Get savings account at click of a mouse

ICICI Bank, the largest private sector lender in the country, is offering an 'instant account number' if you apply for a savings deposit account through its website.

While the account will be created instantly and a number allotted to the depositor, the bank will activate the account only on completion of the know-your-customer (KYC) process. The customer has to provide his e-mail address and mobile number at the time of opening the account.

The offer is available across seven types of savings deposit accounts of the bank. The savings accounts for which the account number will be instantly generated include Regular Savings, Silver Savings, Advantage Woman Savings, Senior Citizens Savings, Gold Privilege, Titanium Privilege and Salary. The offer is not available on joint accounts, wealth management accounts and Young Stars accounts.

The move is aimed to increase the bank's savings deposit base by making the account opening process simple.

"This particular service will help a customer

to apply online at his convenience without having to walk into a branch. It is a simple 3-step process, at the end of which the customer gets his account number. The account is activated following the fulfilment of the mandatory KYC process," a ICICI Bank spokesperson said.

ICICI Bank's savings deposit expanded 13.7 per cent year-on-year to Rs 76,046 crore in 2011-12. The bank closed last financial year with a (current account/savings account) ratio of 43.5 per cent.

The bank is currently offering this service in 17 locations, including the four metro centres and other major cities in the country. The lender is expected to expand this service in other centres soon.

ICICI Bank currently has 2,752 branches, the largest branch network among private banks in India.

The service charges, terms and conditions will depend on the type of savings deposit the customer chooses. The bank revised its service charges, minimum balance norms earlier this year.

ICICI Bank, like most other top private and state-run banks, currently offer 4 per cent interest on savings deposits.