INDEX

CHAPTER PAGE
Chapter 1 2
Introduction
Chapter 2 4
Objectives of the study
Chapter 3 6-29
Company Profile
History and Facts
Branches and Facts
Awards
Social and Security Schemes
Chapter-4 36-56
Benefits of ICICI Bank
Terms and Conditions for Savings Account:
Personal Banking Cards:
Types of Current Accounts
Type of loans
Chapter 5 61
CONCLUSION
Chapter 6 62
BIBLIOGRAPHY
 CHAPTER 1
INTRODUCTION

1
Chapter 1
Introduction

Online banking services-ICICI Bank

About:
Industrial Credit and Investment Corporation of India (ICICI) Bank Limited is an
Indian multinational banking and financial services company. It has its corporate
office in Mumbai, Maharashtra and was established on 5th January 1994. The
banks have 5275 branches and 15,589 ATMs across India.07-Feb-2023

ICICI BANK
ICIC Bank sector
Introduction: ICICI Bank was established by the Industrial Credit and Investment
Corporation of India (ICICI), an Indian financial institution, as a wholly owned
subsidiary in 1994 in Vadodara however the parent company was formed in 1955
as a joint-venture of the World Bank, India's public-sector banks and public-sector
insurance companies to provide project financing to Indian industry. The bank was
founded as the Industrial Credit and Investment Corporation of India Bank, before
it changed its name to ICICI Bank. The parent company was later merged with the
bank. ICIC bank Sector ICIC Bank is a leading private sector bank in India. The
Bank's consolidated total assets stood at Rs.14.76 trillion at September 30, 2020.
ICICI Bank currently has a network of 5,288 branches and 15,158 ATMs across
India.

2
 CHAPTER 2
OBJECTIVES OF THE STUDY

3
Chapter 2
Objectives of the study

Objective:
• To draw the comparative analysis of ICICI Bank ltd with Bank etc
• To identify the major attributes of customer satisfaction
• To study customer perception about ICICI Bank Ltd
• To identify and study the various ways of ensuring customer satisfaction
adopted ICICI Bank and SBI
• To develop financial resources
• It provides credit to large industrial concerns directly

4
 CHAPTER 3
COMPANY PROFILE

5
Chapter 3
Company Profile

• ICICI Bank Limited is an Indian multinational bank and financial services

company headquartered in Mumbai. It offers a wide range of banking
products and ...
• Total assets: ₹1,752,637 crore (US$220 billion) (2022)
• Total equity: ₹180,662 crore (US$23 billion) (2022)
• Number of employees: 97,354 (2020)
• Headquarters: Mumbai, Maharashtra, India

ICICIBANK was originally promoted in 1994 by ICICI Limited, an Indian

financial institution, and was its wholly-owned subsidiary. ICICI Bank offers a
wide range of banking products and financial services to corporate and retail
customers through a variety of delivery channels and through its group companies.
ICICI acronym stands for Industrial Credit and Investment
Corporation of India. The creation of ICICI in 1955 was a milestone in the Indian
capital market segment. ICICI bank is the 2nd largest bank in India with total
assets of ＄91 billion, and profit after taxation stood at ＄1,155 million. The bank
has a combined network of over 2000 branches and around 9000 ATM's spread
across the entire geography of India. ICICI offers a huge array of banking and
non-banking financial products to its large customer base. The institution
diversified into the banking sector and established ICICI Bank in 1994. It also
caters to insurance offering numerous categories of life and non-life insurance.

Origin
The logo came into existence as early as the 6th and 7th centuries when coins were
used as a medium of payment (c.600BCE). Each coin was embedded with a
symbol or mark which represented which country or kingdom it belonged to. In the
early era, a logo was also used in cylinder seals (c.2300 BCE).
During the 6th century, logos used to be in the shape of an animal, bird, or any
symbol embedded on coins or cloth to represent a kingdom or dynasty. By 1890,
6
the US already had around 700 lithographic printing firms and had employed
around 2000 people to work on it.
In the early 18th century and 19th century the logo was developed into printing
technology, watermarks, silver hallmarks. In the late 19th century, photography
and lithography made their way into the advertising industry thus promoting the
use of logos on a global level. The first logo which was trademarked was the Bass
red triangle in 1876.
ICICI Bank is a commercial bank that provides a wide array of services such as
commercial lending, investment banking, wealth management, internet, and online
banking, venture capital and private equity, broking, corporate finance, and
insurance. Founded in 1994, ICICI Bank is headquartered in Mumbai, India. ICICI
Bank caters to business and consumer products and services, energy, financial
services, healthcare, information technology, materials and resources,
manufacturing, infrastructure, and technology sectors. The lending portfolio of the
bank comprises working capital loans, term loans, SME loans, overdrafts, cash
credit, and collateral-free loans.
ICICI Bank is a commercial bank that provides a wide array of services such as
commercial lending, investment banking, wealth management, internet, and online
banking, venture capital and private equity, broking, corporate finance, and
insurance. Founded in 1994, ICICI Bank is headquartered in Mumbai, India. ICICI
Bank caters to business and consumer products and services, energy, financial
services, healthcare, information technology, materials and resources,
manufacturing, infrastructure, and technology sectors. The lending portfolio of the
bank comprises working capital loans, term loans, SME loans, overdrafts, cash
credit, and collateral-free loans.

ICICI was formed in 1955 at the initiative of the World Bank, the Government of
India and representatives of Indian industry. The principal objective was to create a
development financial institution for providing medium-term and long-term project
financing to Indian businesses. Until the late 1980s, ICICI primarily focused its
activities on project finance, providing long-term funds to a variety of industrial
projects. With the liberalization of the financial sector in India in the 1990s, ICICI
transformed its business from a development financial institution offering only
project finance to a diversified financial services provider that, along with its
subsidiaries and other group companies, offered a wide variety of products and
7
services. As India’s economy became more market-oriented and integrated with
the world economy, ICICI capitalized on the new opportunities to provide a wider
range of financial products and services to a broader spectrum of clients. ICICI
Bank was incorporated in 1994 as a part of the ICICI group. In 1999, ICICI
became the first Indian company and the first bank or financial institution from
non-Japan Asia to be listed on the New York Stock Exchange.In October 2001, the
Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and
two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial
Services Limited and ICICI Capital Services Limited, with ICICI Bank. The
merger was approved by shareholders of ICICI and ICICI Bank in January 2002,
by the High Court of Gujarat at Ahmedabad in March 2002, and by the High Court
of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent
to the merger, the ICICI group's financing and banking operations, both wholesale
and retail, were integrated in a single entity. The issue of universal banking, which
in the Indian context meant conversion of long-term lending institutions such as
ICICI into commercial banks, had been discussed at length in the late 1990s.
Conversion into a bank offered ICICI the ability to accept low-cost demand
deposits and offer a wider range of products and services, and greater opportunities
for earning non-fund based income in the form of banking fees and commissions.
After consideration of various corporate structuring alternatives in the context of
the emerging competitive scenario in the Indian banking industry, and the move
towards universal banking, the managements of ICICI and ICICI Bank formed the
view that the merger of ICICI with ICICI Bank would be the optimal strategic
alternative for both entities, and would create the optimal legal structure for ICICI
group's universal banking strategy. The merger would enhance value for ICICI
shareholders through the merged entity's access to low-cost deposits, greater
opportunities for earning fee-based income and the ability to participate in the
payments system and provide transaction-banking services.
The Bank has a long-standing commitment to corporate social responsibility
(CSR). The Bank’s contribution to socio-economic development includes several
pioneering interventions, with a focus on meeting specific goals. The activities are
largely implemented directly or through the ICICI Foundation for Inclusive
Growth (ICICI Foundation).
The CSR Policy of the Bank sets the framework guiding the Bank’s CSR
activities. It outlines the governance structure, operating framework, monitoring
8
mechanism and principles for selecting CSR activities. The CSR Policy pertains to
all activities undertaken by the Bank towards fulfilling its corporate social
responsibility objectives. The CSR Committee formulates and recommends to the
Board the CSR Policy and any amendments thereto, and ensures compliance with
the CSR Policy. The Bank’s CSR activities are largely focused in the areas of
education, health, skill development and sustainable livelihoods, environmental
projects, rural development and any other activities that are conforming to
Schedule VII of the Companies Act, 2013
Log in To ICICI Bank Internet Banking
Manage your finances conveniently and securely with ICICI Bank Internet
Banking, right from the comfort of your home or your office. Getting started with
our Internet Banking portal is simple. All you need is your user ID and password to
use our internet banking services. If you have opened an account with us recently,
you can find your user ID and password for our Internet Banking facility in the
Welcome Kit you received at the time of opening of your account.
If you do not have a registered mobile number, don’t worry. You can still get your
user ID and password and avail of our Internet Banking services. Simply visit the
nearest ICICI Bank branch or call our customer care to place a request for your
user ID or password. You can also walk to the nearest ATM and register your
mobile number. Access our Internet Banking portal and avail of our services, even
if you only hold a credit card with us. Here’s how you can log in to your account.
Check the following demo video to start using internet banking.
There are some things you need to be aware of before you place a request for a
new password. We have listed them below:
If you are currently using your password and place a request for a new one, the old
password will lapse and you can no longer use it.
You can place a request for a password by calling our customer care. Your new
password will be dispatched to your mailing address within 7 working days.
I feel that a in the financial industry would be the most beneficial use of my
knowledge and skills in accountancies g and problem-solving. I have always been
fascinated by the financial world, am ambitious and hard-working and can bring
great value to your company.”
ICICI Bank was incorporated in 1994 as a part of the ICICI group. In 1999, ICICI
became the first Indian company and the first bank or financial institution from
non-Japan Asia to be listed on the New York Stock Exchange. We’re leaders in the
9
industry we function in and we aim to translate this feature into our employees,
encouraging them to take the lead in their area of work no matter how big or small.
We value every single employee to be an integral component in spinning the wheel
of progressive banking at ICICI Bank. The banking industry is lucrative and plays
an important role in our economy. It offers challenging roles and opportunities to
develop skills and knowledge. The dynamic nature of the industry and its relevance
in the economic scenario is why I want to pursue a career in the banking sector.
Tell me about your project work. Why do you want to work for ICICI Bank? What
do you know about ICICI Bank and how is it different from other private sector
banks in India? Tell me about your strengths and weak-nesses.
04-Sept-2019 Industrial Credit and Investment Corporation of India (ICICI) Bank
Limited is an Indian multinational banking and financial services company. As I
am fresher, I learn new things quickly and perform tasks accurately. I have no
experience in this field, and I don't have practical knowledge but through my
theoretical knowledge, if you give me a chance to prove to you, I'll give my 100%
best for the growth of your company as I also build my skills and knowledge. #6) I
believe that my greatest strength is the ability to solve problems quickly and
efficiently. I can see any given situation from multiple perspectives, which makes
me uniquely qualified to complete my work even under challenging conditions.
That problem solving allows me to be a better communicator. Several products
such as savings accounts, Fixed Deposits (FDs), Recurring Deposits (RDs), car
loans, two-wheeler loans, home loans, credit cards, and personal loans are offered
by ICICI Bank. You can apply for several products online and the process is
simple. Pursuant to the merger of SCICI into ICICI, we became a wholly owned
subsidiary of ICICI. The chronology of events since we were incorporated in 1994
is as follows: Change of name Our name was changed from ICICI Banking
Corporation Limited to ICICI Bank Limited on September 10, 1999.Express your
personal passion for the employer's product/service/mission. Employers want to
know you're passionate about what they do, whether it takes the shape of a product,
a service, a mission, or a brand. You can also connect your passion to the
company's core values, which can often be found on their website.03-Aug-2022

History and Facts

Carry out all your banking transactions and conveniently manage your finances
10
from anywhere in the world with internet banking from ICICI Bank. Experience
real-time access to all your accounts with more than 350 services and facilities on
our internet banking portal. With a feature-rich dashboard and a seamless user
interface, internet banking from ICICI Bank is designed to make your banking
experience easier and more convenient.
The benefits don’t end here. You can also view the details of your account, open
fixed and recurring deposits, make use of the calendar and access various
shortcuts. ICICI Bank’s internet banking even lets you track your assets, liabilities,
loans, investments and credit cards using one versatile platform. Our internet
banking platform offers you a comprehensive list of features and functions that
enable you to carry out a plethora of banking activities from the comfort of your
own home or your office. Here is a brief look at some of the features that you get
to enjoy by subscribing to ICICI Bank’s ICICI Bank was incorporated in 1994 as a
part of the ICICI group. In 1999, ICICI became the first Indian company and the
first bank or financial institution from non-Japan Asia to be listed on the New York
Stock Exchange. Choose from mobile, DTH or Data Card to recharge for a
minimum of Rs 100 and inch closer to your reward. Transfer funds instantly, pay a
merchant online through ICICI Bank UPI ID or Scan to Pay at merchant stores for
a minimum value of Rs 100 to become eligible.

