ICICI Bank Launches Virtual, Branch-Free Banking

ICICI Bank has launched ‘b2 – Branch-free Banking’, which will offer seamless information through a single interface to facilitate banking transactions over the Internet. It is a unique direct bank, which will empower customers to manage all their finances online.

In addition to easy access and anytime anywhere banking, customers opting for ‘b2 – Branch-free Banking’ can benefit from zero charges and no minimum balance. The customers will also benefit from quantum optima facility, wherein if the balance exceeds Rs 5000, the money is automatically transferred, in multiples of Rs 5000, to a linked fixed deposit, which will earn ICICI bank fixed deposit rates. It also offers facilities like an e-wallet – a zero limit prepaid visa card, which can be used for online purchases and to pay utility bills.

V Vaidyanathan, executive director, ICICI Bank, said, “b2 or Branch-free Banking signifies a new way of banking, it is 100 percent Internet-based. India has over 49 million Internet connections and this number is growing at around 20 percent. So this innovation of banking ‘only’ on the Net will gather momentum”.

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‘b2 – Branch-free Banking’ offers complete security to customers transacting on the Internet by using different tools, methods, and processes to protect account information and banking transactions.