ICICI Bank introduces virtual bank account and smsNcash
ICICI Bank has launched two online services that seek to make life easier for those who find it difficult to visit it’s branches for conducting transactions. One of it’s services, called ‘B2-branch-free banking’, allows customers to maintain an online-only Savings bank account which is separate from the regular account. The second service, ‘smsNcash‘, allows a person without a bank account to receive money.
The ‘b2′ account starts earning fixed deposit interest once the balance crosses Rs.5,000, and does not impose a penalty if cash is withdrawn before the term ends. It is also possible to transfer money to and from other bank accounts, besides paying utility bills like mobile recharge and online purchases.
The ‘smsNcash’ service allows an ICICI Bank customer to transfer funds to anyone without a bank account, simply by entering their mobile number.
The receiver then has to visit the bank’s ATM and enter their phone number and the code obtained from the bank. The smsNcash service is available to registered Mobile Banking customers only.