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.
- 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.
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.
- 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.
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