What are the Features of Net Banking

Net banking allows convenient access to a variety of banking services.
Customers can easily check account balances and transaction history.
Online bill payments and fund transfers are simple and efficient.
Net banking provides a secure environment for conducting banking transactions.
The main benefit of using an online-only bank is generally the interest rate.
The interest rates on their savings accounts are almost always higher since their
overhead is lower. There are no branches to maintain, no tellers to pay for, no
branch managers or janitorial staff

Online Banking Services

Bank employees will never ask for your Password/ PIN/ OTP/ CVV/ Card Number
Sharing your details can lead to transfer of money from your account.

11
1994
The Bank was Incorporated on 5th January at Baroda.ICICI Bank was promoted by
ICICI and erstwhile SCICI Ltd. and received the Certificate for Commencement of
Business on 24th February. It does bank business of all, kinds It was founded as an
institution to provide quality banking services using state-of-the-art technology.
The Bank has established a well-diversified branch network
with 24 branches in 15 centers covering 12 states. The bank set up a fully
computerizes environment with the State-of-the-art technology at all offices
continuously upgrading its strong systems and procedures with special emphasis
on risk management. - ICICI Bank has tied up with the Siddhivinayak temple trust
tenable the bank's infinity (Internet banking)

1996
The deposit products and other services of the bank were branded with names such
as `Maxi cash' for services accounts, `Money Plus’s for Current Account,
Quantum' for fixed deposit account, `Power Pay' for payroll accounts treasure chest
for locker facilities and `Trice' for automated teller machine facility. The Bank had,
in compliance with a directive issued by RBI, deposited in aggregate Rs 88.16
crores with small Industrial Development Bank of India and National Bank for
Agricultural & Rural Development. - The `B' category branches were authorized to
handle range of foreign exchange transaction of customers and five other branches
were placed in `C' category to handle limited foreign exchange transactions. -
Seven branches of the bank with substantial foreign exchange business were linked
to the society for worldwide Interbank
Telecommunication (SWIFT) network which enables them to transmit Letter of
Credit and fund transfer messages promptly worldwide. - 700 No. of equity shares
subscribed for by signatories to the Memorandum of Association. 1500,00,000
No. of equity shares allotted to ICICI Ltd.
12
1997
The bank introduced electronic funds transfer facility. The bank has a full-fledged
vigilance and inspection department. The bank opened 11 branches and 2
extension counters thereby increasing the total network of branches to 33 and
extension counters to 4. The Bank offered 150,00,000 No. of equity shares of Rs
10 each at aprem., of Rs 25 per share to ICICI. The Bank offered for sale
412,50,200 No. of equit shares of Rs 10 each at a price of Rs 35 per share. Secom
Ltd. Has entered into an agreement with ICICI Bank and - The Bank proposes to
bring credit cards to the large, underserved population in rural and semi-urban
areas.

1998
ICICI Bank, which introduced Internet banking in India, is set the launch various
technology-based new services in the near future. Some of the new service include
setting up of call Centre’s and the introduction of fund transfers between own
accounts in its branches.ICICI Banking Corporation Ltd, the first bank in the
country to go in for Internet banking, is now all set to provide its account-holders
with the facility of transferring funds across their accounts on the Net.1999 - ICICI
Bank has signed an agreement to use the NCR switch mark technology for
online-networking all its ATMs, the officials said they network would come into
place in September. ICICI Bank recently restructured its organizational structure
setting up strategic business units for retail banking, corporate banking and forex
and treasury operations, as independent profit Centre’s. ICICI is all set to launch a
60-second television commercial on August 15, 1999. - ICICI Bank became the
first Indian bank to list on the New York Stock Exchange with its $175-million
American depository shares issue generating a demand book 13 times its size at
$2.2 billion. The Bank proposes to bring credit cards to the large, underserved
population in rural and semi-urban area Sky Cell Communications Ltd, one of the
two cellular service providers in Chennai, has launched `Sky Banking', for which
the company has tied up with ICICI Bank and HDFC Bank. - The ICICI has
announced the launch of mobile banking services for its customers, using the
wireless application protocol (WAP).

13
 1999
ICICI Bank has signed an agreement to use the NCR switch mark technology for
online-networking all its ATMs, the officials said they network would come into
place in September. ICICI Bank recently restructured its organizational structure
by setting up strategic business units for retail banking, corporate banking and
forex and treasury operations, as independent profit Centre’s. ICICI is all set to
launch a 60-second television commercial on August 15, 1999.

2001
ICICI Is all set to become the first domestic financial institution to get a financial
strength rating by the Moody's Interbank Credit Services, the bank credit rating
arm of the international credit rating agency Moody's Investors Services. The Bank
of Madura (BOM got merged with ICICIBK. The share exchange ratio was fixed
at two shares of ICICIBK for one share of BOM. With this merger ICICIBK has
become one of the largest private sector banks in India. Commenting on the merger
Shri H N Senior Managing Director and CEO ICICIBK said that This merger
would lead to considerable synergies in the operations of the merged entity and
would benefit the customers and other stake hold. ICICI Bank and Deutsche Bank
have entered into a long-term rupee interest rate swap benchmarked to Government
bond yields. ICICI Bank has tied up with Advantage E- Accounting to offer an
on-line taxation and personal finance services along with off-line services like
filing. The Bank has entered into a wire-transfer arrangement called Money2India'
with the United Arab Emirates largest foreign exchange house for transfer of funds
to the ICICI emerged as the largest fund mobiliser during 2000-01 by privately
placing debts with more than one-year tenure for Rs 6,413 crore, even as public
sector State Bank of India placed the single largest placement of the year for Rs
2,500 crore, according to Prime Database ICICI Bank and BPL Mobile have
tied-up to launch a co-branded credit card.
To be named ICICI bank-BPL Mobile Credit Card, the card will be operational by
the end of August this year. ICICI Bank has launched its interactive touch screen
kiosk 'Sparsh’ at its automated teller machine (ATM) Centre’s and branches
allowing will be operational by the end of August this year. ICICI Bank has
launched its interactive touch screen kiosk 'Sparsh' at its automated teller machine
(ATM) Centre’s and branches allowing free access to its online s ICICI Bank has
launched its hundredth ATM in Mumbai. With this, the bank will have a network
14
of 574 ATMs spread across 54 cities.

2002
ICICI Bank Ltd has informed that the Board of Directors inducted Shri N Vaghul,
as an Additional Director on the Board of the Bank.Non-executive whole-time
director and also the non-executive Chairman of ICICI Ltd. The board of directors
of ICICI Bank and ICICI in separate meeting at Mumbai, approved the merger of
ICICI with ICICI Bank. The merger of two wholly-owned subsidiaries of ICICI,
ICICI Personal Financial Services and ICICI Capital Services, with ICICI Bank
was also approved by the respective Boards. The high courts of Mumbai and
Gujarat, and the Government of India (GOI) as may be required. Consequently, the
appointed date of merger is proposed to be March 31, 2002, or the date from which
RBI's approval becomes effective, whichever is later. The scheme of amalgamation
envisages a share exchange ratio of one domestic equity share of ICICI Bank for
two domestic equity shares of ICICI. As each American Depositary Share (ADS)
of ICICI represents five domestic equity shares while each ADS of ICICI Bank
represents two domestic equity shares, the ADS holders of ICICI would be issued
five ADS of ICICI Bank in exchange for four ADS of ICICI.ICICI Bank Ltd has
informed BSE that Reserve Bank of India on April 26, 2002 approved the merger
of ICICI Ltd and two of its wholly owned subsidiaries, ICICI Personal Financial
Services Ltd and ICICI Capital Services Ltd with ICICI Bank Ltd. ICICI Bank
acquires Shimla and Darjeeling Branches from Standard Chartered Grind lays
Bank. 2002-ICICI Bank sells 3 million equity shares of Bhushan Steel.ICICI Bank
Ltd has sold 2,75,000 equity shares of Bhushan Steel &Strips Ltd on August 07,
2002 at Rs 35 per share on spot delivery basis.S&S Power Switchgear Ltd has
informed BSE that ICICI bank has appointed Mr S C Bhatia as Nominee director
on Board of the Company with effect October 24, 2002.
Further the Board has accepted the resignation of Mr A R Santhanakrishna as
director with effect from August 18, 2002.BPL Ltd has informed BSE that ICICI
Bank Ltd has nominated Mr.V Raghu as their nominee on the Board of the
Company with effect from September 30, 2002.
ICICI Bank Ltd has informed that the Government of India has nominated Ms
Vinita Rai, Secretary (Banking & Insurance) as the Government Nominee on the
Board of the Bank in place of Mr D C Gupta with effect from October 31,
2002.-Launches eCheques facility for its internet banking Moody's upgrades

15
ICICI's Rating above India's Rating. Enters into agreement with Bharti Cellular
paving consumers to recharge the Bharti's pre-paid cash cards (Magic) at ICICI
ATM machines Launches a scheme called `Mutual Fund Sweep Account' which
enables its customers to invest surplus funds in their current accounts.

2018
Swiggy has partnered with the largest private sector lender ICIC Bank to roll out
two digital solutions to facilitate transfer of funds for its delivery partners.
ICICI Bank has launched a range of co-branded credit cards with leading travel
portal MakeMyTrip to offer tailor made solutions to travelers.
ICICI Bank launches 'Advantage Woman Aura Savings Account' for working
women.
ICICI Bank won the Best Retail Bank in India award at The Asian Banker
Excellence in Retail Financial Services International Awards 2018.

2019
ICICI Bank was recognized as the 'Best Consumer Digital Bank 2019' for India
region by Global Finance; a publication headquartered in New York. ICICI Bank
crosses milestone of issuing 2 million FAST a highest in India. ICICI Bank
introduces 'FD Health', India’s first fixed deposit with critical illness insurance.
ICICI Bank launches a premium savings account; 'The ONE'.

