ICICI Bank on Banking Awareness

ICICI Bank is one of India’s most important banking and financial services institutions. It has built up a large network of branches and ATMs across the country. It was founded in 1994 as Industrial Credit and Investment Corporation of India before changing its name to ICICI Bank. It is headquartered in Vadodara, Gujarat. ICICI Bank has a presence in 17 countries, including the United Kingdom, Canada, the USA, Singapore, Qatar etc. ICICI Bank has emerged as one of the strongest financial institutions in India currently.

In terms of market capitalization, ICICI bank plays a vital role. The bank’s total consolidated assets are worth INR 14.76 trillion as of September 2020. ICICI Bank’s vast network includes 5,288 branches and 13,626 ATMs across India. 

Services and facilities offered by ICICI Bank 

Credit card 

Credit cards are an important financial tool, especially for the salaried class who rely on them to pay their bills and earn some reward points. ICICI Bank offers quite a few credit cards with a slew of associated benefits. The most interesting part about ICICI Bank’s credit cards is that they are approved instantly. The instant credit card approval is one of the most attractive features of an ICICI credit card.

There are various other benefits associated with credit cards of ICICI Bank. Some of them are mentioned below:

• ICICI Bank charges no joining or annual membership fees
• There are numerous offers and easy-to-understand features of credit cards of ICICI Bank, such as personalised cards and shopping vouchers 
• There are reward points, fuel surcharge waivers and other interesting offers
• Through a few easy steps, the credit card limit can be increased
• The platinum credit card holders can receive two payback bonus points on Rs.100 spent on purchases
• Credit cardholders can avail of a loan through a few easy steps, provided they are eligible

The bank also provides debit card services with similar attractive offers.

Internet Banking Services 

ICICI Bank was one of the first commercial banks in India to launch internet banking operations. It launched internet banking in 1998 and has since then expanded into mobile banking. 

• ICICI Bank’s Internet banking operations help in easy banking transactions and managing the account from anywhere in the world
• There are more than 350 services and facilities under the internet banking portal of ICICI
• The ICICI Bank’s Internet Banking dashboard is easy to understand and simple
• Furthermore, mobile banking has also been implemented by the ICICI Bank
• You can track all your banking transactions just by clicking on the menu of your mobile phone application of ICICI bank

Home and Car Loans

ICICI Bank offers its expertise and financial help to help you secure some of the most important aspects of your family life by providing you with home and car loans. 

• ICICI Bank has a dedicated team of experts who will guide you through your home purchase process
• The home loans are suited to your needs with a maximum tenure of 20 years
• The documentation process is simple, and approval is given even before selecting your property
• For car loans, the process is simpler as the car loans are pre-approved and can be availed by logging on to your internet banking portal
• The repayment tenure ranges from 1 to 7 years

Foreign Exchange Services

If you’re a frequent overseas traveller, ICICI Bank offers foreign exchange services to make your vacations hassle-free. From converting your money into foreign currency, traveller’s cheques or a travel card, ICICI Bank’s foreign exchange service will be of help. 

Demat Account

ICICI Bank also offers Demat account services if you want to trade in stocks and securities. The bank offers 24×7 access to your Demat account and helps you track your dividends, interest and bonuses. 

Wealth Management Services

ICICI Bank also offers wealth management services to its customers. A team of financial experts will give the customers advice on investing their wealth across a diverse portfolio. If one of the family has a wealth management account, this premium service will be extended to all family members. 

Important Facts – ICICI Bank

• ICICI Bank is headquartered in Vadodara, Gujarat
• The Managing Director, as well as the Chief Executive Officer of ICICI Bank, is Mr. Sandeep Bakhshi
• There are more than 5,288 branches and 13,626 ATMs across India
• Apart from the Indian region, there are other bank branches globally
• Some branches are located in the United States of America, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre
• It also has representative offices in the United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia
• ICICI Bank has subsidiaries in the United Kingdom and Canada
• “Hum Hai Na, Khayal Aapka” is a tagline used by ICICI Bank

Subsidiaries of ICICI Bank

• ICICI Prudential Life Insurance Company: A life insurance company started as a joint venture by ICICI Bank and Prudential Corporation Holdings
• ICICI Securities: ICICI Securities provides investment, protection and borrowing services for its clients
• ICICI Lombard General Insurance Company: This subsidiary of ICICI Bank is involved in general insurance, reinsurance and insurance claims management
• ICICI Prudential Mutual Funds: It is currently one of India’s biggest asset management companies
• ICICI Venture: ICICI Venture is an alternative asset management company
• It partners with leading Indian and global financial investors.
• ICICI Direct: It provides banking and financial services for corporate and retail customers

CSR Initiatives of ICICI Bank

ICICI Bank has shown its commitment to the development and welfare of society through its Corporate Social Responsibility (CSR) projects. ICICI Foundation for Inclusive Growth supports the execution of CSR activities. 

For instance, there is the Green India project to conserve nature and transform the lives of marginalised people through sustainable practices. This project is based on the principle of sustainability. Various kinds of activities are executed under this, such as tree plantation campaigns and public health centres across the nation.

Latest Developments Regarding ICICI Bank

• ICICI Bank has launched a digital service that assists customers in opening a Public Provident Fund (PPF) account immediately with paperless procedures
• PayTM and ICICI Bank collaborated and launched the ‘PayTM- ICICIBank Postpaid’ service for short term digital credit 
• ICICI bank has also launched the first voice-based international remittance service, which helps non-resident Indians (NRIs) to transfer money to any bank in India
• The bank also launched a loan strategy for home loans with 1% cashback on each EMI

Conclusion

ICICI Bank and its various subsidiaries offer a range of facilities and services in the banking and finance sector. Commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.