Today the ICICI bank is one of India’s largest banks. Ever since the bank was established in the year 1994, it has expanded its network all over the world to date. Countries like Canada and the United Kingdom have ICICI subsidiaries. The representative offices are present in cities like Malaysia, U.A.E, Indonesia, and Bangladesh. Besides these, the bank also has branches in various cities overseas. It was an initiative by the Industrial Credit and Investment Corporation of India Limited. The financial institution provides various banking services and products that enhance the funds and deposits of its customers. The private sector bank is no longer lagging concerning technology and advancements. It has upgraded the banking system to a great extent with the evolution of time. The bank has a good reputation in society and the financial domain that had led to several accords and honors to its credit.
The bank has set a good track record for providing excellent services to its customers. It has been a long journey for the bank and its executive to the top. One of the top four banks in India is the ICICI bank. The private sector bank has left no stone unturned to reach the summit of its success. So, let’s explore more about the bank and the reason behind its gigantic accomplishments. In this article, I will throw the spotlight on the ICICI bank.
The ICICI Bank was founded on 5th January 1994. It’s been 26 years since the bank first started its services at the registered office in Vadodara, Gujarat. The Corporate office of the bank was located at Bandra Kurla Complex in Mumbai. To date, the bank has 5,288 branches across most of the cities around the world. Thus, the bank provides services in a total of 17 countries worldwide. The Indian MNC provides a wide variety of financial services. It is one of India’s largest banks, with total assets consolidated at Rs.14.76 trillion. The bank is currently managed by the Managing Director Mr. Sandeep Bakhshi, along with the chairman Mr. Girish Chandra.
ICICI Ltd. was instrumental in the initialization of its subsidiary, the ICICI Bank. Thus, together with the efforts from the World Bank and the Government of India, the ICICI bank came into existence. The bank started its operations in the year 1994, and after four years, it launched its internet services in 1998. In the same year, the shareholding of the ICICI in its subsidiary went down to 46 percent. This downfall was due to two specific reasons. The public offering of shares in the year 1998 and the equity offering by the New York Stock Exchange in 2000. The bank was the first Indian company from non-Japan Asia to earn a spot on the NYSE. This happened in the year 1999.
The bank has acquired and merged with several other banks and MNCs in the past. These mergers have fortified the network of the ICICI bank by incrementing the number of banks and the reach among the masses. In 2001 the ICICI bank had taken over the Bank of Madurai. The all-stock deal enabled the ICICI bank to sell off the additional stakes to the investors. Further, a reverse merger took place in 2002. During this, the ICICI, the ICICI bank, and the ICICI subsidiaries like the ICICI Personal Financial Services and the ICICI Capital Services Limited had merged. Moreover, the bank merged with several others to improve their network and connections worldwide.
The ICICI Bank offers several financial services and banking products to the masses. These services are categorized as per the need of the diverse sections of Indian society. There is a different set of services for original Indian citizens, NRIs, Businesses, and corporates. For a detailed guide of the services by the ICICI bank, refer to the official bank portal https://www.icicibank.com. Let us look into some of the products and services by the bank.
Savings Bank Account
The savings account is one of the safest investment options to park one’s savings. The funds deposited in this account generate a modest interest. The savings account in the ICICI bank is premium accounts or basis accounts. These accounts can be opened by minors, senior citizens, and any salaried individuals. The deposits in the savings account are completely liquid. The account holders have complete admittance to their funds. The interest earned on these accounts ranges from 4% to 7%. International Debit cards are also offered with some eligible accounts. The account holders can track the transactions from the savings account via net banking or mobile banking.
The fixed deposit is an investment tool that locks the funds of depositors for a fixed period. Through these deposits, the customers can park their funds and earn a decent interest rate. These deposits generate a higher interest rate in comparison to the savings account. the lock-in period is flexible and determined by the applicants. The revenue on the fixed deposit investment is guaranteed. The funds are risk-free as the RBI assures Rs.5 lakh’s compensation to the banks in case of liquidation. Loans can be availed against fixed deposits. The loan amount issued is 90% of the balance parked in the fixed deposits.
Credit cards are also issued against FDs whose limit is as much as the FD amount. Thereby making the card transactions secure. The customers can also opt for premature withdrawals if they aren’t satisfied with the services of the bank. However, the customers need to pay the penalty associated with such withdrawals. This amount sums up to 1-2% of the deposited amount.
The ICICI Bank also has recurring deposits. This enables the investors to invest their hard-earned money in these deposits. There are two types of recurring deposits offered by the bank. The iWish Flexible Recurring Deposit Scheme and the ICICI Recurring Deposit Monthly Income Scheme. Both of these schemes have different features. In such deposits, the funds are locked-in for a fixed duration of time. Upon maturity, the investments are returned with interest.
The home loans by the ICICI bank can be availed by any individual. He could be either salaried or a self-employed individual. These loans are sanctioned along with the Home Loan Insurance to facilitate the repayment process. The ICICI Bank offers home loans at an interest rate starting from 6.90%. The repayment process is flexible, and the tenure for repayment extends to 30 years. To meet the financial needs of every individual, the bank provides different loan schemes. Loans can also be availed under the Pradhan Mantri Awas Yojana (PMAY). Further, the applicants are charged a low processing fee.