2020
ICICI Bank introduces 'Cardless EMI', a new digital mode of payment.
ICICI Bank launches voice banking services on Amazon Alexa, Google Assistant.
ICICI Bank won three awards at the IBA Banking Technology Awards 2020.
ICICI Bank has won six awards at The Asset Triple A Digital Awards 2020.

2021
ICICI Bank launches co-branded credit cards with Emirates Skywards.
ICICI Bank has been adjudged the Strongest Bank in India in 2021 by The Asian
Banker.
ICICI Bank has been awarded the IBS Intelligence (IBSi) Global FinTech
Innovation Awards, 2021.
ICICI Bank partners with Zest Money to expand its Cardless EMI facility.
16
Branches and Facts

Branch banking is a system of providing banking services through different offices

of a bank that acts as the head branch. The idea is to expand the bank's business to
cater to different locations and provide services to all its customers.

1. Account opening
A bank branch consists of a staff who can guide you in choosing the account type
that suits your needs. You will need to fill an account opening form with your
details. For opening a current or savings account, you will usually need to deposit
some money into the account.

2. Accepting Deposits
Another important function of branches is to accept deposits from the public,
safeguard those deposits and provide interest on them. The different kinds of
deposits are: Term deposits refer to deposits made for a fixed period. The account
holder won’t be allowed to withdraw his money till the date of maturity. The
interest rate on a term deposit is slightly higher than the interest rate on a savings
account.

17
A recurring deposit allows us to invest a certain sum of money every month. We
are free to choose the deposit’s tenure and the monthly deposit amount based on
our convenience. This account type is tailor-made for salaried individuals

3. Lending
An important branch banking job involves offering loans to customers based on
their needs. It provides loans to customers up to a certain limit with some interest
charged on it. The customer has to repay the loan amount along with interest in the
form of monthly instalments. Banks also lend money to businesses in the form of
short-term loans and long-term loans.

4. Fund Transfer
A fund transfer is the movement of funds from one person to another through the
banking system. Apart from the electronic transfer of funds, you can also transfer
money from one account to another by check.

5. Keeping our Money Safe

Safeguarding public wealth is another important function that a bank performs.
Banks also provide a safe deposit locker facility. Customers can use them to store
their valuables, gold, documents, and other things.

6. D-mart Services
Opening and maintaining a Demat account (dematerialization account) is also a
function of branches. The purpose of the account is to hold the shares and
securities in an electronic format. A Demat account allows you to buy shares and
keep track of your investments online.

EXAMPLES

Wells Fargo, Bank of America, Standard Chartered, Citibank, JPMorgan Chase,

and many other banks operate through branch offices across different states. For
instance, Bank of America is amongst the top largest banks in the United States. It
was founded in 1998 in North Carolina. The bank was a result of many
acquisitions and as such, the history can be traced back to centuries.
ICICI Bank Limited is an Indian multinational bank and financial services
18
company headquartered in Mumbai. It offers a wide range of banking products and
financial services for corporate and retail customers through a variety of delivery
channels and specialized subsidiaries in the areas of investment banking, life,
non-life insurance, venture capital and asset management.

This development finance institution has a network of 5,275 branches and 15,589
ATMs across India and has a presence in 17 countries. [11] The bank has
subsidiaries in the United Kingdom and Canada; branches in United States,
Singapore, Bahrain, Hong Kong, Qatar, Oman, Dubai International Finance
Centre, China [12] and South Africa; [13] as well as representative offices in
United Arab Emirates, Bangladesh, Malaysia and Indonesia. The company's UK
subsidiary has also established branches in Belgium and Germany. [14]
The Industrial Credit and Investment Corporation of India (ICICI) was a
government institution established on 5 January 1955 and Sir Arcot Ramasamy
Muda liar was elected as the first Chairman of ICICI Ltd. It was structured as a
joint-venture of the World Bank, India's public-sector banks and public-sector
insurance companies to provide project financing to Indian industry. [15] [16]
ICICI Bank was established by ICICI, as a wholly owned subsidiary in 1994 in
Vadodara. The bank was founded as the Industrial Credit and Investment
Corporation of India Bank, before it changed its name to ICICI Bank. The parent
company was later merged with the bank.
In the 1990s, ICICI transformed its business from a development financial
institution offering only project finance to a diversified financial services group,
offering a wide variety of products and services, both directly and through a
number of subsidiaries and affiliates like ICICI Bank. ICICI Bank launched
Internet Banking operations in 1998. [17]
ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering
of shares in India in 1998, followed by an equity offering in the form of American
depositary receipts on the NYSE in 2000.[18] ICICI Bank acquired the Bank of
Madura Limited in an all-stock deal in 2001 and sold additional stakes to
institutional investors during 2001–02.[19] In 1999, ICICI become the first Indian
company and the first bank or a financial institution from non-Japan Asia to be
listed on the NYSE.[20]

19
ICICI, ICICI Bank, and ICICI subsidiaries ICICI Personal Financial Services
Limited and ICICI Capital Services Limited merged in a reverse merger in 2002.
[21] During the financial crisis of 2007–2008, customers rushed to ICICI ATMs
and branches in some locations due to rumors of bank failure. The Reserve Bank of
India issued a clarification on the financial strength of ICICI Bank to dispel the
rumours. [22] ICICI Bank office in Financial District, Hyderabad.
In March 2020, the board of ICICI Bank Ltd. approved an investment of ₹10
billion (US$130 million) in Yes Bank, resulting in a 5% ownership interest in Yes.

In the 1990s, ICICI transformed its business from a development financial

institution offering only project finance to a diversified financial services group,
offering a wide variety of products and services, both directly and through a
number of subsidiaries and affiliates like ICICI Bank. ICICI Bank launched
Internet Banking operations in 1998. [17]

Role in Indian financial infrastructure

ICICI bank has contributed to the setting up of a number of Indian institutions to

establish financial infrastructure in the country over the years:
The National Stock Exchange was promoted by India's leading financial
institutions (including ICICI Ltd.) in 1992 on behalf of the Government of India
20
with the objective of establishing a nationwide trading facility for equities, debt
instruments and hybrids, by ensuring equal access to investors all over the country
through an appropriate communication network. [31]
In 1987, ICICI Ltd along with UTI set up CRISIL as India's first professional
credit rating agency. [32]
NCDEX (National Commodities and Derivatives Exchange) was set up in 2003, by
ICICI Bank Ltd, LIC, NABARD, NSE, Canara Bank, CRISIL, Goldman Sachs,
Indian Farmers Fertilizer Cooperative Limited (IFFCO) and Punjab National Bank.
[33] ICICI Bank facilitated the setting up of "FINO Cross Link to Case Link
Study" in 2006, as a company that would provide technology solutions and
services to reach the underserved and underbanked population of the country.
Using technologies like smart cards, biometrics and a basket of support services,
FINO enables financial institutions to conceptualize, develop and operationalize
projects to support sector initiatives in microfinance and
livelihoods.[34]Entrepreneurship Development Institute of India (EDII), was set up
in 1983, by the erstwhile apex financial institutions like IDBI, ICICI, IFCI and SBI
with the support of the Government of Gujarat as a national resource organization
committed to entrepreneurship development, education, training and
research.[35]Eastern Development Finance Corporation (NEDFI) was promoted by
national level financial institutions like ICICI Ltd in 1995 at Guwahati, Assam for
the development of industries, infrastructure, animal husbandry, Agri-horticulture
plantation, medicinal plants, sericulture, aquaculture, poultry and dairy in the
North Eastern states of India.[36]Following the enactment of the Securitization Act
in 2002, ICICI Bank, together with other institutions, set up Asset Reconstruction
Company India Limited (ARCIL) in 2003. ARCIL was established to acquire
non-performing assets (NPAs) from financial institutions and banks with a view to
enhance the management of these assets and help in the maximization of recovery.
[37] [38].

Awards

2020:
ICICI Bank has been recognized as 'India's Most Sustainable Company' by BW
Business World magazine in the Banking, Financial Services and Insurance (BFSI)
sector. The Bank ranked 12th in the overall list of 194 companies. ICICI Bank is
21
the only bank to have received an A+ rating for its sustainable practices and robust
environment, social and governance framework.
ICICI Bank was declared as 'House of the Year, India' at Asia Risk Awards 2020.
Risk, a London-based magazine, organizes these prestigious awards annually for
firms and individuals involved in Asia's derivatives market and risk management.
ICICI Bank emerged as the winner in the 'Best HR Technology Implementation'
category at the Asian Banker Financial Technology Innovation Awards 2020.
ICICI Bank was recognized as the winner in the 'Best Innovation Programme'
category at the Retail Banker International Asia Trailblazer Awards 2020. These
awards are organized by Retail Banker International, an online publication that
provides news on banking and finance from across the globe.
ICICI Bank has bagged five awards at the 'Infosys Finacle Client Innovation
Awards 2020'. The Bank was declared winner in the following categories:
'Corporate Banking Digitization', 'Process Innovation', 'Modern Technologies led
Innovation' and 'Customer Journey Innovation'. The Bank was also declared
runner-up in the 'Channel Innovation' category.
ICICI Bank has been awarded the 'Best Sub-Custodian Bank in India' for the year
2020 by Global Finance, a financial publication headquartered in New York. The
Bank won the award for providing facilities like custodian and safe keeping of
securities, clearing of institutional investors' trades, physical custody and other
related services.
ICICI Bank has won a total of four awards at the Asian Banking & Finance
Awards, 2020. The Bank was declared a winner in the categories of 'Corporate &
Investment Bank of the Year-India'; 'Corporate Client Initiative of the Year-India';
'Rural/Cooperative Bank of the Year-India' and 'Mobile Banking & Payment
Initiative of the Year-India'.
ICICI Bank has won five awards at the National Award for Excellence in Energy
Management, 2020 organized by the Confederation of Indian Industry (CII). The
Bank was recognized for its innovative practices in the energy efficiency sector
that facilitates sustainable growth.

