Last updated: January 27th, 2023 4:37 PM

ICICI Current Account

A current account is a type of demand deposit account which includes deposits, withdrawals of funds, and business transactions. A current account is meant for the business professionals or business enterprise those who deal with huge transactions on a regular basis. Current account allows the business people to carry out unlimited transactions without any limit, subject to a banking cash transaction tax if any levied by the government. This article explains the opening of ICICI Bank Current Account in detail.

Eligibility for ICICI Bank Current Account

Current account is generally opened by the below-specified business entities:

• LLP
• Sole Proprietor
• Partnership firm
• Hindu Undivided Families (HUF)/Specified Associations
• Company
• Trust

Features of ICICI Current Account

The main features of opening a current account are listed as follows:

• Current bank accounts are maintained mainly to operate a business.
• Current accounts do not provide any interest on the balance lying in current account with the bank.
• It requires a higher minimum balance as compared to the savings account. A penalty will be charged if the minimum balance is not maintained in the current account.
• Overdraft facilities, Internet banking and Mobile banking facilities are also available for current account holders.
• No limits on the deposits/withdrawals in the home branch.

Documents Required

To open a current account in ICICI bank, the following are the list of self-attested documents to be submitted:

Individuals (business purpose)

• Prescribed Application Form
• Identity Proof: PAN Card, Aadhar Card, Driving License, Voter ID Card, etc.
• Address Proof: Aadhar Card, Valid Passport, Utility bill, Property tax bill, etc.
• Two passport size colour photographs
• Account opening Cheque from existing Savings/Individual Current Account

Sole Proprietorship Firm & HUF

The following documents are to be submitted for Hindu Undivided Family (HUF) Accounts:

• Two passport size colour photographs
• Identity Proof: PAN Card that must be in the name of the HUF.,Aadhar Card, Driving License, Voter ID Card, etc.
• Address Proof: Aadhar Card, Valid Passport, Utility bill, Property tax bill, etc.
• Contact Details: landline/ mobile number and e-mail ID.

The following documents to be submitted for Sole Proprietorship Account and entity owned by HUF:

• Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
• Two passport size colour photographs
• Two documents with the name of the sole proprietor/ entity
• Power of Attorney (POA): It has been granted for account operations, photograph, and identity and address proof of the POA holder must also be submitted

Partnership Firm & LLP

The following documents are to be provided for Partnership firm:

• Beneficial owners list holding more than 15% in the firm
• Two passport size colour photographs
• Partnership deed document
• Identity Proof: PAN Card of the entity

Private/Public Limited Company

The following documents are to be submitted for Proprietorship firm:

• Incorporation Certificate
• Memorandum of Association (MoA)
• Articles of Association (AoA).
• Board Resolution (BR).
• The updated directors list to be submitted.
• Identity Proof: PAN Card of the entity
• Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.

Trust, Society, Association & Club (TASC)

The following documents are to be submitted for Trusts and Societies:

• Constitution document of the entity
• The updated directors list to be submitted.
• Identity Proof: PAN Card of the entity
• Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.

Limited Liability Partnership (LLP)

The following documents are to be submitted for LLPs:

• Registration Certificate issued by Registrar of LLP.
• Identity Proof: PAN Card of the entity
• Address Proof: Aadhar Card of the sole proprietor/ entity, Valid Passport, etc.
• Two passport size colour photographs
• LLP agreement.
• Designated partners updated list.

Regular Current Accounts

ICICI Bank provides various types of current account products that can serve the requirements of different businesses. These products are a good fit for small retailers, traders, self-employed individuals running sole proprietorships or businesses in their own name and other businesses with an annual turnover of fewer than 2 crores. Entreprenerus can select the product from the below list that suits their business requirements. The following are the some of the ICICI bank current accounts.

