Can I Buy Bitcoin with ICICI Bank?

Yes, ICICI Bank allows its customers to invest in cryptocurrencies like Bitcoin by enabling transfers to Indian cryptocurrency exchanges. It's important to select an exchange that complies with Reserve Bank of India (RBI) regulations to ensure safety and compliance. Users can deposit INR to these platforms through bank transfers, debit cards or local methods like PayTM.

How to Buy Crypto with ICICI Bank

‍ICICI Bank customers can securely invest in cryptocurrencies through regulated exchanges like Bybit, which is known for its compliance with Indian regulations. It has an extensive selection of over 1,300 digital assets for trading and staking. Bybit offers free INR deposits through various payment methods, including bank transfers, credit cards, UPI, IPMS, PayTM and more.

To purchase crypto using ICICI Bank on Bybit, follow these steps:

1. Open Account: Visit the Bybit website and sign up for a new account.
2. Deposit Rupees: Once your account is verified, go to the 'Buy Crypto' section. Choose your preferred deposit method and add funds in INR.
3. Find Token: Choose the crypto you wish to purchase and ensure INR is set as your deposit currency.‍
4. Execute Trade: Input your desired investment amount, review the transaction details, and complete the trade.

What are the Fees?

Understanding the fees associated with using exchanges is recommended for those new to crypto investing. Most platforms charge fees for depositing and withdrawing funds and buying or selling assets. Trading fees typically range between 1% to 2%.

For ICICI Bank customers, Bybit offers a competitive fee structure with a 0.1% fee for spot trading and a maker/taker rebate of 0.02%/0.06% for futures trading. Additionally, Bybit provides free Indian Rupees (INR) deposits through bank transfers, UPI, and debit cards, making it an affordable option for investors.

Is ICICI Bank Crypto-Friendly? 

Yes, ICICI is considered a crypto-friendly bank as it allows customers to purchase digital assets through exchanges that comply with Indian regulations. The bank adheres to India's regulatory framework by allowing INR transfers to investment platforms that are compliant with the Reserve Bank of India (RBI).

In India, digital currency activities are regulated and include strict Anti-Money Laundering (AML) standards. Customers can use the bank’s various digital banking services, such as iMobile Pay and internet banking, to facilitate transfers to exchanges. Additionally, ICICI offers direct Digital Rupee transactions and allows users to spend the country’s CBDC directly through its banking interface.

About ICICI Bank

ICICI Bank, a top private sector bank in India, offers diverse financial products and services. Established in 1994, it provides features like the iMobile Pay app for digital transactions, the Coral Credit Card for shopping benefits, Money2India for remittances, and Prudential Life Insurance for comprehensive coverage. The bank has an extensive network of branches and ATMs and provides online and mobile banking platforms.

Bottom Line

In conclusion, ICICI Bank supports its customers in investing in cryptocurrencies by enabling INR transfers to regulated exchanges. Bybit is a recommended option, offering a wide range of 1,300 digital currencies, competitive fees, and free INR deposits. In addition to trading, the platform provides staking, lending and borrowing services, allowing Indian investors to maximise their profits.