2021:
ICICI Bank has been awarded the IBS Intelligence (IBSi) Global FinTech
Innovation Awards, 2021. These awards are organized by London-based IBS
intelligence, a premier research, advisory and news analysis firm. The Bank has

22
been declared joint winner, along with Infosys Finacle for its combined initiative in
the 'Most Innovative use of Blockchain in the Banking' category.
ICICI Bank has won multiple awards at DigiDhan awards programme, organized
by the Ministry of Electronics and Information Technology (MeitY), Government
of India. The Bank has emerged a winner at DigiDhan Awards for FY 2019-20, for
achieving the top position in overall performance in digital payments. We have
won DigiDhan Awards for FY 2020-21 for two accomplishments - one, for
onboarding maximum billers on the Bharat Bill Payment System (BBPS) platform;
two, for achieving the highest volume of digital payment transactions among
private sector banks.
ICICI Bank has emerged as the winner among large banks in three categories at the
3rd edition of the ET BFSI Excellence Awards. These awards were organized by
The Economic Times, a part of the Times Group. The Bank was declared a winner
in the following categories: 'Best Covid Strategy Implemented - Customer
Experience', 'Innovative Analytics Implementation initiative of the year' and
'Innovative Payment Initiative of the Year'.
ICICI Bank has been awarded in six categories at the Infosys Finacle Innovation
Awards, 2021. The Bank was declared winner in the following categories:
'Corporate Banking Digitization', 'Covid Response Innovation', 'Customer Journey
Reimagination', 'Modern Technologies-led Innovation', 'Process Innovation' and
'Product Innovation'.
ICICI Bank has been declared as the winner in two categories - 'Best Co-Branded
Credit Card of the Year' and 'Best Credit Card of the Year' - at the 9th edition of
the Payments & Cards Awards organized by Kamikaze Media.
ICICI Bank has emerged as the best employer in India in the BFSI sector, in the
Forbes list of the World's Best Employers? for 2021. Further, the Bank is ranked
among the top three BFSI companies globally, according to the list.
ICICI Bank has been adjudged the 'Strongest Bank in India in 2021' by The Asian
Banker. ICICI Bank has bagged two awards at the recently concluded 'Retail
Banker International Asia Trailblazer Awards 2021'. The Bank was awarded in two
categories - 'Best Retail Bank India' and 'Best Mortgage Offering'. The awards are
organized by Retail Banker International, a finance publication headquartered in
the United Kingdom.
ICICI Bank has also been declared a winner in two categories - 'Best in Future of
Intelligence' and 'Best in Future of Trust' at the '2021 IDC Future Enterprise
23
Awards India'. The US-based entity, International Data Corporation (IDC), a
premier advisory service provider to the information technology,
telecommunications, and consumer technology markets, organizes these awards to
recognize companies that have made critical breakthroughs in business
transformations.
ICICI Bank's in-house legal team was adjudged the winner in the 'Banking and
Financial Services In-House Team of the Year' category at the '2021 ALB India
Law Awards'. The awards are organized by Asian Law Business and Thomson
Reuters.
ICICI Bank has emerged as the winner in six categories, at the Asian Banking &
Finance Awards, 2021. The Bank has won awards for its Retail Banking initiatives
in two categories - 'COVID Management Initiative of the Year - India' and
'Domestic Retail Bank of the Year - India'. The Bank's initiatives in Wholesale
Banking have bagged awards in four categories, namely 'India Domestic Trade
Finance Bank of the Year', 'India Domestic Liquidity Management Initiative of the
Year', 'India Domestic Foreign Exchange Bank of the Year' and 'India Domestic
COVID Management Initiative of the Year'. ICICI Bank has been adjudged the
'Best Retail Bank in India' at 'The Asian Banker Excellence in Retail Financial
Services International Awards, 2021'. This is the eighth year in a row that the Bank
has won this award. The Bank has emerged a winner in two other categories
among all Asian banks. They are: 'Best Automobile/Car Loan Product' and 'Best
Digital Customer Ecosystem Initiative/Application'.
ICICI Bank has been adjudged as the 'Best Private Sector Bank' at the FE Best
Banks Awards 2019-2020. The awards are organized by Financial Express, part of
the Indian Express group, in association with its knowledge partner EY. ICICI
Bank has been recognized as the winner, on the basis of its scoring on five criteria.

2022:
ICICI Bank has won awards in 'Digital Sales & Engagement' and 'IT Risk &
Management' categories at the Indian Banks' Association (IBA) Banking
Technology Awards 2022. These awards recognize excellence in technology and
innovation in the Indian banking industry and witness active participation from
banks.
ICICI Bank has won an award from The Digital Banker, a Singapore-based
publication, in the 'Best Trade Finance Platform Initiative' category. The Bank was
24
awarded for its solutions that have helped digitize several import and export trade
transactions.

ICICI Bank has been recognized by the Warehousing Development and Regulatory
Authority (WRDA) Department of the Government of India for providing highest
pledge financing against electronic negotiable warehouse receipts(e-NWR) among
private sector banks.

ICICI Bank has been declared winner in the 'Creating Excellent Practice in ESG'
category at Navbharat Times BFSI Awards, a Hindi newspaper from the Times of
India group. The Bank has been recognized for its contribution to the
sustainability, governance and CSR practices in the industry.

ICICI Bank has been recognized as 'House of the Year-India' at the Asia Risk
Awards 2022, organized by Risk.net - a London-based publication. The Bank was
recognized for its market leadership in treasury solutions with an extensive
international branch network and innovative digital strategies. This is the third year
in a row that ICICI Bank has been recognized as a winner in this category.

ICICI Bank has received the 'Mahatma Award for ESG Excellence 2022'. These
awards recognize individuals, NGOs and organizations for their impactful
contribution to sustainability, social impact and CSR.

ICICI Bank has bagged the numeric one position in two categories at a poll which
was organized by Asia Money, a London-based financial publication from the
stable of the Daily Mail. The poll - Asia's Outstanding Companies Poll 2022- is
designed to acknowledge the companies that have excelled in financial
performance, management team excellence, investor relations and CSR initiatives.
The Bank has emerged at the top of two lists - 'Outstanding Companies in India'
and 'Outstanding Company in Banking in India'.
ICICI Bank has won a total of six awards by Asian Banking & Finance, a
Singapore-based magazine in 2022. The Bank has won awards for its retail
banking initiatives in 'Digital Transformation of the Year - India' and 'Service
Innovation of the Year - India' categories. The Bank was awarded for its wholesale
banking initiatives in the 'India Domestic Trade Finance Bank of the Year', 'India
25
Domestic Initiative of the Year' and 'India Domestic COVID Management
Initiative of the Year' categories. The Bank also won in the 'Innovation Deal of the
Year-India' category for its corporate and investment banking initiatives.
ICICI Bank has been awarded in 'Best Digital Employee Engagement' and 'Best
Lending Implementation' categories by The Asian Banker, a Singapore-based
publication in 2022.
ICICI Bank has won three awards by Asian Banking & Finance, a Singapore-based
magazine. The Bank has won awards in 2022 for its wholesale banking initiatives
in the following categories - 'India Domestic Trade Finance Bank of the Year',
'India Domestic Initiative of the Year' and 'India Domestic COVID Management
Initiative of the Year'. ICICI Bank has been recognized as India's 'Best Domestic
Bank' by Asia money, a London-based financial publication from the stable of the
Daily Mail. The Bank has received the award for its financial performance,
extensive branch network and its digital initiatives.
ICICI Bank has won four awards from Retail Banker International, a UK-based
finance portal. The Bank has emerged as a winner in three categories - 'Best Retail
Bank India', 'Asia Trailblazer of the Year' and 'Advances in the use of Blockchain'
category. Additionally, the Bank was highly commended for its submission in the
'Excellence in SME Banking' category.
ICICI Bank has been declared as the 'Best Retail Bank in India' for the 9th year in
a row at The Asian Banker Excellence in Retail Financial Services International
Awards 2022. This year the Bank has also ranked 4th among banks in Asia Pacific,
Middle East and Africa. ICICI Bank is the only Indian bank in the list of top 10
banks in this region.

ICICI Bank has been declared as the 'Best Retail Bank in India' for the 9th year in
a row at The Asian Banker Excellence in Retail Financial Services International
Awards 2022. This year the Bank has also ranked 4th among banks in Asia Pacific,
Middle East and Africa. ICICI Bank is the only Indian bank in the list of top 10
banks in this region.

ICICI Bank has been awarded the 'Best Banking & Finance Legal Team of the
Year' at the 11th edition of the Indian Legal Awards. The awards are organized by
Legal Era, a legal news portal. The award programme recognizes legal finesse,
innovation and accomplishments of in-house legal teams and law firms.

26
ICICI Bank has won the 'Award for Consistent Excellence' organized by Global
Custodian -- a magazine covering the international securities services business.
The Bank won the award based on its performance across parameters like asset
management, asset safety, risk management, relationship management and use of
technology.

ICICI Bank has been adjudged as the 'Best Domestic Private Bank in India 2022'
by Asia money, a Singapore based financial magazine that is part of the
Euromoney publication group. ICICI Bank's success in the Private Banking
business, including Family Office, can be attributed to its 'Fair to Bank, Fair to
Customer' philosophy, coupled with a partnership approach followed with its
clients.

ICICI Bank has been adjudged 'Company of the Year' by Forbes India, a leading
business magazine. The Bank has been chosen as the best company in 2021-22
based on its all-round performance.

ICICI Bank has received awards in two categories at the Celent Model Bank
Awards, 2022. These coveted awards are organized by Celent, a global research
and advisory firm. The Bank was adjudged as the 'Model Bank' in the 'Small
Business Digital Banking' category for InstaBIZ and InstaOD offerings. ICICI
Bank was also adjudged as the 'Model Risk Manager' in the 'Data, Analytics and
AI' category for use of automated customer communication and AI-driven models
for strategic management of retail debt, and to minimize credit default risks due to
the COVID-19 pandemic.

ICICI Bank has emerged as the 'Best Bank of the Year' in a survey that was
conducted by Business Today, for the second year in a row. Business Today
undertook the survey with KPMG as its Knowledge Partner. In addition to
quantitative parameters, such as growth, size and strength, the jury of the survey
chose ICICI Bank for its stellar performance in other qualitative aspects, such as
effectiveness of digital initiatives, risk management, good governance and
leadership stability

ICICI Bank has won six awards at the Indian Banks' Association (IBA) Banking
27
Technology Awards, 2022. The Bank has bagged the greatest number of awards
among all banks. ICICI Bank was declared the winner in three categories, namely
-'Best Payments Initiatives', 'Best Fintech Adoption'and'Best Use of AI, ML &
Data Analytics'. The Bank was adjudged as a runner-up in the three categories
namely, ‘Best Technology Bank of the Year', 'Best Digital Financial Inclusion
Initiatives'and'Best IT Risk & Cyber Security Initiatives'

ICICI Bank has been awarded in 'Best Digital Employee Engagement' and 'Best
Lending Implementation' categories by The Asian Banker, a Singapore-based
publication in 2022.

ICICI Bank has won three awards by Asian Banking & Finance, a Singapore-based
magazine. The Bank has won awards in 2022 for its wholesale banking initiatives
in the following categories - 'India Domestic Trade Finance Bank of the Year',
'India Domestic Initiative of the Year' and 'India Domestic COVID Management
Initiative of the Year'.

ICICI Bank has been recognised as India's 'Best Domestic Bank' by Asiamoney, a
London-based financial publication from the stable of the Daily Mail. The Bank
has received the award for its financial performance, extensive branch network and
its digital initiatives.

ICICI Bank has won four awards from Retail Banker International, a UK-based
finance portal. The Bank has emerged as a winner in three categories - 'Best Retail
Bank India', 'Asia Trailblazer of the Year' and 'Advances in the use of Blockchain'
category. Additionally,the Bank was highly commended for its submission in the
'Excellence in SME Banking' category.
2023:
ICICI Bank has emerged as the 'Company of the Year' for 2022 at The Economic
Times Awards for Corporate Excellence organized by The Economic Times, the
country's largest financial daily. These awards are considered a benchmark for
excellence in India Inc. The Bank was chosen by a 13-member jury headed by Mr.
Amitabh Kant, former CEO of NITI Aayog and the present G20 Sherpa of India.
Other members of the jury included top corporate honchos and policymakers of the
country. ICICI Bank has been honored for its "strong revenue growth through a
28
pivot to retail leveraging and a robust digital strategy", according to ET.

ICICI Bank has emerged as the 'Bank of the Year' for 2021-22 at the Business
Today - KPMG Best Banks Awards for the third year in a row. The award is the
most prestigious accolade given to an institution under the BT-KPMG Best Banks
study. In addition, ICICI Bank has won the award in the 'Best in Innovation'
category for InstaBIZ, its Business Banking application.

