ICICI B2 Banking - True Internet Banking
- Thread starter Gaurish
- Start date
krishnandu
Skilled
Friends, I just saw this thread. And I'm willing to open an B2 A/c. I visited the site, it says it's a zero balance a/c. I've some questions.
1. Does that really mean I don't have to keep anything on my a/c?? Does this have any time period for which no money on my a/c will be overlooked??
2. Then how would I put money to my a/c??
3. Does this provide only Internet banking??
4. Will I get ATM Access(ATM Card)??
5. What about Interests??
Lastly I don't know much about banking. Anything you think I need to know please tell me. Like any hidden charges or conditions.
How is the review?? I mean guys from here who have used it....I want to hear from them. How's the service??
Lastly what's their profit?? I mean what ICICI is gaining from this if they really provide us zero balance a/c?? I mean I may not keep any money(never). So how would they income??
1. Does that really mean I don't have to keep anything on my a/c?? Does this have any time period for which no money on my a/c will be overlooked??
2. Then how would I put money to my a/c??
3. Does this provide only Internet banking??
4. Will I get ATM Access(ATM Card)??
5. What about Interests??
Lastly I don't know much about banking. Anything you think I need to know please tell me. Like any hidden charges or conditions.
How is the review?? I mean guys from here who have used it....I want to hear from them. How's the service??
Lastly what's their profit?? I mean what ICICI is gaining from this if they really provide us zero balance a/c?? I mean I may not keep any money(never). So how would they income??
varkey
Skilled
1. Yes absolutely zero balance account. No time limit at all. My account balance is zero for the past 1 year.
2. You can transfer money online by NEFT or you can deposit a cheque at any ICICI bank atm.
3. Yes only Internet Banking
4. No ATM card. A security card will be given which is used to authenticate your transactions.
5. Any balance above Rs 5000 / Rs 10000 ( Don't remember exactly ) is converted automatically to FD and will earn the Interest rates for an FD for that duration. If you want to transfer money or make a transaction just do it as you normally do and the FD is broken in multiples of Rs 5000 without any premature closing fee etc which is normally charged incase of normal FDs.
Haven't come accross any hidden charges till now. They say a charge of Rs 15 is applicable for Demand Drafts, but I have got about 6 DDs issued till now and never been charged the Rs 15.
The interface is not as complete and properly functioning as the ICICI normal savings account netbanking, but for the features and zero fees its really good.
The only option to move money away from the account is NEFT/Demand Draft/Transfer to Account and cannot be used for ATM withdrawals etc people may tend not to move the money from the b2 account so frequently. I think this will be a gain for them.
2. You can transfer money online by NEFT or you can deposit a cheque at any ICICI bank atm.
3. Yes only Internet Banking
4. No ATM card. A security card will be given which is used to authenticate your transactions.
5. Any balance above Rs 5000 / Rs 10000 ( Don't remember exactly ) is converted automatically to FD and will earn the Interest rates for an FD for that duration. If you want to transfer money or make a transaction just do it as you normally do and the FD is broken in multiples of Rs 5000 without any premature closing fee etc which is normally charged incase of normal FDs.
Haven't come accross any hidden charges till now. They say a charge of Rs 15 is applicable for Demand Drafts, but I have got about 6 DDs issued till now and never been charged the Rs 15.
The interface is not as complete and properly functioning as the ICICI normal savings account netbanking, but for the features and zero fees its really good.
The only option to move money away from the account is NEFT/Demand Draft/Transfer to Account and cannot be used for ATM withdrawals etc people may tend not to move the money from the b2 account so frequently. I think this will be a gain for them.
krishnandu
Skilled
Thanks for answering all the questions. But alas I can't register....I tried to apply, but company details(address) is mandatory, I'm a student.varkey said:
Do I really need a job for opening an B2 a/c??
krishnandu
Skilled
One more thing I would like to know....they will provide me an credit card I think. But I don't want to purchase something in credit. I'll only buy when I will have the money. But the problem is many online sites accepts only credit card not debit cards. What if I use the credit card that will be provided by ICICI?? I mean how the ICICI is going to deduct that money. I really don't have any idea and I saw people become nothing from something because of these credit cards. I don't know anything about these type of things but my parants once said banks charges high amount for this type of transaction though credit cards. Isn't it possible to buy with the amount I've?? I mean I don't have any problem using credit cards if they(banks) deduct money from my a/c. I'll never buy anything when I don't have money.