1. New Start-Up Current Account
2. Shubhaarambh Current Account
3. Smart Business Account
4. Smart Business Account – Gold
5. Roaming Current Account Gold
6. Roaming Current Account Premium
7. Roaming Current Account Classic
8. 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 Rs. 25,000	Rs. 1,000 per month	Free cash deposits up to 12 times the maintained MAB
2.	ShubhAarambh Current Account	NIL for the first six months, Rs. 25,000 thereafter	Rs. 1,000 per month	Free cash deposits up to 12 times the maintained MAB
3.	Smart Business Account	Rs. 25,000	Rs. 1,000 per month	Free cash deposit of up to 12 times the maintained MAB
4.	Smart Business Account - Gold	Rs. 1 Lakh	Rs. 3,000 per month	Free cash deposit of up to 12 times the maintained MAB or Rs. 1.8 Cr
5.	Roaming Current Account - Gold	Rs. 1 Lakh	Rs. 2,000	Free cash deposit up to Rs. 10 Lakhs per month
6.	Roaming Current Account - Standard	Rs. 10,000	Rs. 750	Free cash deposit up to Rs. 1 Lakh per month
7.	Roaming Current Account - Classic	Rs. 25,000	Rs. 1,000	Free cash deposit up to Rs. 2.5 Lakhs per month
8.	Roaming Current Account - Premium	Rs. 50,000	Rs. 1,500	Free cash deposit up to Rs. 5 Lakhs per month

New Startup Current Account

iStartup Account is a transaction account customised for the needs of startup founders and young entrepreneurs. Some of the customised payment and collection solutions they offer to startups include the following:

• Number of total free RTGS and NEFT transactions - 200 transactions per month
• A Number of cheque leaves - 100 cheque leaves free per month.
• Non-cash transaction - Free up to 50 times of MAB maintained during transaction month
• Withdrawal non-base location - Rs. 50,000 free per day (Allowed only for self-cheques)
• Withdrawal base location - Unlimited free on value
• Debit card charges - Free for First Year
• It offers free cash deposits up to 12 months the average monthly balance for 6 months. (Note: No free limit if MAB maintained is less than 80% of committed MAB)

Shubhaarambh Current Account

This current account is similar to the Startup Current Account for partnering both individuals and businesses in their growth. As this account can only be opened by Proprietorships.

• A number of free RTGS and NEFT transactions - 200 transactions per month.
• The number of cheque leaves - 100 cheque leaves free per month.
• Non-cash transaction - Free up to 50 times of MAB maintained during transaction month
• Withdrawal non-base location - Rs. 50,000 free per day (Allowed only for self-cheques)
• Withdrawal base location - Unlimited free on value
• Debit card charges - Free for First Year
• It offers free cash deposits up to 12 months the average monthly balance for 6 months. (Note: No free limit if MAB maintained is less than 80% of committed MAB)

Smart Business Account

This current account is a unique current account product that offers flexibility by linking the free limits to the average balance you maintain in the account. So the higher balance that you maintain leads you to the higher free limit.

• The number of free RTGS and NEFT transactions - 200 transactions per month.
• A Number of cheque leaves - 100 cheque leaves free per month.
• Non-cash transaction limit- Free up to 50 times of MAB maintained during transaction month.
• Withdrawal non-base limit - Rs. 50,000 free per day (Allowed only for self-cheques)
• Withdrawal base limit - Unlimited free on value
• Debit card charges - Rs. 250/- per month
• It offers free cash deposits up to 12 months the average monthly balance for 6 months. (Note: No free limit if MAB maintained is less than 80% of committed MAB)

Smart Business Account - Gold

Smart Business Account - Gold (SBA) is an extension of Smart Business account product that offers Locker Facilities and Auto Loan with discount offerings. Some of the following benefits are listed below:

• Number of total free RTGS and NEFT transactions - 300 transactions of any type.
• Non- base withdrawal limit - Rs. 50,000 free per day (Allowed only for self-cheques)
• Withdrawal base limit - Unlimited free on value
• A Number of cheque leaves - 300 cheque leaves free per month.
• Non-cash transaction limit- Free
• Debit card charges - Rs. 250/- per month
• Free cash deposit of up to 12 times the maintained MAB or Rs. 1.8 Crore.

Roaming Current Account Premium

• Number of cheque leaves - 100 cheque leaves free per month.
• Withdrawal base limit - Unlimited free on value
• Non- base withdrawal limit - Rs. 50,000 free per day (Allowed only for self-cheques)
• Number of total free RTGS and NEFT transactions - 300 transactions of any type.