Social and Security Schemes

Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM) (Old Age Protection)
Monthly contribution ranges from Rs.55 to Rs.200 depending upon the entry age
of the beneficiary. Under this schemes, 50% monthly contribution is payable by
the beneficiary and equal matching contribution is paid by the Central
Government. The contributions go towards three social security schemes: the
mandatory provident fund, a pension scheme and a disability and life insurance.
In this Framework, the types of schemes providing social benefits are divided into:
i) social assistance schemes; ii) social insurance schemes; and iii) social transfers
in kind. Social insurance is further divided into social security schemes and
employment-related social insurance.
Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM) (Old Age Protection)
Monthly contribution ranges from Rs.55 to Rs.200 depending upon the entry age
of the beneficiary. Under this schemes, 50% monthly contribution is payable by
the beneficiary and equal matching contribution is paid by the Central
Government.India’s social security system is composed of a number of schemes
and programs spread throughout a variety of laws and regulations. Keep in mind,
however, that the government-controlled social security system in India applies to
only a small portion of the population.
Furthermore, the social security system in India includes not just an insurance
payment of premiums into government funds (like in China), but also lump sum
employer obligations.
Generally, India’s social security schemes cover the following types of social
insurances:

29
 • Pension
• Health Insurance and Medical Benefit
• Disability Benefit
• Maternity Benefit
• Gratuity

While a great deal of the Indian population is in the unorganized sector and
may not have an opportunity to participate in each of these schemes, Indian
citizens in the organized sector (which include those employed by foreign
investors) and their employers are entitled to coverage under the above schemes.

The applicability of mandatory contributions to social insurances is varied. Some

of the social insurances require employer contributions from all companies, some
from companies with a minimum of 10 or more employees, and some from
companies with 20 or more employees.
In this article, we’ll discuss each of these social insurances, along with their
coverage, contribution rates, and the laws and regulations behind them.

Pension or Employees’ Provident Fund

The Employees’ Provident Fund Organization, under the Ministry of Labor and
Employment, ensures superannuation pension and family pension in case of death
during service. Presently, only about 35 million out of a labor force of 400 million
have access to formal social security in the form of old-age income protection in
India. Out of these 35 million, 26 million workers are members of the Employees’
Provident Fund Organization, which comprises private sector workers, civil
servants, military personnel, and employees of State Public Sector Undertakings
(PSUs).

The schemes under the Employees’ Provident Fund Organization apply to

businesses with at least 20 employees. Contributions to the Employees’ Provident
Fund Scheme are obligatory for both the employer and the employee when the
employee is earning up to 15,000 rupees (Rs) per month, and voluntary when the
employee earns more than this amount. If the pay of any employee exceeds this

30
amount, the contribution payable by the employer will be limited to the amount
payable on the first Rs 15,000 (US$232) only.

The Employees’ Provident Fund Organization includes three schemes:

• The Employees’ Provident Fund Scheme (EPF), 1952—contributed to by
the employer (1.67%-3.67%) and the employee (10%-12%)
• The Employees’ Pension Scheme (EPS), 1995—contributed to by the
employer (8.33%) and the government (1.16%) but not the employee
• The Employees’ Deposit Linked Insurance Scheme (EDLI),
1976—contributed to by the employer (0.5%) only

These four main types of pension (all monthly) are offered:

• Pension upon superannuation or disability;
• Widow’s pension for death while in service;
• Children’s pension; and,
• Orphan’s pension.
In addition, there are separate pension funds for civil servants, workers employed
in coal mines and tea plantations in the state of Assam, and for seamen.

Health Insurance and Medical Benefit

India has a national health service, but this does not include free medical care for
the whole population. The Employees’ State Insurance (ESI) Act creates a fund to
provide medical care to employees and their families, as well as cash benefits
during sickness and maternity, and monthly payments in case of death or
disablement for those working in factories and establishments with 10 or more
employees.

The ESI (Central) Amendment Rules, 2016–notified on December 22,

2016–expanded coverage to include employees earning Rs 21,000 (US$313.53) or
less in a month from January 1, 2017; previously, the wage limit for ESI
subscribers was Rs 15,000 per month. Subsequently, the Employees’ State
Insurance (Central) Amendment Rules, 2017, was notified on January 20, detailing
new maternity benefits for women who have insurance.

31
Sickness benefit under ESI coverage is 70% of the average daily wage and is
payable for 91 days during two consecutive benefit periods.

Health Insurance and Medical Benefit:

India has a national health service, but this does not include free medical care for
the whole population. The Employees’ State Insurance (ESI) Act creates a fund to
provide medical care to employees and their families, as well as cash benefits
during sickness and maternity, and monthly payments in case of death or
disablement for those working in factories and establishments with 10 or more
employees.

The ESI (Central) Amendment Rules, 2016–notified on December 22,

2016–expanded coverage to include employees earning Rs 21,000 (US$313.53) or
less in a month from January 1, 2017; previously, the wage limit for ESI
subscribers was Rs 15,000 per month. Subsequently, the Employees’ State
Insurance (Central) Amendment Rules, 2017, was notified on January 20, detailing
new maternity benefits for women who have insurance.
Sickness benefit under ESI coverage is 70% of the average daily wage and is
payable for 91 days during two consecutive benefit periods.

Maternity Benefit:

The Maternity Benefit (Amendment) Act, 2017 came into force on April 1, 2017,
and increases some of the key benefits mandated under the previous Maternity
Benefit Act of 1961. The amended law provides women in the organized sector
with paid maternity leave of 26 weeks, up from 12 weeks, for the first two
children. For the third child, the maternity leave entitled is 12 weeks. India now
has the third most maternity leave in the world, following Canada (50 weeks) and
Norway (44 weeks).

The Act also secures 12 weeks of maternity leave for mothers adopting a child
below the age of three months as well as to commissioning mothers who opt to use
a surrogate. The 12-week period in these cases will be calculated from the date the

32
child is handed over to the adoptive or commissioning mother.

In other provisions, the law mandates that every establishment with more than 50
employees must provide crèche or day care facilities within easy distance which
the mother can visit up to four times a day. For compliance purposes, companies
should note that this particular provision came into effect from July 1 , 2017.
The Maternity Benefit (Amendment) Act introduces the option for women to
negotiate work from home arrangements, if they reach an understanding with their
employers, after the maternity leave ends.
Under the pre-existing Maternity Benefit Act of 1961, every woman is entitled to,
and her employer is liable for, the payment of maternity benefits at the rate of the
average daily wage for the period of the employee’s actual absence from work.
Apart from 12 weeks of salary, a female worker is entitled to a medical bonus of
Rs 3,500 (US$54.45).
The 1961 Act states that in the event of miscarriage or medical termination of
pregnancy, the employee is entitled to six weeks of paid maternity leave.
Employees are also entitled to an additional month of paid leave in case of
complications arising due to pregnancy, delivery, premature birth, miscarriage,
medical termination, or a tubectomy operation (two weeks in this case).
In addition to the above, the 1961 Act states that no company shall compel its
female employees to do tasks of a laborious nature or tasks that involve long hours
of standing or which in any way are likely to interfere with her pregnancy or the
normal development of the fetus, or are likely to cause her miscarriage or
otherwise adversely affect her health.
Gratuity
The Payment of Gratuity Act, 1972 directs establishments with 10 or more
employees to provide the payment of 15 days of additional wages for each year of
service to employees who have worked at a company for five years or more.
Gratuity is provided as a lump sum payout by a company. In the event of the death
or disablement of the employee, the gratuity must still be paid to the nominee or
the heir of the employee.
The employer can, however, reject the payment of gratuity to an employee if the
individual has been terminated from the job due to any misconduct. In such a case
of forfeiture, there must be a termination order containing the charges and the
33
misconduct of the employee.

Gratuity is calculated through the formula mentioned below:

• Gratuity = Last Drawn Salary × 15/26 × Years of Service,
Where The ratio 15/26 represents 15 days out of 26 working days in a month.
• Last Drawn Salary = Basic Salary + Dearness Allowance. Years of Service
are rounded up or down to the nearest full year.
For example, if the employee has a total service of 10 years, 10 months, and 25
days, 11 years will be factored into the calculation.
Gratuity is exempt from taxation provided that the amount does not exceed 15
days’ salary for every completed year of service calculated on the last drawn salary
(subject to a maximum of Rs 10 lakh or US$15,467.62). It is important to note that
an employer can choose to pay more gratuity to an employee, which is known as
ex-gratia and is a voluntary contribution. Ex-gratia is subject to tax.

Essay on Social Security in India:

In India, the modern social security measures were planned and implemented after
independence. They were too meagre and limited to the organized sector workers
only, which constituted about 8 per cent of the total workforce, despite a majority
of the workforce (about 93% in 2004-05) comes in the unorganized sector
(self-employed or casual workers).
Importantly, the need to ensure social security for all, especially those in the
unorganized sector, is an overarching concern recognized in the Eleventh
Five-Year Plan (2007-12). The Constitution of India provides strength and spirit to
the social security for organized and unorganized workers through its Directive
Principles of the State Policy.

34
 CHAPTER 4
BENEFITS OF ICICI BANK

35
Chapter-4
Benefits of ICICI Bank

What are the Benefits of Savings Account?

• Liquidity. One of the benefits of opening a savings account is that it offers
you liquidity.
• Safety of Funds. ...
• Additional Earnings Because of Auto Sweep Facility. ...
• Automatic Debits for Payments. ...
• Auto Credits for Investment Incomes. ...
• Convenient Fund Transfers. ...
• Joint Accounts.

Savings account is the most basic bank account available. It is an account that
allows you to pool in your finances and manage them. The funds are available to
be withdrawn at any time. With the different needs and requirements of the
customers, banks have begun offering different types of savings accounts to meet
these different needs.
Features of Savings Account:
A savings account comes with a passbook and cheque book feature
You can receive payments and make payments from your savings accounts
36
Auto debits and auto credits can be set up from your savings accounts
Savings bank account holders can access internet banking and mobile banking for
their needs
Banks offer ATM cum debit cards to savings bank account holders
A savings bank account earns low interest rate but allows the customer the freedom
to withdraw funds at any time subject to a limit on monthly withdrawals.
It is possible to pay bills from your savings account
Banks also send transaction alerts to their customers via SMS and email as a part
of SMS banking services.

What are the Benefits of Savings Account?

While a savings account has a lot of utility, it only earns interest at 3.5% to 6% per
annum. In such a case, are there any benefits of having a savings account? The
answer is yes. There are many benefits of opening a savings account. Let us
consider them. Here are the benefits of having a savings account:
• Liquidity
One of the benefits of opening a savings account is that it offers you liquidity.
• Safety of Funds
A savings bank account is a safe avenue to keep your funds rather than keeping it
on hand where it is susceptible to get lost or stolen. Another important point to
remember is that each account is insured by the Deposit Insurance and Credit
Guarantee Corporation for up to Rs. 1 lakh.

Additional Earnings Because of Auto Sweep Facility:

Most banks have an auto sweep facility where funds above a particular limit are
automatically converted into a fixed deposit. These funds earn interest at fixed
deposit rates as compared to regular savings rate. By enabling this feature, the
depositor can get full benefits of keeping money in a savings account.

