ICICI Branchfree Banking (b2) – Pure Online Bank Accounts

ICICI introduces India’s first completely online bank account – Branchless / Branch-free  Bankiing or b2. Branchless banking is a distribution channel strategy used for delivering financial services without relying on bank branches. b2 is the next step in the evolution of banking. It’s a bank, where everything is done online. you can enjoy all the conveniences of banking at your finger tips and your money grows faster. b2 understands that today’s banking is not just about payments and transfers. Hence along with these it offers other benefits like bill payments and mobile recharge.

With b2, customers key financial transactions can be carried out completely online. b2 system allows custmoers to move money online, both into theirr account and from it. Add to this a list of smart features like no minimum balance, quantum optima and enhanced online security. Customers will also be able to track the status of everything they do on b2, right from the time they fill in their application form to a demand draft they issue.

ICICI Branchfree Banking Features

With your b2 account, you can now get higher returns on your money in various ways:-

• Quantum Optima – Now get higher interest and returns on your balances in the b2 savings account without compromising on the availability or flexibility of withdrawal. Any balance greater than Rs. 5,000 will be transferred to Quantum Optima, a fixed deposit linked to your b2 savings account. When your withdrawals exceed the available balance, this Quantum Optima is broken automatically and an interest rate equivalent to an fd for that tenure will be credited to your b2 savings a/c without any penalty

• No Hidden Charges, No Minimum Balances – There will be no hidden charges on transactions in your b2 savings account. Also there will be no charges on the balance as you need not maintain a minimum balance. b2 savings accounts can have nil balance.

• No Premature Withdrawal Penalty in Fixed Deposits – You can do a premature withdrawal of the FD in your b2 a/c without having to incur the 1% penalty in regular fds for premature withdrawal

• Online payments and transactions – We are aware that security of your money is of utmost importance while making payments online and that is why we bring you eWallet and Virtual Credit Card specifically designed to mitigate risk.

• Zero balance – It’s a zero balance account. There are no charges for opening the b2 savings account and no quarterly balance requirments.

• Online customer service – Online customer service is provided for all b2 customers.

• Intelligent tracking of transactions – You can track all your major transactions in the b2 account online whenever you wish to do so. Right from account application status to mandates for moving money into your b2 a/c to your service complaints, you can log in and check the status of your instructions in your b2 interface.

• New value added features – b2 offers new value added features and products to provide you one of the best experiences.
• ewallet – An ewallet gives you the comfort of using a debit card online without having to expose your entire savings account for internet/online transactions. ewallet is a zero-limit pre-paid Visa card that will be available to you as a b2 customer. It can be used only for online purchases and to pay bills online. You just need to fund it from your b2 savings a/c and using all the key details (card no, expiry date) “do” online transactions.
• Virtual Credit Card – The b2 Virtual Credit Card (VCC) enables you to transact online with a credit limit of your choice. It protects you from exposing your main card on the Internet which reduces your worries about online frauds.
• Instant Personal Loans – b2 brings you India’s first truly instant Personal loan. You won’t need to wait for your application to be processed. The money will be sent to your b2 savings account as soon as you say ‘Yes’ to the loan offer present on your b2 interface.

Moving money into the b2 a/c

With b2, you can move money online from your other bank accounts (ICICI Bank or any other bank) to your b2 Savings Account without logging in or depositing cheques. You can also log in to the internet banking site of the other bank and initiate a fund transfer from that account to your b2 savings account. You can also move money into your b2 savings account through physical means by depositing other bank cheques or demand drafts in ICICI Bank drop boxes. With the Electronic Clearing Scheme (ECS), you can now pull money from any bank account to your b2 savings account by giving us simple instructions.
The job’s done in 2 steps

• Register your other bank account and give us a mandate allowing us to draw money from your other ICICI Bank account or any other bank account you have

• Activate that mandate at any point later to move money into your account by giving us instructions 7 days in advance After registration, you can give us instructions whenever you want money to be withdrawn. You could also post standing instructions to draw money at a given date every month. Pretty much like everything else with b2, there is no paperwork involved in this process either.

Moving money from the b2 a/c?

b2 provides a facility that moves money from your b2 Savings Account to any other account, online. Now you can move money across your own accounts or move money to another person’s account, anywhere in India, without having to undergo the hassles of writing a cheque or making a draft.
Electronic Clearing Scheme (ECS) – It’s also possible to fill money into your eWallet or pay your b2 Credit Card dues using this facility. You can either move money instantly or on a scheduled date. Alternatively, you can set up a recurring transfer on a given date to “a” specified account. It only takes 3 easy steps

1. Step 1: After logging into the “Move Money to Other Accounts” area in your b2 Savings Account, choose the relevant link: “Move Money to an ICICI Bank Account”, or “Move Money to Any Other Bank Account” or “Pay Your Credit Card Outstanding”.
2. Step 2: Register the beneficiary or the account holder to whom you want to send the money. To do this, you need to fill in details online and you will receive a “Unique Registration Number or URN” on your mobile. Confirm the beneficiary using this URN. This is a security measure to avoid any misuse of your account.
3. Step 3: Three days after registering the beneficiary, you can initiate a transfer to that account anytime. You can either move money instantly or schedule a one time or recurring transfer to that account. The maximum amount that you can transfer in a day is Rs.2,50,000. Confirmation details will be needed for the money to be transferred.

Types of transactions

You can start transacting after your registration status has been updated to ‘Registration Accepted’. It will take 7 working days from the date of your request to have your account credited with the money, provided your other bank account has enough balance.
You can transact in 3 ways:

• Standalone Transaction – For a one time transaction
• Standing Instruction – For recurring transactions on a given date, every month. It’s totally under your control because you specify the date and the number of months. Just ensure that the end date is before your mandate expiry date
• Scheduled Transaction – Here you can schedule a transaction to happen after 7 days

how to apply for the b2 a/c?

1. On the home page you will see a link called “apply here“. Click on it and the application form will open. Just ensure that you fill in the details.
2. Key conditions and caveats are displayed upfront along with detailed Terms and Conditions (T&C). Go through them and click on the “I Agree” box to proceed to the next stage.
3. Then create a unique login ID and a password of your choice. On successful entry, a b2 Savings Account number will be allocated to you instantly along with a personalized application form. Your account number will also be mailed to you in 24 hrs.
4. Download and print the application form, read the Terms & Conditions, sign it, paste your photograph, attach proof of your identity and proof of your address. Keep these documents ready.
5. ICICI team will contact you to collect your signed application form and documents within 3 working days.
6. After the final approval of your application, ICICI will activate your account. Just set a transaction password of your choice . Keep in mind that your Transaction Password is different from your Login Password. It further strengthens the safety of your account by providing an additional layer of security. This is because no one can conduct a financial transaction even if your Login Password is breached. So you must remember to set two separate passwords.
7. Your b2 Security Card will be couriered to you within 3 working days. Now you’re totally equipped to manage your money the b2 way.

what b2 does not offer?

• no branches or no cheque books
• no physical statements
• no physical passbook
• no ATM access or no debit card

The b2 savings A/c facility is presently offered in select cities only – i.e. Mumbai, Navi Mumbai, Thane, Delhi, Faridabad, Ghaziabad, Gurgaon, Noida, Hyderabad, Secunderabad, Chennai, Bangalore, Jaipur, Pune, Ahmedabad and Chandigarh.  The b2 savings a/c is a normal individual savings a/c. A Senior Citizen a/c, a Staff a/c or a Salary a/c is not offered in b2 presently. [source]