ICICI Bank India Launches a Completely Online and Paperless Account Opening Facility for NRIs in the US

ICICI Bank (NYSE:IBN), India's largest private sector bank has announced the launch of a completely online account opening facility, for NRIs (Non Resident Indian) residing in the US. With this first of its kind paperless account opening facility, NRIs can open an NRI savings account with ICICI Bank (Limited) India in a single session on its website, eliminating the hassles of sending physical documents across continents.

Mr. Vijay Chandok, President, ICICI Bank, said, “We have always leveraged technology to bring forth digital innovations, ensuring a world class banking experience for our customers. This completely online and paperless account opening is a pioneering service as it transforms the way a customer opens an account. We are confident that this facility will provide utmost convenience to our NRI customers. We believe that this initiative is yet another testimony of our deep commitment to the philosophy of ‘khayaal aapka’ wherein we put the customer’s needs as the focal point of our business.”

ICICI Bank is the first Indian bank to offer this facility to its NRI customers in the US enabling them to open an account within two working days.

To open an account an NRI simply needs to:

1. Fill in the application form online on the bank’s website in addition to accepting the terms and conditions

2. Scan and upload self-photograph, signature, address proof, passport and visa copy along with any additional documents (if prompted for)

The account is opened by the bank upon successful verification of the uploaded documents. Thereafter, the customer can transfer monies into the account, after which debit card and other deliverables are sent to the customer’s registered address.

About ICICI Bank Ltd: 

ICICI Bank Limited is India's largest private sector bank and the second largest bank in the country with consolidated total assets of US $ 124.76 billion at March 31, 2014. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 18 countries, including India.

About ICICI Bank India NRI Services: 

ICICI Bank India is one of the most preferred banks for NRIs in the world. It reaches out to NRIs in over 150 countries. Serving more than 1.5 million NRIs over the last decade, it continues to be the trusted choice of Indians abroad. The bank with its rich experience and expertise deploys technology to deliver the best in banking experience to its NRI customers.

The bank offers solutions to NRI customers with a focus on:

- Comprehensive product suite addressing specific financial needs of the NRI

- Round the clock availability through various channels to ensure convenience for the NRI

- Usage of cutting edge technology to deliver efficiency & ease

Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of nonperforming loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

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