The ICICI Bank offers various loans for the advantage of all its customers. Wedding loans, Holiday loans, Home renovation loans, Fresher Funding, and NRI Personal loan are some of the loans offered by the bank. The personal loans require minimal documentation and are hence disbursed quickly. The maximum loan amount sanctioned for the borrowers is Rs.20 lakh. The repayment process is flexible, and the tenure for repayment ranges from 12 months to 60 months. The loan amount is charged a fixed interest rate ranging from 11.25% to 17.99% per annum. An additional feature called the Personal Loan Balance Transfer adds in favor of the applicants. The transfer substantially reduces the loan amount by transferring the existing high-interest rate loan to low interest.
The ICICI bank provides an educational loan to every student who wishes to study further but cannot afford so. The loan helps them to overcome the high tuition fees by top tier educational institutions. The loan not only covers tuition fees but the entire college expenses. The loan comes with an insurance premium. The interest rate of the loan depends on the type of curriculum undertaken by the student. But in most cases, the interest for any under-graduate or a post-graduation course is 11.5%.
The bank also offers loans against gold ornaments and jewelry. These loans require minimum documentation, and the loan amount is sanctioned quickly. The interest charged for the gold loan starts from 10% per annum. The maximum amount disbursed for a single applicant is Rs.1 crore, which should be repaid with 3 to 12 months.
The business loans cater to the upliftment of small and medium businesses. The bank provided a wide range of loans to the businessmen to kick start their businesses. The loan starts at an interest of 13% per annum. But along with documentation, there are several processing fees associated with the loan.
The Mudra loan is specifically designed for MSME businesses who are involved in non-farm based agricultural activities. The applicants of this loan can avail of a loan amount of Rs.10 lakh to start or expand their existing business. The interest rate charged on this loan varies from lender to lender. An Indian resident who is engaged in any non-farming business is eligible for this loan. The business should be trading, manufacturing, servicing or beekeeping, fish farming, and other such non-farm activities. Under the Mudra loan, there are various schemes like Shishi, Kishore, and Tarun that provide for the requirement of the applicants. The tenure for the repayment of the loan is up to 3 years, but it can be extended further.
Loan Against The Property
The loan against property can be availed by any individual by mortgaging the property to the bank. The loan can be used to satisfy any personal or business requirement of the person. Upon availing of this loan, the amount will be sanctioned by the ICICI Home Finance Company Limited. It is a subsidiary of ICICI Ltd. The amount disbursed through this loan ranges from Rs.10 lakh to Rs.5 crore. The interest rate starts at 9.85% per annum, and the tenure for repayment can exceed 15 years. The balance transfer facility with a striking interest is also available along with this loan.
The ICICI bank issues most of the credit cards in India. The bank has various cards at its credit that are suitable for individuals with different lifestyles. These cards enable the cardholder to get benefits from activities like shopping, travelling, entertainment, fuel, fun, dining, and more. Some of the credit cards offered by the bank are.
- Travel Credit Cards.
- Lifestyle Credit Cards.
- Fuel Credit Cards.
- Rewards Credit Cards.
- Shopping Credit Cards.
- Premium Credit Cards.
The ICICI Bank provides a wide range of cards to its customers. These cards cater to easy and smart transactions of every individual. The two types of debit cards offered by the bank are Gemstone Debit Cards and Personal Debit Cards. The debit cards are personalized according to the requirement of every individual. These cards can be used at shopping centers, box-office, bill payment, and every other payment center. There are various rewards and benefits associated with debit cards. Cash withdrawals from the HDFC ATMs are free for the first 5 times. However, cash withdrawals from ATMs other than HDFC permit only 3 free cash withdrawals.
The net banking facilities are a great relief in modern society. With the advent of these services, it had curtailed the customer’s visits to the bank. The benefits of net banking are given as follows.
- The funds can now be transferred online without any hassles.
- Saving and the current account can be opened online.
- The account statement can be tracked online.
- The customers can also preview their previous account statements.
- The utility bills of the customer can be paid.
- The application for fixed deposits and recurring deposits can be submitted online.
- Bank to bank transfer is feasible.
- Mobile recharges, and various other bills can be paid online.
The ICICI bank has various mobile apps to facilitate its banking services. Some of these apps are as follows.
- The account balance and the credit card payment can be checked through this app.
- The funds can be transferred using the NEFT, RTGS, and IMPS.
- It is an e-wallet powered by VISA. It enables the transfer of funds, bill payment, and facilitates shopping.
- It also acts as a physical debit card.
iii. Mera iMobile
- It is a mobile app available in 12 different languages.
- The account balance is tracked, and the other transactions can be made using this app.
- The UPI payment amount can be received by the app.
- The credits, debits, and transactions via internet banking are recorded on the app.
v. iBizz ICICI Corporate Banking
- The app is only designed for the current bank account holders.
- They can view and download their account statements. They can open another account in the bank and manage their loans.
Bank Account Balance Inquiry
The customers can avail of any feature to check their balance in the bank account. Some of the means are as follows.
- Missed call service. The toll-free number is 9594613613. Thus, customers can give a missed call on this number only from their registered mobile number. After giving a missed call, the customer will be notified about the bank balance either through an SMS or the email associated with the bank account. The customers can also get their mini statement without going to the bank by simply giving a missed call on the same number.
- Net banking. This is the next way to inquire about the ban balance of an individual. The customers need to register themselves to avail the net banking services.
- Mobile banking. The ICICI Bank also has mobile applications that enable its customers to do a balance check. The iMobile is a complete mobile app by the ICICI bank. It is available on the Google Play Store and the Apple App Store. The app facilitates money transfers, transacts all the accounts, and allows users to check their balances. Similarly, there are other apps like “Mera Mobile” and iBizz ICICI Corporate Banking.
- SMS banking. The balance inquiry can also be verified through SMS services. The account holders should send the message “IBAL” to 9215676766 from their registered mobile number.