Roaming Current Account Gold

• Free cash deposit up to Rs. 1 Crore per month within the city of account opening
• Minimum balance requirement is Rs. 1 Lakh
• Charges for non-maintenance of the minimum balance is Rs. 2,000
• Withdrawal base limit - Unlimited free on value
• Non- base withdrawal limit - Rs. 50,000 free per day (Allowed only for self-cheques)

Roaming Current Account Classic

• Free cash deposit up to Rs. 2.5 Lakhs per month for account opening within the city.
• Free 50 cheque leaves per month
• Minimum balance requirement is Rs. 25,000
• Charges for non-maintenance of the minimum balance is Rs. 1,000
• Withdrawal base limit - Unlimited free on value
• Non- base withdrawal limit - Rs. 50,000 free per day (Allowed only for self-cheques)

Roaming Current Account Standard

• It offers free cash deposit up to Rs. 1 Lakh per month of account opening
• Free 25 cheque leaves per month
• Minimum balance requirement is Rs. 10,000
• Charges for non-maintenance of the minimum balance is Rs. 750
• Withdrawal base limit - Unlimited free on value
• Non- base withdrawal limit - Rs. 50,000 free per day (Allowed only for self-cheques)

Premium Current Account

These current accounts are fit for large domestic businesses. The following are the some of the ICICI bank current accounts that are under the category of Premium Current Account.

1. Club Elite Ivy
2. Roaming Current Account Elite
3. Smart Business Account - Platinum
4. Roaming Current Account (RCA) Platinum
5. Roaming Current Account Gold Plus
6. Made 2 Order

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	Rs. 10 Lakh	Rs. 5,000 if MAB is more than 50 per cent and Rs. 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	Rs. 3 Lakhs	Rs. 3,000	Free cash deposit up to Rs. 30 Lakhs per month
3.	Roaming Current Account Platinum	Rs. 5 Lakhs	Rs. 2,500 if MAB more than 50 percent and Rs. 5,000 if MAB is less than 50 per cent	Free cash deposit up to Rs. 50 Lacs per month
4.	Smart Business Account - Platinum	Rs. 5,00,000	Rs. 10,000 per month	Free cash deposit up to 12 times the maintained MAB
4.	Made2Order Account	Rs. 3 Lakhs	N/A	N/A

Club Elite Ivy

This current account program is offered only by invitation. The terms and conditions of the account opening agreement will be signed at the time of opening the Current Account.

Roaming Current Account Elite

• This current account is mainly for high-end business with transactions mostly within a city.
• This account offers a free Business Banking Debit Card.
• Withdrawal base limit - Unlimited free on value
• Non- base withdrawal limit - Rs. 50,000 free per day (Allowed only for self-cheques)

Smart Business Account - Platinum

Smart Business Account Platinum (SBA) is an extension of the Smart Business account unique current account product that benefits the accountholders with free cheque pickup facility along with discounted charges on Locker facility, Cash Management services and Auto loan.

• Free RTGS and NEFT transactions
• A Number of cheque leaves - 600 cheque leaves free per month.

Roaming Current Account (RCA) Platinum

• This account offers a free Business Banking Debit Card.
• Withdrawal base limit - Unlimited free on value
• Non- base withdrawal limit - Rs. 50,000 free per day (Allowed only for self-cheques)

Roaming Current Account Gold Plus

• Number of cheque leaves - 600 cheque leaves free per month.
• Withdrawal base limit - Unlimited free on value
• Non- base withdrawal limit - Rs. 50,000 free per day (Allowed only for self-cheques)

Made 2 Order

• This current account offers flexibility in deciding the MAB, higher free Limits in services and in choosing free cheque leaves.
• Withdrawal base limit - Unlimited free on value
• Non- base withdrawal limit - Rs. 50,000 free per day (Allowed only for self-cheques)

One Globe Trade Account

This account is the combination of domestic banking of the Roaming Current Account and global trade services. This is the special current account that fits for all domestic, export and import related transaction. On opening this account enables the customers to utilize their financial resources more effectively. This account offers with an option to maintain either Monthly average balance(MAB) or Monthly throughput(MTP) as per variant. There are 3 variants of One Globe Trade Account that are tabulated below:

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

It offers with the Digital alerts like E Advices, E Swift, E-mail Statement, E–Acknowledgement, etc. It also offers the account holder with the free inward remittances and E - BRC issuance. This account benefits the customers with the preferential pricing for Locker Charges, Cash Management Solutions, and Auto Loan & Personal accidental Insurance at the time of opening this account.