Icici Bank Authorization Letter Format: Fill & Download for Free

To answer my own question, ICICI Bank gets a thumbs down. I signed up with them for my startup and regret it. I've visited the branch a dozen times in the past month to get things going, but the latest road blocker is just ridiculous:To transfer money to an account in any bank across India, I can add a payee online, confirm via the SMS code, and perform the transfer (via NEFT) immediately. The process takes about 10 minutes for the first transfer and is instant otherwise (actual delivery takes a few hours or next working day).However, I cannot use this procedure to transfer to another ICICI account. For that, I have to write a letter to ICICI Bank requesting authorization to transfer to a specific account number, disclaim all responsibility for misuse, then print this letter, stamp it with the company seal, and either deliver to the nearest branch or send a scanned copy to their corporate care email address. A representative at the branch where I opened my account said this is for my safety. They can cross-check the account numbers for ICICI accounts, but not for NEFT transfers.The end result is that it is far easier to transfer money to another bank than to an ICICI account holder.From my experience with a HDFC Bank savings account, they too demand paper forms to be submitted at a branch. I suppose it'll be the same for current accounts.Update: Additional reason to not use ICICI Bank. If your company needs to pay service tax, you do it via NSDL's site where they ask you to pick the bank you have an account at. Turns out ICICI Bank is authorized to collect taxes only in Mumbai, Delhi, Chennai and Hyderabad. If you run a startup in Bangalore, you cannot pay taxes from your corporate or personal ICICI Bank account. You have to transfer to HDFC or some other bank to pay.Update 2: After one an a half years with Yes Bank, they get a thumbs down too. It took us one and a half years to convince them we really wanted to do NEFT transfers. We went through the paperwork motions a total of three times, got locked out of our own account twice, both times for over a month each, and have been tossed around three or four account managers so far, each of whom is very concerned and wants to help but only ends up passing the baton. Please don't do business with Yes Bank. They are too busy signing up new accounts to care about existing ones.

Yes you can definitely get one year statement from non -home branch provided account holder has to visit by self or representative of account holder can visit the branch along with authorization letter duly signed by account holder authorizing the person to collect the statement on his behalf. The representative of account holder has to visit with his or her identity proof along with the authorization letter. Statements above period of 3 months are chargeable.

Can we accumulate the Yes Bank stock at this time?Yes, A big yes.You should accumulate stock at this time as all the major bank has contributed for the revival of the bank as proposes by RBI.After State Bank of India, ICICI Bank, Axis Bank and Kotak Mahindra Bank have announced plans to invest in the Yes Bank under RBI's reconstruction scheme for the troubled lender. According to respective regulatory filings, ICICI Bank will invest Rs 1,000 crore, Axis Bank will pump in Rs 600 crore, and Kotak Mahindra Bank will put Rs 500 crore to revive the cash-strapped Yes Bank.The ICICI Bank board on Friday approved to acquire 100 crore equity shares in YES Bank at Rs 10 apiece. This is the second biggest investment in the troubled lender after SBI's promised Rs 7,250 crore in the bank.ICICI Bank Limited, in a statement, said this investment is likely to result in ICICI Bank holding over 5 per cent stake in Yes Bank, with the final shareholding to be determined based on the final scheme of reconstruction and share issuance thereunder."The Board of Directors of Axis Bank Ltd at its meeting held today has accorded approval to invest a sum of up to Rs 600 crore for acquiring up to 60 crore equity shares of Rs 2 each of Yes Bank Limited, for cash, at a premium of Rs 8 per equity share, under the proposed Scheme of Reconstruction of Yes Bank Limited under the Banking Regulation Act, 1949," Axis Bank told the stock exchanges.After this investment, Axis Bank will hold less than 5 per cent of Yes Bank's new issued and paid-up capital, the private lender said in its filing. As on December 31, 2019, Axis Bank's promoter, Life Insurance Corporation of India (LIC), holds 8.06 per cent of equity share capital of Yes Bank, the filing further added.Meanwhile, Kotak Mahindra Bank told stock exchanges that it has issued equity commitment letter to invest Rs 500 crore in Yes Bank for subscription of its 50 crore equity shares at a price of Rs 10 per share. This equity commitment is pursuant to the scheme of reconstruction for Yes Bank and is subject to regulatory approval.These developments have come on the same day that theUnion Cabinet approvedReserve Bank of India's draft reconstruction scheme for Yes Bank. In a press briefing after the Cabinet meet Finance Minister Nirmala Sitharaman said that RBI is engaging with private investors willing to participate in Yes Bank's revival plan."State Bank of India will invest up to 49 per cent of the equity. Other investors are also being invited and quite a lot of engagement by the RBI is happening to bring in other investors. There will be a three-year lock-in period for SBI for up to only 26 per cent of the 49 per cent that they are investing. For the rest of the investors, it will be lock-in for three years of 75 per cent of their investment," Sitharaman said.Key features of the YES Bank revival plan would be revealed once the official notification comes, the FM said, adding that authorized capital had been raised from Rs 1,100 crore to Rs 6,200 crore to accommodate immediate and subsequent raising of capital requirements.Thank You!