ICICI Bank is one of the largest banks of India. Years of expertise and successful management has helped it achieve great heights. It has managed to satisfy the needs of its customers and has proved to be excellent in all the arenas related to financial matters. Be it an insurance product or an investment or a simple account, ICICI Bank has solutions for all.
Products and Services offered by the bank:
The bank takes cares of the financial needs of each and every customer and hence, has different sections for different group of people, depending upon the requirement, the social status, and the residential status of the customer and the business needs of the people.
It caters to different groups via different sections, dedicated to the needs of all. The various sections of services offered by the bank are:
- Personal Banking
- Privilege Banking
- Wealth banking
- Private Banking
- NRI Banking
- Corporate Banking
- Business Banking
Personal banking is dedicated to people in general and caters to an individual’s financial needs. This service is available to all and can be accessed by any person. The bank offers a variety of products and services in this category. Let us peruse through the various services and products being offered.
Savings Account: The bank offers a variety of savings accounts. The various types of accounts being offered by the bank are:
- Titanium Privilege Account: A privilege account which provides the customer with a dedicated privilege banker and also offers the customer free access to ATM’S Pan India and up to 40% discount on locker rents.
- Gold Privilege Banking: A priority account that offers the customer free access to ATM’S Pan India and up to 20% discount on locker rents.
- Silver Savings Account: A flexible account that offers the customer free banking across all ICICI branches and up to 15% discount on locker rents.
- Regular Savings Account: A basic savings account that offers the customer smart shopper silver debit card and any time banking with any of the ICICI bank branch.
- Advantage Woman Savings Account: An account dedicated to women. This account allows the customer free accesses to ATM’S pan India and also allows investing in RD’S and use the maturity proceeds to purchase ornaments.
- Young Stars Account: An account dedicated to the young ones. This account can be held by small children under the supervision of their parents.
- Senior Citizens Savings Account: An account designed to meet the financial needs of senior citizens. Special senior citizen desks are available at various ICICI bank branch in order to answer queries of the old ones.
- 3-in-1 Account: An account which acts as a tri account. This account allows the customers to link three accounts i.e. Banking, Trading and Demat accounts in one and carry out the transactions.
- Pocket Savings account: A digital account which enables its customers to hold cash in electronically in a digital wallet. The customer can use the cash stored in such wallet as per their requirements.
- Basic Savings Bank Account: Helps the customer to carry out their day to day financial transactions easily.
Salary Account: Any organization employing 20 or more employees with an annual payout of minimum Rs.36 lakhs per year and an average salary of Rs.15000 may apply for a salary account with the bank. Helps employers pay salary to their employees with great ease and without hassles.
Pension Accounts: Pension schemes are available for people to enjoy their life post retirement without having to worry about meeting their daily expenses. The various types of schemes available are:
- National Pension System
- Atal Pension Yojana
- Civil Pension
- Defence Pension
Other Accounts: Besides the above mentioned accounts, the bank also offers certain other types of accounts. The names of the same are given below:
- Child Education Plan
- Outward remittance
- EEFC Account
- New Pension System
The bank offers a range of deposits which ensure good returns on customers’ savings deposited in the bank. These deposit accounts are flexible and easily accessible. Let us peruse through the various deposit accounts.
Fixed Deposit: Available in two varieties, i.e. traditional plan and reinvestment plan, these plans allow the customer to earn attractive returns on their investment and can be availed by depositing a minimum of Rs.10,000 for a minimum period of 7 days.
Fixed Deposit (without premature withdrawal facility): Available in two varieties, i.e. traditional plan and reinvestment plan, these plans allow the customer to earn attractive returns on their investment and can be availed by depositing a minimum of Rs.1 crore. However, the customer cannot opt for premature withdrawal of their funds.
Recurring Deposit: A deposit amount which allows the customer to pay a fixed amount every month and earn returns on the same at a pre-fixed rate and can be availed by anybody by paying a minimum of Rs.500 per month for a minimum period of 3 months. The customer may have to bear penalty in case of missed installments.
iWish flexible RD: A variant to the traditional RD plan. This facility allows the customer to deposit cash in their RD account as per their wish and does not include any kind of penalty charges.
Delightful deposits: It is an RD account which ensures higher returns to customers. The bank has tie ups in travel, jewelry as well as electronics sector. The extra interest paid to the customer is borne by associated partners in the form of top ups.