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You mean I should put N/A in all the fields of company details??
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Wow...!! Reallyvarkey said:Even I am a Student, just enter N/A when asked for company details. It will work just fine!
You mean I should put N/A in all the fields of company details??
varkey
Skilled
Lol. They won't give you a credit card just by opening a b2 account. The b2 credit card is different and I think you have to submit income proof etc to receive one. Anyway it seems ICICI has temporarily stopped issuing credit cards for the time being.
They provide eWallet facility where you can fund the eWallet from your account balance and use it for any online transactions, its a virtual card.
And if you use your credit card carefully, and pay the bills on time, banks won't charge any high amount for any transaction.
They provide eWallet facility where you can fund the eWallet from your account balance and use it for any online transactions, its a virtual card.
And if you use your credit card carefully, and pay the bills on time, banks won't charge any high amount for any transaction.
krishnandu
Skilled
varkey said:
Hmm...!!
Well...Then I need a job to open an B2 a/c??
varkey
Skilled
The b2 credit card and eWallet is different. The b2 credit card is an actual physical credit card with credit facility for which you need to show income proof etc. eWallet is a virtual card ie you get only the card number, expiry date etc which will be displayed on your account page which you can use to carry out any online transactions.
eWallet is available for all accounts and can be funded from your account balance.
eWallet is available for all accounts and can be funded from your account balance.
No money required AT all. Just ensure your account is active - activity includes logging in, transferring / receiving funds, paying bills etc.
You can transfer from other bank accounts online or you can also opt for a 'pull' facility where you submit an ICICI authorisation form to the other bank from which you need to transfer money to your B2 account. Once that authorisation form is approved, you can login to your B2 account anytime and request for a 'fund transfer' from the other bank account.
YES, 2 phone calls allowed per month for free.
NO
Money in excess of 5000 is automatically put into an FD for a 1 year duration. Withdrawals from this amount would give you FD interest rates for the duration that portion of money was in the FD.
Quick example: You have 9000 in your account on July 1. ICICI puts 4000 into an FD automatically for a year. You now withdraw 6000 from your account on October 15, so 5000 from your non-FD portion, and 1000 gets removed from the FD. You get interested for the 5000 at savings bank rates (3.5% per year computed daily), and on the 1000 bucks at FD rates for the duration October 15 to July 1.
You really think ICICI doesn't know their plot well?
With a B2 account, they are doing away with a big maintenance cost that is incurred on regular accounts - serving customers at the bank branch. As also unlimited phone banking calls. These are human intensive tasks and thereby require more money to maintain. Not to mention a certain standard of service. How they gain? The money going into the FD is used by the bank as their investment - they aren't really paying out of their pockets for those FD rates And the money lying idle in your account in the non-FD section, that gives them a better ROI as they give you a measly 3.5% from probably a double digit return they make investing that amount. Banks earn multiple ways, but that's a long story.
krishnandu
Skilled
Thanks agantuk and varkey. But it looks like first I need a job
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Well...What would I choose on drop down menus?? I think this is not going to work now.varkey said:Ya just put N/A to any company related fields.
krishnandu
Skilled
Well...they are not asking anything where I should enter "others". They are directly asking for my company details. I entered n/a on address fields, but what would I select in state, city?? And on landline no they are not referring to any alphabets and not even accepting 0's so what would I enter there?? And the main problem is all those fields are mandatory
krishnandu
Skilled
hmm...!! Nice idea...!! But what would I give as land line no?? I don't have any land line. Land Line number is mandatory for office.
krishnandu
Skilled
Ok...Guys...I called up CC and asked them what to do. They said the same thing as agantuk said. So applied for an B2 A/c successfully. Hope nothing goes wrong(after opening the a/c).