overdraft facility up to Rs. 25 lakh. Named ‘InstaOD Plus’, the industry-first
proposition enables customers of any bank to avail of an overdraft instantly through
a few clicks either on the new version of InstaBIZ or CIB. Customers of ICICI Bank can
activate the OD into their current account instantly while customers of other banks
can do so after opening of a current account with the Bank digitally through Video
KYC.
Another important facility being offered is instant opening of a current account
digitally. The end-to-end paperless process leverages the Bank’s advanced APIs that
auto fill the account opening form and validate PAN/ Aadhaar number instantly and
allows opening of account through Video KYC.
Additionally, to further accelerate growth and efficiency for MSMEs, InstaBiz now
offers a range of
value-added services
to MSMEs,
both customers and non-customers
of the Bank
.
ICICI Bank has tied up with various partners to eliminate the need of
MSMEs to coordinate with multiple experts to fulfill their varied requirement. These
partners include India Filings (for business compliances and registrations), IndiaMART
(listing of business), Airtel (connectivity and business communications), ClearTax (tax
filing and advisory), Zoho Books (accounting solutions), Global Linker (business
networking and digital store management), Sherlock.ai (digital marketing and data
analytics). MSMEs can get exclusive services of these experts with instant onboarding
on their platforms.
Further, MSMEs,
both customers and non-customers of the Bank
, can also access the
Bank’s digital platform, Trade Emerge, for comprehensive trade services like letter of
credit, bank guarantee, trade credit, trade transactions and many others.
Additionally through InstaBIZ, merchants, retailers and professionals like doctors and
lawyers etc can instantly accept payments through UPI and cards. They can generate
QR code and even digitally apply for Point of Sale (POS) device. They can also avail
value added services like instant settlement of payments, transform their shops into
an online store in just 30 minutes, and apply for a voice-messaging device that
confirms the receipt of the payments.
The digital ecosystem offers enhanced services to the
existing customers
of the
Bank. They can now experience seamless onboarding on the Bank’s Trade Online
platform for their requirement related to trade and foreign exchange transactions.
They can also pay GST easily and digitally, apply for POS device, among others.
Armed with robust technology and embedded analytics, the new version of InstaBIZ
app gives a variety of reminders based on the customer’s profile. For instance, a
customer with propensity to pay GST will get intuitive nudges for GST payments
before the last date of payment; an exporter/importer will get a nudge requesting
activation of Trade Online; and a merchant will get a pop-up for applying POS device
digitally.
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