Automatic Debits for Payments:

Banks allow customers to set up automatic debits for utility payments and bills. In
such cases, the utility company or telecom company raises a demand with the bank
and the bank automatically debits the bank account. This is a convenient way to
make payments on time. When you take a loan, you can set up an auto debit

37
facility from your savings account where the instalment will get debited from the
savings bank account.

Auto Credits for Investment Incomes:

One of the benefits of keeping money in a savings account is that it can be linked
to a demat account and other investments. In such cases, the income from
dividends and interest gets automatically credited to the bank account. This
convenience ensures all incomes get pooled in one account. It is extremely simple
to make fund transfers from a savings account. There are different modes of a fund
transfer which are easily available in both internet banking and mobile banking. A
savings bank account holder can transfer funds using NEFT, RTGS, IMPS and
UPI.

Joint Accounts:

There are benefits of a joint savings account. Having a joint account provides
greater flexibility since all the joint holders can sign cheques and operate the bank
account. It makes it easy to track spends and incomes. A joint account can be
maintained for household incomes and expenses which is excellent for financial
planning.

Most people when selecting an investment option, only focus on the advantages
related to the option. But to make an informed investment decision, it is very
important to know the good as well as the bad of the option you select.

While the advantages of savings account are plenty, there are also a few drawbacks
too that you should know about before opening a new account. Some of the most
important advantages and disadvantages of savings account are discussed below-

1. Earn Interest:
A savings account helps you earn interest on the deposited amount. To attract new
customers, banks now offer higher interest rates and a host of other benefits such
as discounts on locker rentals, unlimited ATM transactions, and more. Moreover,
some of the banks also offer many different types of savings account to meet the
different needs of the customers.
2. Safest Investment Option:

38
One of the biggest advantages of saving account is unlike most other investment
options, a savings bank account does not invest your money but still offers modest
returns. All you need to do is to deposit money in your savings account to take
advantage of this feature.
3. Minimum Investment Amount:
Browse through the different investment options and you’ll see that a savings
account is also the most affordable. You are simply required to keep the minimum
balance in your account to keep earning interest. This minimum deposit amount
can be different for every bank.
Clearly, HDFC Bank has a higher deposit base than ICICI Bank. Also, the
former has been growing its deposit base at a faster rate than the latter. HDFC
Bank's deposit base has grown at a CAGR of 14.6% over the last five years.

Use Credit Card to Get Maximum Benefits - ICICI Bank Users

ICICI Bank offers its customers a variety of Credit Card options to choose from.
Each of these cards have their own unique features and benefits to help customers
make informed decisions before picking the one that will meet all their needs in the
long run.

The benefits of an ICICI Bank Credit Card:

Universal payment acceptance
• Earn Reward Points or cashback for every retail spend made on ICICI Bank
Credit Card
• Enjoy credit free payment days of maximum up to 48 days including the
due-date
• Fuel Surcharge waiver
39
 • Exciting discount offers on dine-out and movie tickets
• VISA lounge access benefits Build a credit history etc.
Terms and Conditions for Savings Account:

These terms and conditions (“Terms and Conditions”) apply to and regulate the
operation of the savings account offered by ICICI Bank in India and govern the
general relationship (including, without limitation, all transactions relating to the
operation and maintenance of the Account) between the Customer (defined below)
and the relevant branch of ICICI Bank Limited (“ICICI Bank/Bank”), having its
registered office at: ICICI Bank Tower, Near Chakli Circle, Old Padra Road,
Vadodara 390007, India. These Terms and Conditions shall be in addition to any
other terms as stipulated by ICICI Bank from time to time on its Website (defined
below) whether pertaining to the Account (defined below) or in relation to other
products, services or offers provided by ICICI Bank.
Any Other Services (defined below) may be offered to the Customer at the
discretion of ICICI Bank or basis the eligibility criteria of a Customer, on which
specific terms and conditions may be applicable. In case of conflict between any of
these Terms and Conditions and the terms and condition specified for the
abovementioned Other Services, specific terms and conditions of such Other
Services shall prevail.
Further, in case of inconsistency between the Terms and Conditions and any
specific term and condition pertaining to a specific variant of the Account, the
specific term and condition of that particular variant of the Account shall prevail.

Definitions:
In these Terms and Conditions, the following words and phrases have the meaning
stated hereunder unless indicated otherwise:
“Account” shall mean the savings account, including but not limited to various
variants of a savings account, opened by the Customer with ICICI Bank in
acceptance of the Terms and Conditions and would be a domestic liability account
offered by ICICI Bank in India, as more particularly described in the AOF (defined
below) and other account opening documentation.
“Account Opening Form” or “AOF” refers to the relationship form for Account,
whether electronic or otherwise.

40
“Applicant” refers to the Customer who has applied for opening a savings bank
account with ICICI Bank whether pursuant to filing an electronic application form
or application form in physical form.
“Authority(ies)” means any competent regulatory, prosecuting, tax or
governmental authority, court or tribunal, in any jurisdiction, domestic or foreign.

Interpretation:
All references to singular include plural and vice versa and the word "includes"
should be construed as "without limitation".
Words importing any gender include the other gender.
Reference to any statute, ordinance or other law includes all regulations and other
instruments and all consolidations, amendments, re-enactments or replacements for
the time being in force.
All headings, bold typing and italics (if any) have been inserted for convenience of
reference only and do not define limit or affect the meaning or interpretation of
these Terms and Conditions.
Reference to any law or legislation, regulation, rule shall mean, applicable
constitution, statute, law, rule, regulation, ordinance, judgment, order, decree,
authorization, or any published directive, guideline, notice, requirement or
governmental restriction, having the force of law in any jurisdiction and include
laws as amended from time to time.

Applicability of Terms and Conditions:

These Terms and Conditions form a contract between the Applicant/Customer and
ICICI Bank. The Applicant/Customer shall apply to ICICI Bank in the prescribed
AOF for opening and operation of the Account and availing of the related Services.
By applying for opening the Account, the Applicant/Customer acknowledges and
agrees that he /she/they has/have read, understood and accepted these Terms and
Conditions and other specific terms and conditions as pertaining to the Account
variant opted by the Customer, and other products and services availed by the
Customer.
No act, delay or omission by the Bank shall affect its rights, powers and remedies
under these Terms and Conditions and other terms on its Website. Account
Opening:
The Account opening formalities are governed by the existing policies of ICICI
41
Bank and may be revised from time to time. The Applicant/Customer(s) will have
to submit duly filled AOF (whether in electronic form or in physical form) along
with the prescribed set of documents, from time to time, to the satisfaction of
ICICI Bank for the completion of the Know Your Customer (“KYC”)
requirements. The Account cannot be opened for business purpose(s).
The Customer Application Form (“CAF”) - Savings Account together with the
Electronic Application Form (“EAF”), Tariff guide/Schedule of Charges and these
Terms and Conditions and other terms and conditions as available on the Website
and constitute the account opening documentation for the Account.
In case the Account is opened with an account opening cheque, ICICI Bank
reserves the right not to open/activate the Account or close the account in the event
the account opening cheque is dishonored for any reason whatsoever.
Any transactions undertaken from the Account, shall be following the applicable
Law, including, Foreign Exchange Management (FEMA) Act, 1999 and all related
rules, regulations or notifications thereunder.
The Customer shall provide all particulars and information including but not
limited to taxpayer information in a true and accurate manner and shall not
withhold any information including if there are any insolvency proceedings
initiated against them and if they have ever been adjudicated insolvent.
The Customer understands that certain particulars given by them are required by
ICICI Bank in accordance with the operational guidelines governing banking
companies.
The Customer shall keep ICICI Bank informed of at all times, of any
change/alteration in their communication details, including, communication
address and authorize ICICI Bank to update any change/alteration in their
communication details, including, communication address that ICICI Bank may be
informed of by them and/or is brought to the notice of ICICI Bank and hereby
authorize ICICI Bank to contact the Customer on such changed address.
The Customer shall provide any further information and updated KYC documents
that ICICI Bank may require from time to time and shall be required to comply
with the re-KYC requirements as required by ICICI Bank from time to time.
In the event the address provided in the EAF is different from the address received
from UIDAI pursuant to the eKYC, the Customer authorizes ICICI Bank to send
all correspondence in relation to the Account on the communication address as
updated in the EAF and shall indemnify ICICI Bank for any loss/damage/liability
42
due to updating of the communication address provided by the Customer in the
EAF and for sending correspondences at the communication address updated in
EAF.
In the event the date of birth received from UIDAI during eKYC mentions only the
month and the year of birth, the Customer authorizes ICICI Bank to capture in the
date of birth field in the EAF as the correct date of birth.
The Customer represents and confirms that the Customer has no insolvency,
bankruptcy, liquidation proceedings initiated against him/her/them nor has the
Customer ever been adjudicated insolvent, bankrupt. The opening of the Account
is subject to verification, and ICICI Bank reserves the right to reject the request of
the Applicant to open an Account without providing any reason. In the event where
the documents submitted by the Applicants or Customers for opening an Account
and/ or availing the Bank’s products and services or for processing the transactions
thereon are incomplete or discrepant, ICICI Bank shall notify such discrepancies
and/or certain additional verification/ documentation requirements within a
reasonable time through emails sent to the email ID of the Customer (as provided
in the AOF). In case highlighted discrepancies remain unresolved or upon
non-receipt of required documents within the stipulated time period, if any, ICICI
Bank, shall have the right to reject the AOF of the Applicant and in accordance
with its policies and procedures, ICICI Bank and its group companies shall retain
the application forms and documents provided therewith at the time of Account
opening, including photographs and will not return the same to the Applicant in
case of rejection of the said application. In such an event the Bank shall not be
liable to pay interest on the amount of deposit and shall refund the money received,
if any, to the source account. The Customer herewith agrees to be contacted by the
Bank to receive information in respect of the Account, its maintenance, alerts,
payments due, updates on existing and new products, servicing of Account for
sales, marketing or servicing their relationship with ICICI Bank, its group
companies/associates or agents through channels, including but not limited to,
telephone/mobile/SMS/e-mail.
If the Account is opened basis submission of Permanent Account Number (“PAN”)
acknowledgement, the Customer has to submit PAN within 90 days from the
opening of the Account, failing which the Bank reserves the right to close or freeze
the operation of the Account. Customer also undertakes to provide/inform the
Bank of any change to the KYC documents provided by them, including change in
43
communication address. The Customer further authorizes the Bank to update the
same in their records.

