It seems we are heading to a new age of banking system, first I would like to thank Reserve Bank of India (RBI) for deregulating the savings bank interest rates and would also like to thank to the Government of India (GOI) for proposing portability in bank accounts numbers (the portability is yet to be implemented).
When mobile number portability (MNP) system was implemented in India, it fueled the completion amongst mobile operators and played a very pivotal role for shifting the operating strategy from consumer base to consumer satisfaction.
I am hoping the same would be happening soon within our banking system, as the interest rates are deregulated the banks are under pressure to reduce their operating cost and one of them is avoiding the use of DSA’s or other sales agents to generate the sales. Instead the banks are relying on technology to reduce the costs.
ICICI bank known for its innovative products take it from Branch free banking to selling gold coins online. It always believes in making the first mover advantage. As an avid fan of facebook and a liker of ICICI Bank page, I came to know that we can apply for savings bank account online and on successful completion of form we would get the bank account number then and there, below are the steps and features of this service.
The service can be only used for regular saving bank account with average quarterly balance (AQB) of Rs 10,000
The online application form has been facilitated for
- Chandigarh, Faridabad, Ghaziabad, Gurgaon, New Delhi and Noida (North Region).
- Bangalore, Chennai, Hyderabad, Secundrabad, Kolkata (South and East).
- Ahmedabad, Jaipur, Mumbai, Navi Mumbai, Pune, and Thane (West).
(More locations would be added soon)
The account number which will be generated at the time of filling the form will only get activated or become functional after the applicant is thru with the Know your client (KYC) formalities.
On opening the account online the applicant would get account number instantly, a personalized debit card and cheque book and to collect the documents the representative of the bank will visit the location of the applicant (I.e door step document collection).
Rest of the features include access to 2000+ branches across the country, access to 7000+ ATM’s in the country, Free internet banking, Free Mobile Banking and can withdraw or deposit cash up to Rs 50,00 per day.
In case you were not able to fill your form completely at one go still you can use the option available on website to continue further.
This feature is one of the best which I can think off in while dealing with the banks because somewhere or the other due to some typo error or other errors we might have faced difficulty while getting those details rectified.
But in this case the customer himself in filling the form and later it has a very minimal manual intervention, uses very less paper work, saves times on whole this type of feature is a very efficient way of getting an account number hoping that other banks will also follow the pursuit.