The ICICI Bank on Monday, July 7, announced that it has introduced a new service designed to facilitate financial transactions. A pure online account has been launched by the ICICI Bank, where deposits above Rs 5000 will get automatically converted into a term deposit scheme that will given an interest of 8 to 8.5 per cent. A cardless cash transfer scheme has also been introduced simultaneously, through which the ICICI customers can transfer money to any person within India who possesses a cell phone.

Once an ICICI customer opts for such an account, then its services can only be availed through a separate internet banking portal called b2. The account holder will not require a cheque book or an ATM card, but he will still be able to execute transactions such as bill payments, fund transfers and mobile recharges. At the same time, these customers can also access the accounts they must be holding in other banks and electronically transfer funds.

ICICI Bank executive director V Vaidyanathan said that these bank customers can also avail personal loans and virtual credit cards through the portal. As per him, the ICICI Bank will make good savings by enabling their customers use direct channels like internet and ATMs and this basically what convinced them to proffer the automatic sweeping facility to the FD. Officials inform that all other features of the b2 account will crucially be similar to the internet banking services.  Similar offerings are also being provided for clients in the UK, Canada and Germany of the ICICI Bank.