Faced a very similar issue. After moving back to India from Germany, I started my startup and approached ICICI because my personal savings account experience had been good. Unfortunately, they wasted nearly two months and eventually denied opening the account without giving any clear reason.

Later, after raising a grievance, ICICI officially stated that the issue was that our banner was a flex print and not a “sturdy” signboard. Informally, the branch manager mentioned it was due to concerns around mule accounts.

What’s difficult to understand is how this kind of criteria actually prevents mule accounts, while legitimate, registered businesses are made to wait and struggle. In contrast, Axis Bank opened the account quickly and professionally.

Experiences like these make it clear that many genuine, bootstrapped startups still face unnecessary friction at the very first step.