ICICI Bank launches 'iStartup2.0': All you need to know

‘iStartup2.0’ offers customers an eponymous Current Account which is available in three variants--Platinum, Gold and Silver-- the widest range by any Bank for start-ups. New businesses (up to 10 years old) including partnerships, private and public limited companies as well as limited liability partnerships can opt for the Current Account. Further, startups can seamlessly open an account and get the account number instantly at the time of incorporation as the Bank has integrated its APIs with the website of the Ministry of Corporate Affairs (MCA).

It offers significant convenience to founders/entrepreneurs as it saves time and efforts since they don’t have to fill details again to apply for an account. As further convenience, the Bank sends an official to startups at a time of their choice to verify the original documents for KYC.

“The MSME & self-employed segment in India is the backbone of the economy. Within this, we foresee that the startup segment in the country is poised for rapid growth with favourable regulations in the ecosystem and high spirit of entrepreneurship. We believe that ‘iStartup 2.0’ is the most comprehensive programme available in the country," Pankaj Gadgil, Head- Self Employed Segment, ICICI Bank said,

The ‘all-in-one’ and comprehensive iStartup 2.0 programme will provide easy banking and beyond- banking services to start ups, free up their bandwidth from paper-intensive procedures and thus boost their business growth by improving overall productivity and efficiency," he added

The other key prominent features of the ‘iStartup 2.0’ programme are:

• It offers many industry first features namely instant payment of GST, easy bulk collection & payments of funds through multiple modes, automatic bank reconciliation and inward/outward remittances among others.
• Availability of Corporate Internet Banking platform and Trade Online.
• Automatic bank reconciliation feature via ‘Connected Banking’ with over 40 popular accounting / ERP platforms.
• Business debit card and FD backed business credit cards.
• Preferential pricing on ‘Loan Against Securities’ and ‘Overdraft facility against Fixed Deposit’.
• Zero processing fee and commitment charges on Fixed Deposits / Overdrafts.Group Health & Personal Accident cover