ICICI savings account opening. Approval required?

[questionasker]

I submitted an application for a savings account with a minimum average balance of ₹10,000. Initial funding cheque and verification is done and the geo-tagging process has also been completed. I was informed on April 2nd that the application was sent for approval.

I wanted to inquire if it is standard procedure for icici bank to require an approval process for opening a regular savings account. If so, based on your experience, could you please provide an estimate of the typical timeframe for this approval to be granted?

 

[Personal Finance by Nish…]

ICICI Bank's approval process for opening a regular savings account involves verifying your documents and information. The bank requires customers to meet specific eligibility criteria, such as being a resident of India, being between 18 and 60 years old, and providing Know Your Customer (KYC) documentation

Approval Timeframe
Online Application-Typically takes 5-7 working days, assuming all documents are submitted correctly and verification is successful.
Offline Application-Processing time may be longer, usually 7-10 working days, as it involves manual verification at the branch level.

Required Documents
Identity proof (PAN card, Aadhaar card, or passport)
Address proof (Aadhaar card, passport, or utility bills)
Age proof (birth certificate, passport, or PAN card)

Additional Factors
ICICI bank may consider additional factors, such as verifying
- Credit history
- Income and occupation
- Existing banking relationships

Thanks