• Business Proof
• Passport-sized Photographs of the account holder and authorised signatories.

Step 4: Visit the ICICI Bank Branch

Go to the nearest ICICI Bank branch with the filled application form and required documents.

Step 5: Submit the Documents for Verification

You should hand over the documents to the bank official for verification. If necessary, you may need to provide additional information about your business.

Step 6: Make an Initial Deposit (if required)

Some current accounts require a minimum initial deposit. Deposit the required amount at the branch.

Step 7: Signature Verification & Account Approval

• The bank will verify your signature and documents.
• If all documents are in order, your current account will be approved within a few working days.

Step 8: Receive Your Welcome Kit

Once your account is active, the bank will provide a welcome kit, which may include:

• Cheque Book
• Debit Card (if applicable)
• Account Details & Customer ID
• Net Banking and Mobile Banking Activation Guide

Step 9: Activate Your Account

• Log in to ICICI Mobile Banking using the provided credentials.
• Set up transaction limits and security settings as per your business needs.
  
  

Step 10: Start Using Your Current Account

Your ICICI Current Account is ready for business transactions, payments, and withdrawals.

ICICI Bank Current Account vs competitor banks’ Current Account

FAQ’s

What are the eligibility criteria to open an ICICI Bank Current Account?
Individuals, businesses, firms, or companies with valid KYC documents (PAN, Aadhaar, business registration, address proof) can open an ICICI Current Account.

Can I open an ICICI Current Account online?
Yes, you can apply online, but document verification at a branch is required for activation.

What is the minimum balance requirement for an ICICI Current Account?
The minimum balance requirement varies based on the account type and location, typically ranging from ₹10,000 to ₹1,00,000.

How long does it take to activate an ICICI Current Account?
After document verification, the account is usually activated within 2–5 working days.

Can I link my ICICI Current Account to UPI and Net Banking?
Yes, you can link your Current Account to UPI, Net Banking, and Mobile Banking for seamless transactions.

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