Summary: Icici Bank does not directly offer cryptocurrency services for their customers through the Icici Net Banking or Online Banking platform.
Icici account holders will need to sign up to a regulated digital asset trading platform like Binance to deposit INR or another currency to buy digital assets.
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Can I buy Crypto with Icici Bank?
The Icici Net Banking platform does not offer any digital asset services such as cryptocurrency trading, or cryptocurrency custody. This means that Icici Bank account holders cannot buy or sell coins like Bitcoin and Ethereum directly through their Icici login.
That said, Icici Bank does allow customers to deposit fiat like Indian Rupee (INR) into licensed and regulated trading platforms. This is legal pursuant to the guidance provided by the Reserve Bank of India (RBI).
How to buy Cryptocurrencies with Icici Bank Online
The easiest way to buy Bitcoin, Ethereum, and other cryptocurrencies through Icici Bank is with a licensed trading platform like Binance. They offer fast and cheap fiat currency deposits to trade over 700 coins and stake them to earn passive rewards and income.
You can get started with your Icici Net Banking login with this simple guide:
- Sign up with Binance from any country around the world.
- Connect your Icici Net Banking account to deposit fiat via bank transfer.
- Find the cryptocurrency you want to buy on Binance.
- Input the amount of crypto you want to buy.
- Execute your trade.
Once you finalise your transaction and buy Crypto with your Icici Bank account on Binance, your assets will be automatically stored on your Binance managed wallet. You can then withdraw your coins, or leave them on Binance for secure custody.
Is Icici Bank Crypto Friendly?
Icici Bank has been a pioneer in the banking sector when it comes to adopting new technologies. In 2015, the bank became the first in India to launch a mobile app for transactions using virtual currency. The app, called Pockets, allowed customers to load, send and receive money in bitcoins. It also allowed users to pay bills and shop online using the virtual currency.
In 2018, the bank launched a blockchain-based trade finance platform called eazyTrade. The platform was developed in partnership with eight other banks and allows for the digitisation of documents and quicker processing of transactions.
More recently, in 2019, Icici Bank announced that it had successfully completed a pilot project to issue a letter of credit (LC) using blockchain technology. An LC is a guarantee that a buyer will receive the goods they have purchased. The use of blockchain allows for the LC to be issued and accepted instantly, which reduces the time taken for international trade transactions.
Overall, Icici Bank seems to be crypto friendly, despite the RBI's flippant stance on the asset class. That said, It is more likely that the bank would take a wait-and-see approach to the matter, monitoring developments in the space before taking any definitive action. This is in line with the approach that many other traditional financial institutions have taken.
About Icici Bank
Icici Bank is a subsidiary of Icici Limited, which is an Indian multinational banking and financial services company headquartered in Mumbai. The bank has a network of 5,275 branches and 15,589 ATMs across 2,199 cities and towns in India. It offers a wide range of banking products and financial services for corporate and retail customers through its various delivery channels and specialized subsidiaries in the areas of investment banking, life insurance, non-life insurance, venture capital and asset management.
Icici Bank was founded in 1994 by Industrial Credit and Investment Corporation of India (ICICI), an Indian financial institution. The bank was initially established as a wholly owned subsidiary of ICICI Limited but was later spun off as a separate entity in 2002. The bank is regulated by the Reserve Bank of India (RBI) and is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Icici Bank offers a wide range of banking products and financial services for both corporate and retail customers in India. For corporate customers, the bank offers products and services such as working capital finance, term loans, project finance, trade finance, foreign exchange services, treasury services and depository services. For retail customers, the bank offers products and services such as savings accounts, fixed deposit accounts, credit cards, personal loans, home loans, auto loans, two-wheeler loans and Education Loans. The bank also offers net banking and mobile banking facilities to its customers.
Icici Bank has a number of subsidiaries that offer a range of financial services and products. These include Icici Lombard General Insurance Company Limited, Icici Prudential Life Insurance Company Limited, Icici Securities Limited and Icici Venture Funds Management Company Limited.
Icici Bank has a number of awards and accolades to its name. Some of these include the Best Retail Bank in India award by The Asian Banker in 2015, the Best Private Sector Bank in India award by Business Today in 2014 and the Fastest Growing Large Bank in India award by Business World in 2013.