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

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Updated: Mar 17, 2020 6:04 PM

‘ICICIStack’ offers the first digital service that enables instant opening of savings account along with an instant FD or instant PPF, among others.

ICICI Bank, ICICIStack, instant FD or instant PPF, UPI, bill payments using Bharat Bill Payment SystemMany of the services are first-in-the-industry and are available instantly on the Bank’s mobile phone or internet banking platform.

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

‘ICICIStack’ offers nearly 500 services that cover almost all banking requirements of customers, in one place. The list includes digital account opening (instant savings and current account opening), loan solutions (instant personal loans, instant credit cards, instant home loan sanctions, instant car loans, instant overdraft facility, instant business loans), payment solutions (digital payment solutions like UPI, bill payments using Bharat Bill Payment System), investments (instant FD, PPF, NPS and AI led robo-advisory for other investments), insurance (term and health insurances digitally) and care solutions (protection for life, health, car and home).

Further, ‘ICICIStack’ offers the first digital service that enables instant opening of savings account along with an instant FD or instant PPF, among others.

Some of the prominent services available in ‘ICICIStack’ are:

Accounts Stack: Services like instant digital savings account with FD, PPF; instantly available salary account, current account, travel card, bill pay solutions; APIs like connected banking with ERP softwares, account management and digital on-boarding of partners

Payments Stack: Offers digital payments and payout services like UPI, QR scan and pay, merchant settlement and customer cashback, refund transactions, EazyPay merchant app and digital on-boarding of merchants

Loans Stack: Includes services like instantly available personal loan, business loan, credit card, home loan sanction, home loan top up, car loan sanction and digital small ticket credit called Paylater. APIs include e-Nach based mandate, instant loan booking, disbursement to partner accounts for car loan or education loan, disbursement to customer account.

Investment Stack: Offers instant services like FD, RD, SIP, PPF, NPS and AI led robo-advisory for mutual fund investments, real time investment updates and any channel servicing. Also offers value added products like FD with life insurance or credit card or monthly income plan or investment with SIP

Care stack: Includes services for protection for life, health, car, two-wheeler and home.

With ICICIStack, the customers can avail of these services from home or remote location, without visiting the Bank branch. With this, retail customers can enjoy enhanced convenience, while business customers can continue to improve productivity even when they are away from office in this time of ‘Social Distancing’.

A non-ICICI Bank retail customer can get the benefits of ‘ICICIStack’ by simply opening an instant savings account with the Bank digitally, without having to visit the branch. A business entity, in case it is a non-customer of the Bank, can download ‘InstaBIZ’, the Bank’s mobile application specially curated for businesses, and enjoy the un-paralleled convenience using ‘ICICIStack’. It can also apply for a current account instantly and customize its account number, which is displayed instantly. Additionally, the business entities can get access to easy bulk collection & payments of funds through multiple digital modes, automatic bank reconciliation and can undertake largely all of the export-import transactions like inward and outward remittances among others digitally.

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