ICICI Bank Ltd: It is an Indian Second Largest Multinational Private Sector bank in terms of assets and Market capitalization.
ICICI Bank Full Form: Industrial Credit and Investment Corporation
It is a company that provides services to Multinational Banking and Financial Services. The large network of ICICI banks all over the world makes it the 2nd largest Private Sector bank.
ICICI Bank is one of the 4 Big banks of India such as State Bank of India, Punjab National Bank, Bank of Baroda.
Type: Private Sector Bank
Industry: Banking and Financial Services
Headquarter: Mumbai, India
Chairman: Girish Chandra Chaturvedi
MD and CEO: Sandeep Bakhshi
Tagline: Hum Hai Na
- 1 COVID-19 Coronavirus: ICICI bank Reduces Banking Hours 10 A.M to 2 P.M
- 2 ICICI Bank History
- 3 ICICI Bank Objectives
- 4 ICICI Bank Functions
- 5 Services of ICICI Bank
- 6 ICICI Bank Ltd Saving Account
- 7 Current Account (ICICI Bank)
- 8 Balance Enquiry (ICICI Bank)
- 9 ICICI Bank Credit Card
- 10 Debit Card ICICI Bank
- 11 Mobile Banking
- 12 R.D Recurring deposit
- 13 F.D Fixed Deposit
- 14 Pradhan Mantri Mudra Yojna
- 15 ICICI Bank’s Loan Services
- 16 ICICI Bank Zero Balance Account
- 17 Features of ICICI Bank Zero Balance Account:
- 18 Most Important Banking Terms
- 19 ICICI FAQ
Due to Novel Coronavirus, ICICI bank requested to customers use cheque and Net banking services to prevent the spread of coronavirus.
ICICI Bank Ltd and Some Other banks like HDFC Bank changed its Banking Hours from 10 A.M to 2 P.M.
Private Sector Banks such as ICICI, HDFC Bank asked customers to use Online Transactions and they reduced their staff as a precautionary measure against Coronavirus. Customers can Pay the bills and their utility through UPI and Payment Techniques Platform.
ICICI Bank History
- With the name of ICICI Banking Corporation Limited, ICICI Bank Ltd. was incorporated in 1994 as a part of the ICICI group
- The merger of SCICI with ICICI, ICICI Bank Became a wholly-owned subsidiary of ICICI.
- In 1999 ICICI Banking Corporation limited renamed to ICICI Bank Limited.
- In 2001, ICICI Bank approved the merger of Industrial Credit and Investment Corporation and Industrial Credit and Investment Corporation Personal Financial Services limited and Industrial Credit and Investment Corporation Capital Services Limited.
ICICI Bank Objectives
- Meet the needs of the industry for permanent and long term funds in the private sector.
- To Promote internal and External Capital Sources.
- Finance for Rehabilitation of Industrial Units Services.
- Provide Finance for types of equipment.
ICICI Bank Functions
- Providing Long term Finance and Loans etc.
- Sponsored Securities and Shares.
- Providing Project Advisory Services
- To Advice Central and State Government on specify, Policy relayed issues, etc.
- Provide Financial Services like leasing, Installment sale, and Asset Credit.
- ICICI Bank provides services Foreign currency loans, Rupee Loans, Shares, and Debentures subscription.
- It is offering a range of services and goods to retail customers.
- National and Multinational banking services offered by ICICI Bank.
Services of ICICI Bank
ICICI Bank Ltd Saving Account
- Titanium Privilege Savings Account
- Gold Privilege Savings Account
- Silver Savings Account
- Regular Savings Account
- Young Stars & Smart Star Account
- Advantage Woman Savings Account
- Senior Citizens Savings Account
- Pocket Savings Account
- 3-in-1 Account
- No Frills Account
- Freedom Savings Account
- Family Banking
- Bank @Campus
- Professional Savings Accounts
- Resident Foreign Currency Account
- Easy Receive Savings Account
- Special Savings Account
Current Account (ICICI Bank)
Its Current account to serve the different business needs, it does not limit the number of transactions in a day and money withdrawal easily.
Balance Enquiry (ICICI Bank)
Customers of ICICI Bank can check their balance by using Missed Call Service, SMS Facility, Toll-Free Number, ATM, Passbook or by visiting ICICI Branch.
ICICI Bank Credit Card
ICICI Offers a Variety of credit cards to provide benefits to customers like shopping, Entertainment, etc. and also rewards and Cashback facilities.
Debit Card ICICI Bank
ICICI Bank variety of debit cards to fulfill the daily withdrawal needs of the customers. It offers benefits like Entertainment, travel, E-Commerce, etc.
Mobile Banking helps customers to access their accounts from any time, anywhere. Fund transfer, Balance Enquiry, etc. can check easily.
R.D Recurring deposit
ICICI Bank Recurring Deposit policy with tenure six months to 10 years.
F.D Fixed Deposit
The Minimum Fixed Deposit amount to ICICI bank is Rs. 10,000.
Pradhan Mantri Mudra Yojna
ICICI bank Provides Loan Up to Rs. 10 lakh to MSMI, Micro and small manufacturing service units.
ICICI Bank’s Loan Services
- Home Loan
- Personal loan
- Education Loan
- Two-Wheeler loan
- Car Loan
- Gold Loan
- Loan Against Property
- Commercial Business Loan etc.
ICICI Bank Zero Balance Account
The ICICI zero balance savings account was opened under Pradhan Mantri Jan Dhan Yojana (PMJDY) which was launched by government of India to provide financial access to economically underprivileged sections of the society.
Photo Id Proof, Address Proof, Self attested Photograph, Signature/Thumb Impression, these are the documents need to open an ICICI Zero Balance Account.
Features of ICICI Bank Zero Balance Account:
- No Minimum Balance requirement
- Free RuPay Debit Card
- Free cash deposit/withdrawal facility
- Free Passbook facility
- Open Joint Account,etc.
The ICICI bank vision has been extending far beyond funding industrial projects, it looks at all sectors of the economy. Its development has encompassed areas such as Technology, Finance, Rural Development, HRM Human Resource Development, etc.
Most Important Banking Terms
Money borrowed on demand for a very short period like one day known as call money.
Money borrowed for more than a day up to 14 days, called Notice Money.
It is an Organized market that Provides Finance for long term business.
It is an Organized market that Provides Finance for Short term business.
It is a state in which the value of money is falling and prices rising, over a period.
Negative interest Rate policy
NIRP Means that the central banks will deduct money from commercial banks for depositing their money with the central bank. In turn, the Commercial bank does the same with common people. So the effect is that people will have to pay money to banks to hold their cash.
It is a concept of selling insurance products of an insurance company by banks. It comes under the banking regulation act, 1949. This model is a globally accepted profitable business.
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Last Updated: July 7,2020 12:00:28 AM