Know Your Customer:

Upon the request of ICICI Bank, the Customer(s) agrees to provide appropriate
information/and or documents (including latest/recent photograph/s, identity proof,
address proof, profile details of account holder/s, authorized signatories, mandate
holders, beneficial owners, etc.) in accordance with the Reserve Bank of India
guidelines on Know Your Customer / Anti Money Laundering ("AML") /
Combating of Financing Terrorism ("CFT") issued under Prevention of Money
Laundering Act, 2002 (“RBI Guidelines”) to ensure that any changes/updates in
the KYC/profile information of the Customers are duly updated in the records of
the Bank.
ICICI Bank, in compliance with the RBI Guidelines, may make use of
communication channels which shall include but not be limited to letters, bank
statements, ATM/internet banking. ICICI Bank may enable various channels
through which such information can be communicated to facilitate and ease this
process for the Customer(s).
The Customer(s) agree(s) and confirm(s) that the details furnished at the time of
Account opening are true and correct to the best of his/her/their knowledge and
belief, and he/she/they undertake to inform ICICI Bank of any changes,
immediately. In case any information provided by the Customer is found to be
false or untrue or misleading or misrepresenting, the Customer may be held liable
for the same. Upon the request of ICICI Bank, the Customer(s) agrees to provide
appropriate information/and or documents (including latest/recent photograph/s,
identity proof, address proof, profile details of account holder/s, authorized
signatories, mandate holders, beneficial owners, etc.) in accordance with the
Reserve Bank of India guidelines on Know Your Customer / Anti Money
Laundering ("AML") / Combating of Financing Terrorism ("CFT") issued under
Prevention of Money Laundering Act, 2002 (“RBI Guidelines”) to ensure that any
changes/updates in the KYC/profile information of the Customers are duly updated
in the records of the Bank.
ICICI Bank, in compliance with the RBI Guidelines, may make use of
communication channels which shall include but not be limited to letters, bank
statements, ATM/internet banking. ICICI Bank may enable various channels
44
through which such information can be communicated to facilitate and ease this
process for the Customer(s).
The Customer(s) agree(s) and confirm(s) that the details furnished at the time of
Account opening are true and correct to the best of his/her/their knowledge and
belief, and he/she/they undertake to inform ICICI Bank of any changes,
immediately. In case any information provided by the Customer is found to be
false or untrue or misleading or misrepresenting, the Customer may be held liable
for the same.

Goods and Services Tax (“GST”):

The Customer(s) agree(s) and confirm(s) that the GST Identification Number
(“GSTIN”) provided at the time of Account opening will be the default/ primary in
case of multiple GSTIN and will be used for charging GST and reporting on the
GST Network (“GSTN”) portal, unless otherwise specifically requested by the
Customer(s) with respect to any transaction.
The Customer(s) hereby agree(s) and confirm(s) that the information given of
GSTIN with respect to the number and billing address to ICICI Bank at the time of
Account opening is correct and ICICI Bank can update the same in its records.
The Customer(s) further agree(s) and confirm(s) that the information provided by
the Customer can be used by ICICI Bank for the purpose of charging GST and
reporting of transactions on the GSTN portal and for other aspects related to it and
to reporting to states under the GST act and the applicable rules in this regard, as
amended from time to time.

Operating Accounts:

All the Accounts maintained in the name of an individual shall be operated in

single name by the individual or the power of attorney holder of such individual
and in the case of joint Accounts, by the Account holders jointly, or by either of
the joint-holder/s or as may be specified by the joint account holder/s in the
Account Opening Form, or by their power of attorney holders and accepted by
ICICI Bank, in its discretion.
In case of joint Accounts, any change in operational instructions with regard to the
Account Opening Form would have to be given by all the joint Account holders

45
irrespective of the mode of operation. The joint holder/s (Customers), authorizes
the primary applicant, to access the Internet Banking, Phone Banking and Mobile
Banking modes/channels (including WhatsApp) as provided by the Bank and the
joint holders/s (Customers) agree that the Bank shall not be held liable for acting
upon the instructions of the primary holder or any errors, liability, negligence,
defaults, or omission that occur due to the aforesaid authorization.
ICICI Bank, may, send through courier or post, on the registered address/specified
address other than the registered address (if specifically requested by the
Customer) or; on Customer’s registered email address or; an SMS alert on the
registered mobile number from time to time, statements of Account, balance
confirmation certificate, cheque books, debit cards, various PIN mailers and such
other items relevant or pertaining to the Account. It is incumbent upon the
Customer to intimate change in their demographic information (including but not
limited to e-mail address, mobile number), if any, immediately. ICICI Bank shall
not be responsible for any loss, damage or consequences for wrong delivery of the
above items arising out of non-intimation of change in mailing/communication
address.
The Customer(s) is/are expected to examine the entries in the Account
statement/passbook on receipt, and draw the attention of ICICI Bank to any errors
or omissions that might be discovered. ICICI Bank does not accept any
responsibility for any loss arising out of failure on the part of the Customer to carry
out examination of entries in the passbook/Account statement and to point out such
error and/or omission within fourteen (14) days from the date of the Account
statement/updating of passbook.

Personal Banking Cards:

A bank card is a card that is linked to a depository account, including ATM cards
and debit cards. Similar to other kinds of cards, bank cards can be used for
e-commerce purchases and other kinds of spending, with the amount deducted
directly from the account at the time of transaction.

Credit Card - Apply Credit Card Online:

ICICI Bank Credit Cards offers a host of benefits and features to cater to your

46
needs. What’s more? You can avail cashbacks and instant discounts from a
plethora of offers available on your ICICI Bank Credit Card. So, get the Credit
Card that best suits your needs by browsing through the Credit Card section and
apply now.
ICICI Bank Credit Cards offers a host of benefits and features to cater to your
needs. What’s more? You can avail cashbacks and instant discounts from a
plethora of offers available on your ICICI Bank Credit Card. So, get the Credit
Card that best suits your needs by browsing through the Credit Card section and
apply now.

ICICI Bank is among the top credit card issuers in India. You can find ICICI credit
cards suiting varying individual needs such as fuel, travel, online shopping, dining,
entertainment and more. However, with so many card options available, it can be
confusing to find the best ICICI credit card for you. To help you find the right
credit card, here we have listed the most popular ICICI Bank credit cards along
with their fees and charges, ratings and eligibility.

Debit cards:
A bank card is a card that is linked to a depository account, including ATM cards
and debit cards. Similar to other kinds of cards, bank cards can be used for
e-commerce purchases and other kinds of spending, with the amount deducted
directly from the account at the time of transaction.
• ICICI Bank Wealth Select Visa Infinite Debit Card.
• ICICI Bank MasterCard World Debit Card.

47
 • Women's Debit Card.
• Senior Citizen Silver Card.
• Sapphire Business Debit Card.
• Expressions Business Debit Card.
• Business Debit Card.

These Terms and Conditions (the "Terms") apply to and regulate the ICICI Bank
'Expressions Debit Card' ("Expressions Card") provided by ICICI Bank and are in
addition to and not in derogation of the Terms and Conditions governing the Debit
Card facilities of ICICI Bank (the "Primary Terms and Conditions") as available on
WEB SITE. To the extent of any inconsistency between these Terms and the
Primary Terms and Conditions, these Terms shall prevail. Terms used in
capitalized form, however not defined herein under, shall have the meaning
assigned to them under the Primary Terms and Conditions.
In the Terms, unless there is anything repugnant to the subject or context thereof,
the following words/expressions shall have the meaning as stated herein under:
"Application" or the "Card Application" shall refer to the application made by a
customer to ICICI Bank for the issuance of a Card. The Application shall be in the
form of a request made in the manner and format prescribed by ICICI Bank on the
Website, and shall form an integral part of these Terms and Conditions.
"Expressions Card" or "Card" refers to the image/picture debit card issued by
ICICI Bank, in accordance with these terms and conditions.
"Cardholder" shall mean the individual who makes an Application for the issuance
of, and to whom the Card has been issued by ICICI Bank, subject to such terms
and conditions as may be specified by ICICI Bank, and who is authorized to hold

48
and use the Card.
"Image", shall refer to the picture/s, photograph/s, image/s, design/s, mark/s,
word/s or any such content that is submitted by the Cardholder on the Website for
the purposes of availing an Expressions Card. The size of the Image uploaded on
the Website should be between 100 KB and 10 MB.
"ICICI Bank" or "the Bank" shall mean ICICI Bank Limited, the proprietors /
owners of the Card, its successors, assigns and nominees / representatives.
"Image Checking Guidelines" shall refer to the guidelines issued by the Partner
Institution/s of ICICI Bank for submission of Cardholder images.
'Partner Institution/s', shall mean Server side and Gemalto Digital Prints Pvt Ltd.
"Website" shall mean ICICI Bank Expressions Debit Card website hosted a
"Intellectual Property" means all patents, trademarks, permits, service marks,
brands, trade names, trade secrets, proprietary information and knowledge,
technology, computer programs, databases, copyrights, licenses, franchises,
formulae, designs, rights of confidential information and all other intellectual
property.
"Intellectual Property Rights" means all rights, benefits, title or interest in or to any
Intellectual Property, anywhere in the world (whether registered or not and
including all applications for the same).

APPLICABILITY OF TERMS:
The Cardholder shall be deemed to have unconditionally agreed to and accepted
these Terms and Conditions by submitting the Application for the Card and/or by
signing on the reverse of the Card, or by performing a Transaction or by accepting
the Card, in the form and manner prescribed by ICICI Bank from time to time.
The usage of the products and services available through various channels of ICICI
Bank, including but not limited to internet banking and phone banking facilities,
with the use of Card, shall be subject to such primary terms and conditions as
applicable for such channels/products/services and as specified by ICICI Bank
from time to time.

IMAGE SUBMISSION POLICY:

The Cardholder represents and warrants that the Cardholder owns/is a valid
licensee of all the Intellectual Property contained in the Image.
To the extent that ICICI Bank provides the Cardholder the services relating to the

49
Expressions Card, the Cardholder agrees and hereby grants, and further, represents
and warrants that the Cardholder has the adequate right and power to grant ICICI
Bank, and the Partner Institution/s, an irrevocable, non-transferable, royalty-free,
worldwide right to use to use, modify, print/emboss, store and reproduce the
Image. ICICI Bank understands that the Image is the Intellectual Property of the
Cardholder and ICICI Bank claims no right, interest, title over the Image. The
Cardholder continues to retain all Intellectual Property Rights in the Image. The
Cardholder further represents that the use of Image by ICICI Bank and/or the
Partner Institution/s in accordance with the terms and does not violate the
Intellectual Property Rights of third parties or any other rights of any third party
and any applicable laws or regulations in force. The Cardholder is solely
responsible for the Image. ICICI is providing this service at the request of the
Cardholder, and shall not be liable for any claims relating to the Image. The
Cardholder agrees that any dispute between the Cardholder and any third party
with regard to the Images submitted by the Cardholder shall be resolved between
them without involving ICICI Bank in such dispute. ICICI Bank shall not be liable
for any loss/damage/harm suffered by either the Cardholder or any third party in
this regard. The Images are required to adhere to the Image Checking Guidelines,
as uploaded on the Website. The Expressions Card will be issued after approval of
the Image as per the Image Checking Guidelines. On successful approval of Image,
the Card Application will be processed. In the event the Image does not meet the
Image Checking Guidelines, the Card Application request will be declined.

ISSUANCE OF CARDS:
ICICI Bank may issue the Expressions Card pursuant to the Cardholder making an
Application for the Expressions Card and agreeing to the applicable terms and
conditions in the form and manner prescribed by ICICI Bank in this regard. ICICI
Bank shall maintain records of these Applications and other consents/instructions
in such manner as may be deemed suitable by ICICI Bank. The Expressions Card
shall be activated subject to approval of the Card Application by the Bank. The
Expressions Card will be dispatched to the communication address, as specified by
the Cardholder in the Application within 10 working days of the approval of the
Application by ICICI Bank. The PIN for the Card shall be dispatched within seven
(7) working days from the delivery of the Card.The Cardholder shall be bound to
comply with these Terms and Conditions and all the policies stipulated by ICICI
50
Bank from time to time in relation to the Card. ICICI Bank may, at its sole
discretion, refuse to accept the Application or to issue Card to the Cardholder.

