ICICI Bank launches digital banking platform for savings account with FD, PPF

Many of these services are the industry’s first and are available instantly on the Bank’s mobile phone or online banking platform.

Online savings account: ICICI Bank today announced the launch of ‘ICICIStack’, the country’s most comprehensive set of digital banking services and APIs (Application Program Interface) to ensure an uninterrupted banking experience for customers – individuals and businesses, including retailers, merchants, fintechs, large e-commerce companies, businesses – at a time when they are advised to stay indoors in the wake of the coronavirus outbreak. Many of these services are the industry’s first and are available instantly on the Bank’s mobile phone or online banking platform.

‘ICICIStack’ offers nearly 500 services that cover almost all customer banking needs, in one place. The list includes digital account opening (instant savings and checking account opening), loan solutions (instant personal loans, instant credit cards, instant home loan penalties, instant auto loans, instant overdraft facility, business loans instant), payment solutions (digital payment solutions like UPI, bill payments using Bharat bill payment system), investments (instant robo-consulting FD, PPF, NPS and AI for others investments), insurance (term and health insurance digitally) and care solutions (protection for life, health, car and home).

In addition, “ICICIStack” offers the first digital service that allows instant opening of a savings account with instant FD or instant PPF, among others.

Some of the main services available in “ICICIStack” are:

Stack of Accounts: Services such as instant digital savings account with FD, PPF; payroll account, checking account, travel card, bill payment solutions available instantly; APIs such as connected banking with ERP software, account management and digital integration of partners

Pile of Payments: Offers digital payment and payment services such as UPI, QR scan and payment, merchant settlement and customer refunds, refund transactions, EazyPay merchant app, and digital merchant integration

Stack of loans: Includes services such as Instant Available Personal Loan, Business Loan, Credit Card, Home Loan Penalty, Home Loan Top-Up, Car Loan Penalty, and the small digital credit called Paylater. APIs include e-Nach-based mandate, instant loan booking, disbursement to partner accounts for a car loan or education loan, disbursement to customer account.

Investment stack: Offers instant services such as FD, RD, SIP, PPF, NPS and AI-robotics advice for mutual fund investments, real-time investment updates and any channel service. Also offers value added products like FD with life insurance or credit card or monthly income plan or investment with SIP

Pile of care: Includes life, health, car, motorcycle and home protection services.

With ICICIStack, customers can benefit from these services at home or remotely, without going to the bank branch. As a result, retail customers can enjoy increased convenience, while business customers can continue to improve their productivity even when they are away from the office in this time of “social distancing”.

A non-ICICI Bank retail client can benefit from the advantages of “ICICIStack” by simply opening an instant savings account with the Bank digitally, without having to go to a branch. A commercial entity, in the event that it is not a client of the Bank, can download “InstaBIZ”, the Bank’s mobile application specially designed for businesses, and enjoy the unparalleled convenience of “ICICIStack”. He can also request a checking account instantly and customize his account number, which is displayed instantly. Additionally, business entities can access easy bulk fund collection and payments through multiple digital modes, automatic bank reconciliation, and can largely undertake all import-export transactions such as inbound remittances. and outgoing, among others, digitally.

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