Tax Saving FD: Available in two varieties, i.e. traditional plan and reinvestment plan, these plans allow the customer to earn attractive returns on their investment and can be availed by depositing a minimum of Rs.10000 and a maximum of Rs.150000 for a maximum period of 15 years. This account is tax exempted and hence is an ideal choice for those willing to save.
Money Multiplier Fixed Deposit: Money multiplier deposit plan allows the customer to earn interest on any surplus amount in their savings account as and when required by them. The amount so deposited is totally liquefiable and can be withdrawn at any point of time under the bank’s Last in First out policy. This deposit account helps customers reap maximum returns on the amount otherwise kept idle in their account.
- Security Deposits: This initiative is aimed at major corporates to help them cut down the rising attrition rates in their companies. Employees are asked to deposit a certain amount with the bank, which is treated as a security deposit by the company in lieu of the jobs provided to the employees of that particular firm.
Credit Cards: Credit cards help the customer to purchase now with the freedom to pay later for the same. However, the bank charges certain interest on the amount to be paid later. The bank offers a variety of cards. The customer may choose any card as per their requirement.
Debit Cards: Debit cards are cash equivalents. These cards allow the user to roam about freely without having to worry about handling cash. The customer may either withdraw cash or make direct payments to the seller just by swiping the card at the swipe machines available at the store. Apart from this, these cards also offer certain benefits.
- Prepaid Cards: Prepaid cards act like wallet to all. These cards have cash loaded on them and can be used in order to make payments for dining and other related stuff. The bank offers a heavy range of prepaid cards, namely:
- Multi wallet Card
- PayDirect Card
- Pockets, the Digital Bank
- Gift Card
- Indian Rupee Travel Card-India
- Meal Card
- Indian Rupee Travel Card
- Reimbursement Card
- Travel Cards: These cards are designed specifically for people planning to travel abroad. Travel cards are a form of prepaid cards and can be used by travelers in foreign destinations. The only thing to be done is that the card should be loaded in foreign currency by making payments in the Indian currency. It’s a safe and hassle free method of cash carrying and payment. The bank offers four types of travel cards, namely,
- Travel Card on Visa Network
- Travel Card on MasterCard
- ICICI Bank Multicurrency Travel Card
- ICICI Bank Student Travel Card
Unifare Metro Cards: A combination of a metro smart card and an ICICI debit/credit card. This card can be used at any of the destinations and is automatically recharged on reaching below the fixed lower limit. It saves the customer from the unnecessary burden of handling multiple cards at the same time.
- Commercial Cards: These cards are directed towards big corporate firms that are liable to make payments in lieu of the expenses incurred by their employees during their travel for work purpose or other such job related matters. It helps the companies keep a check on the expenses as the bills generated are directly forwarded to the company, and it also saves them from the hassles of making individual payments. Three types of cards are available under this scheme, namely;
- Corporate Card Solutions
- Purchase Card Solutions
- Business Card Solutions
- Merchant Services: A card directed towards existing and new merchants.
The bank also offers loans and advances to its customers thus, enabling them to meet their financial requirements. The bank offers various loans to all for various kinds of requirements. A quick look through the below given list will help us understand the types of loans available with the bank:
Home Loan: Home loans are available to customers wishing to purchase a new home. These loans are available at attractive interest rates and at low documentation. These loans help one realize their dreams of owning a house.
Car Loan: Existing ICICI Bank customers as well as others can apply for car loan with the bank. These loans are available at attractive interest rates and are generally extended for a period of maximum 7 years.
Personal Loan: A multipurpose loan which can be availed by anybody wishing to spend some money towards wedding, travel, child’s education or other such related expenses. These loans are easily available and can be applied for a minimum period of 12 months to a maximum period of 60 months.
Gold Loan: Loans can be availed by one and all by keeping their gold jewelry as security with the bank. These loans are disbursed with low documentation and are safe as well.
Loan against Securities: Loans can be availed by one and all by pledging one’s securities as collateral with the bank. These loans are disbursed with low documentation and are safe as well.
Two-wheeler Loans: Existing as well as non existing ICICI Bank customers may apply for two wheeler loan with the bank. These loans are available at attractive interest rates. Up to 100% of the road price of the vehicle can be availed as loan from the bank under this scheme.
Commercial Business Loans: Two variants are available under this scheme:
- Commercial Vehicle: Allows the customer to avail loans In order to purchase a commercial vehicle or get an existing one refinances
- Construction Equipment: Allows the customer to purchase construction equipments, material handling equipments, earth moving equipments or get existing ones refinanced.
