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    Public Works Contractor

    Public Works Contractors Current Account

    The product is meant to cater to the specific business requirements of contractors undertaking infrastructure work on behalf of government agencies / departments. With a minimum MAB requirement of Rs. 1,00,000/-, the product offers benefits customised for this segment of customers.

    Features

    • Higher free limits for cash withdrawal at non- base ICICI Bank location branches.
      • No charges on cash withdrawals up to Rs. 2 lakhs per day from any ICICI Bank branch. This facilitates anywhere payments for labour wages, construction materials etc.
    • Higher free limit for ^non-cash transactions
      • No charges on ^non-cash transactions up to Rs. 2 Crore per month. Facilitates lower charges on transactions most required by you such customers.
    • Lower charges for high value ^non-cash transactions
      • Such an account would help minimise the cost for a customer undertaking frequent high value ^non-cash transactions such as receiving lump sum payments from government agencies or payments made to equipment / material suppliers as the account minimises the cost for such transactions. With a rate of Rs. 0.50/- per Rs. 1000/- chargeable after exhaustion of the monthly free limits while restricting the maximum charge per instrument to Rs. 500/- irrespective of the amount of the instrument such an account would help minimise the cost for a customer undertaking frequent high value transactions.
    • No charge on funds transfer between ICICI Bank accounts
      • Funds transfer service between ICICI Bank accounts is completely free. Thus you can avail of free funds transfer facility to third party ICICI Bank accounts of your suppliers / customers etc.
    • No charges on RTGS / NEFT services
    • No charges on up to 200 cash & clearing transactions a month not including upcountry cheque collection and collections done through Internet banking/ Phone banking/ Mobile banking/ ICICI Bank ATMs.
    • Free mobile alerts in case of debit / credit transactions over Rs. 5000/- as well as a daily closing balance alert.
    • Anywhere banking
      • More than 2500 branches across country
    • Extended banking hours
      • 9 to 6 / 8 to 8 as applicable

    * Conditions apply. Please refer to the Schedule of Charges for details.

    Note :
    1. This content is for the purpose of information only and not for solicitation. It is not to be deemed as an offer to sell .
    2. The features are subject to change as per the Bank's discretion.
    3. ^Non Cash Transactions includes Demand Drafts, Pay Order, Multicity cheque payments, Local Cheque collection Non base & Upcountry Cheque Collections.

    FAQ's

    • What is the minimum average monthly balance required to be maintained in a Public Works Contractors Current Account?
      • The minimum average monthly balance required to be maintained is Rs. 1,00,000/-.
    • How is Public Works Contractors Current Account different from regular current accounts?
      • Higher free limits for ^non-cash transactions
      • Permits higher cash withdrawals at non-base ICICI Bank locations branches.
    • Is there any additional documentation, in addition to the KYC documentation required, for opening this account?
      • Yes., a customer is required to provide a valid work order from any government agency / department to be able to open this account. A customer would also need to sign a declaration in the format specified by ICICI Bank mentioning his / her nature of business. The declaration is Included provided as part of the schedule of charges.
    • Please refer the Schedule of Charges for detailed information.