Pradhan Mantri Mudra Yojana: Micro Units Development & Refinance Agency Ltd. (Mudra) is a Government of India initiative which advances loans to the non-corporate or the non-farm sector. The amount of the loan to be disbursed under this scheme is dependent upon the growth stage and the funding needs of the applicant. These loans are generally extended for the purpose of buying commercial vehicles, equipments or in order to meet one’s working capital requirements.
Stand Up India Scheme: These loans are directed towards women and SCs/STs who wish to open a Greenfield enterprise in the manufacturing or trading sector. The applicant may avail loans amounting to a minimum of Rs.10 lakhs to a maximum of Rs.1 crore.
Loan For Sure: A special loan which offers a surety of the sanctioning of a personal loan, home loan, car loan or a credit card.
- Other Loans
- Two Wheeler
- Pre-Qualified loans
- Online Loans
The bank offers various insurance policies to its customers, thus, ensuring safety and security of their loved ones in case of financial uncertainties and medical or non medical emergencies causing death or temporary or permanent disablement of the customer. The various kinds of insurance policies on offer by the bank are:
Pradhan Mantri Social Security Schemes: Offers death coverage amounting Rs.2 lakhs and accidental coverage of 2 lakhs in case of permanent disablement of both the eyes or hands or foot and an accidental coverage of Rs.1 lakh in case of permanent disablement of one eye or hand or foot of the insured.
- Life Insurance: Life Insurance plan ensures safety and security of one’s loved ones in their absence. The customer may choose from the below mentioned insurance plans:
- Term Plans: Aims to provide security to the insured’s family in certain unforeseen and unavoidable circumstances.
- Wealth Plans: Offers insurance along with a systematic approach towards creating the customer’s wealth.
- Retirement Plans: Offers the customer the ability to lead a peaceful and dignified life post retirement.
- Child Education: Helps the customer plan their child’s education and make arrangements for the same well in advance.
General Insurance is directed towards securing one’s loved possessions such as vehicle, home, priced possessions and their travel abroad. The various types of General Insurance plan on offer by the bank are:
- Health Insurance: Insures one against illness and sickness.
- Travel Insurance: Insures one during their travel and takes care of any misfortune during the same.
- Car Insurance: Insures the vehicle of the customer against accidents or any other related damage.
- Two Wheeler Insurance: Insures the bike/scooter of the customer against accidents or any other related damage.
- Home Insurance: Insures the home of the customer against damages to natural or unnatural calamities.
Card protection Plan or CPP helps the customer to safeguard their credit and debit card against loss, theft or damage of the card. A 24*7 helpline is available for reporting any kind of incidents related to the card.
The bank extends help to farmers by funding them and helping them to meet their cash requirements related to farming and related expenses. The bank offers help via the below mentioned services:
Instant Gold Loan: Issues loans in lieu of gold and gold jewelry, thus helping the farmers to meet their agricultural needs.
Farmer Finance: Provides funds for each and every stage of farming and harvesting, right from sowing to final transportation of the harvested product.
Agri Traders and Processors: Issues loans towards meeting working capital requirements via overdraft facilities and cash credit facility and also offers advances in lieu of agricultural commodities.
- Agri Corporates: Promises a steady flow of cash during the various stages of business. The various schemes available under this category are:
- Mid Cap Credit
- Forex and Derivatives
- Agri Investment Banking Solutions
Tractor Loan: The bank offers tractor loans to people who own an agricultural land and wish to utilize the same for the purpose of production. These loans are issued at low interest rate and involves very low processing fee.
- Micro Banking: A step towards easy availability of funds for the customers, via plans such as:
- Self Help groups
- Micro Finance
- Micro Savings
A digital wallet which allows the user to make payments or shop for things using mobile banking. It’s an app which can be downloaded and stored in one’s mobile and can be used for making payments.
The bank offers a variety of investment options for its customers, thus, helping to maximize returns on their savings.
Helps the customer understand their financial position and goals. There are two types of services available under this plan, namely,
My Money: My Money is a user interface which helps the customer keep a close track on all their accounts, whether ICICI or any other bank. This interface lets the user plan their budget and get regular alerts via mail on the same.
- My Goals: MY goals is a user interface which helps the customer set short and long term financial goals and make plans on how to achieve them. The customer may set their goal and this app will let them track their path towards achievement of the goal, help them plan their budget and get regular alerts via mail on the same.
- The ICICI Bank Referral program helps the customer earn rewards and points on valid references given by them to the bank. They are given a personal referral account which helps them keep a close watch on the points earned.