Prepared Cards:
Using this card, the user can draw money from ATMs as well as swipe it at any
mercantile with PoS device. You are free to modify certain features as you deem fit
at the discretion of the bank. Using this card, the user can draw money from ATMs
as well as swipe it at any mercantile with PoS device. You are free to modify
certain features as you deem fit at the discretion of the bank.
What is the difference between a prepaid card, a credit card, and a debit card?
Unlike a debit card, a prepaid card is not linked to a bank account. Generally, when
you use a prepaid card, you are spending money that you have already loaded onto
the card. Prepaid cards work in much the same way as any standard debit card.
You are issued a PIN which allows you to withdraw cash from ATMs. While many
ATMs are free to withdraw from, some may charge a fee for withdrawals though
no matter what kind of bank card you use.

A Prepaid Credit Card is a secured credit card issued by the bank that has been
secured with a prepayment. Unlike normal credit cards that function on borrowed
credit from the bank, prepaid credit cards come with loaded money. Generally,
when you use a prepaid credit card, you are spending money that you already have
loaded onto the card. Since prepaid cards don’t allow you to carry a credit balance
and pay later, it is not a true credit card. Here’s everything you need to know about
prepaid credit cards.

51
Types of Current Accounts
Apply for a new Current Account online at ICICI Bank for all your business
banking needs. Best deals on Current Account that empowers the digital
transformation of your business. Faster vendor payments. No late settlement
charges. Track business expenses.
The following are the some of the ICICI bank current accounts.
• New Start-Up Current Account.
• Shubhaarambh Current Account.
• Smart Business Account.
• Smart Business Account – Gold.
• Roaming Current Account Gold.
• Roaming Current Account Premium.
• Roaming Current Account Classic.
• Roaming Current Account Standard.
•
Eligibility for ICICI Bank Current Account:
• Current account is generally opened by the below-specified business LLP
• Sole Proprietor
• Partnership firm
• Hindu Undivided Families (HUF)/Specified Associations
• Company
• Trust
ICICI Bank Business Banking offers comprehensive banking solutions to suit the
banking needs of every MSME. From a wide range of Current Account products to
convenient banking solutions like corporate internet banking, InstaBIZ and Tax
Payments we make your banking easy and hassle free. Open a ICICI Bank Current
Account instantly, at the comfort of your office through video KYC opening across
all constitution - Individuals, Proprietors, Legal Entities (Private companies &
partnership).

Features of Current Account:

A Current Account is essentially a deposit account, held with a bank to manage
your business transactions. So, if you own a business, a Current Account is the
right account type to go for. There are a number of advantages of a Current

52
Account that make it distinctly unique:
• Interest rate: 0%
• If you are looking to start a business, you will find that a Current Account is
a primary requirement to get started. This will help you acquire investors or
apply for a business loan to fund your capital requirements. If you are
looking for a Current Account to help you get started, ICICI Bank Current
Accounts offer a number of features that are uniquely tailored to new
businesses. Get a host of value-added services and add on features that suit
the needs of every business.
If you are looking to start a business, you will find that a Current Account is a
primary requirement to get started. This will help you acquire investors or apply
for a business loan to fund your capital requirements. If you are looking for a
Current Account to help you get started, ICICI Bank Current Accounts offer a
number of features that are uniquely tailored to new businesses. Get a host of
value-added services and add on features that suit the needs of every business. At
ICICI Bank Wealth Management, we understand that your banking requirements
change with growth and evolution of your business. Our Current Account is
designed keeping your business requirement in consideration and offer special
privileges, free services, customized offerings and higher free limits for your daily
transaction needs. ICICI Bank introduces ‘Super Merchant Current Account’, the
most comprehensive solution specifically designed for merchants & retailers like
you. It offers easy and instant collection solutions that facilitate Insta merchant
payments through Easy pay POS machines, QR code, Payment Gateway and much
more.
Banks offer many different types of accounts. There are primarily two types of
accounts that most people would be interested to know about: Savings Account
(SA) and Current Account (CA). While most of us must hold a Savings Account in
some form or the other, a Current Account is perhaps new to some us. We may
have noticed this option at the ATM machine when instructed to choose the
“Account type”. So, what is a Current Account? This blog will go over all the
details of a Current Account, along with the benefits and the importance of having
a Current Account and help you decide whether or not to opt for a Current
Account. A Current Account is a type of bank account that is used by businesses
and has been designed to promote businesses of various sizes. This is especially
true in the case where the transactions are numerous during one working day.
53
Where a savings account is primarily aimed at an individual account holders’
savings and investments, a Current Account retains the same purpose but is aimed
at promoting businesses.
Who can open Current Account:
To open a Current Account, you must fall under the following account type:
• An individual or HUF (Hindu Undivided Family)
• A company: Private or Public Ltd., Partnership firms, Proprietorships
• Institutions, Trusts, Associations, Government Departments
• Cheque bounce charge
• Non-adherence to minimum balance
• Duplicate statement charges
• Remittance charges – DD, RTGS/ NEFT/IMPS.
There are a number of documents required to open a Current Account. These
documents must be submitted along with a signed application form at the time of
opening the said account.

Wondering how a Current Account works? How is it different from a Savings

Account? What are the benefits of a Current Account? Well, you are at the right
place. Just sit tight and read through the article to know all about it in detail.
Unlike a Savings Account that is meant for saving money, a Current Account
caters to public enterprises or businessmen who have a significantly higher number
of transactions with banks. A Current Account is mostly used to deal with liquid
deposits and offers several customized options available that aid in smooth
financial dealing. In a Current Account, there are no limits on daily transactions
and cash deposits/withdrawals. Moreover, in contrast to a Savings Account,
Current Accounts require a higher minimum account balance.

Types of Current Account:

• Standard Current Account: This is a basic Current Account with pre-set
minimum balance and monthly average balance requirements. Standard
Current Accounts do not offer interest benefit and comes with all the key
features like an overdraft facility, free inward remittances, limitless
withdrawals, and more.
• Packaged Current Account: This type of Current Account comes with

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 added benefits over and above the Standard Current Account. Some of the
perks include medical support, travel insurance, roadside assistance, and
more.
• Single-column cash book: This type of Current Account does not provide
the benefit of overdraft facility. It allows daily transactions for businesses
that do not maintain bank accounts and helps them to track daily transactions
under separate debit and credit columns.
• Premium Current Account: This type of Current Account is best suited for
large businesses that carry out huge number of transactions of higher value.
It offers customized features that aid in seamless transfer without delays.
• Foreign Currency Current Account: This type of Current Account is best
suited for businesses that deal majorly in foreign currencies.

A current account is a facility banks provide for business owners with a higher
volume of daily transactions. It is significantly different from a savings account
meant for people who want to maintain their savings over time. A current account
has several perks associated that are favorable for firms, companies, businesses,
and public enterprises.
Customers can easily customize their current accounts based on their requirements.
This is an additional facility provided by the concerned bank and differs based on
the customer and frequency of transactions. Furthermore, current accounts deal
with deposits that are liquid in nature and hence require a higher minimum balance
at the time of account opening.

Advantages:
Benefits of a Current Account:
• Businesses can carry out extensive and frequent transactions every day.
• There’s no limit on cash withdrawals.
• Cash deposits in the home branch can be carried out without worrying about
a limit.
• Customers can get an internet banking facility with a current bank account.
• Customers can make direct payments through the cheque facility offered by
the bank for current account holders.
• Customers also get an overdraft facility with a current account.

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 • Allows for prompt business transactions.
• No limit on withdrawals.
• No limit on deposits in the home branch.

Type of loans
A loan is a sum of money that an individual or company borrows from a lender. It
can be classified into three main categories, namely, unsecured and secured,
conventional, and open-end and closed-end loans.

Popular loans:
• Personal Loan Calculator, Personal Loan on Credit PERSONAL card and
more. ...
• HOME LOANS Home Loan, Home Loan Calculator, Loan Against Property
and more. ...
• CAR/TWO-WHEELER LOANS New Car Loan, Two-Wheeler Loan,
Pre-Owned Used Car Loan and more.

Wedding Loans:
• Need urgent cash for venue booking, catering, jewelry, shopping, or guest
accommodation? Then it makes total sense to go for a wedding loan. Focus
on the biggest day of your life while being adequately prepared for it
financially with ICICI Bank Personal Loan.

Home Renovation:
• Spruce up the look of your abode, carry out vital repairs or get new home
furniture, furnishings or fixtures the smart way. Turn your house into a home
with ICICI Bank Personal Loan.

Holiday Loan:
• No place is out of the reach of your loved ones, when our personal loans are
with you. Take your much-needed holiday and absorb new sights in
far-away vistas. All travel expenses i.e. flights, stay, shopping, activities and
other bills can now be paid instantaneously with personal loan funds.

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Fresher Funding:
• Who says that your first salary cannot make you eligible for a personal loan?
With ICICI Bank Fresher Funding Loan, we make sure this is possible. Get
up to Rs. 1,50,000 personal loan without any hassles.

NRI Personal loans:

NRIs can now take care of the expenses back home easily with NRI personal loans.
Some of the reasons why this has become one of the more popular types of
personal loans is:
• Easy documentation
• Quicker processing
• Lower interest rates from 15.49% per annum
• Tenure up to 36 months.
Home Loan:
ICICI Bank Home Loan is a one-stop solution to own your dream home. Whether
your goal is to purchase or build a new house, we offer a wide range of products to
meet your requirements. We offer affordable Home Loans at attractive interest
rates for a tenure of up to 30 years.
Apply for a Home Loan online and avail digital sanction in 5 simple
steps through ICICI Bank Express Home Loan, a self-service digital platform for
our existing customers, non-ICICI Bank customers as well as Non-Resident
Indians (NRIs). Your Home Loan journey becomes simpler due to nil
documentation required.
Resale Services:
Are you looking to buy a resale property? ICICI Bank is here to assist you in your
resale property transactions.
Home Loan Approved Project:
Explore a vast database of 40K+ ICICI Bank approved projects by leading
developers, across 44 locations in India.
A home of one’s own. It’s not just a cherished dream, but also an important
milestone in a person’s life. From saving up to finalising an affordable locality
with good connectivity, educational institutions, recreational opportunities and
work life balance, people put their heart and mind to accomplish this dream
Here's a handy guide for first-time home buyers to consider some important points

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before making their big decision.

Loans - One Stop Solutions for All Your Financial Needs:

Build the house you have been thinking of. Buy the car of your dreams. Take that
long-pending vacation. Get your children enrolled in the top schools. Do all this
and more with loans from ICICI Bank. We offer a wide variety of loans to suit
each one of your requirements. Take a look at the products we offer and see for
yourself how versatile our range of loans is.
Loan Against Property:
Got a property that you can mortgage in exchange for a loan? Then you can avail
ICICI Bank’s Loan Against Property (LAP) for your business or personal needs.
Mortgage both residential and commercial properties and enjoy comfortable EMIs
over long tenures going up to 15 years.
Car Loan:
With an extensive network of multiple channel partners in a number of locations,
ICICI Bank is among the most preferred financiers for car loans in the country.
Our tie-ups with the leading automobile manufacturers ensure that you get the best
deals. Choose our car loans to enjoy flexible schemes, a simple application process
and quick loan processing at the click of a mouse.
Consumer Finance:
Why hold yourself back from getting your favorite gadgets when you have ICICI
Bank’s Consumer Finance to back you up? Avail of this loan from us and get your
hands on that device you’ve been eyeing or that consumer electronics product you
need and pay for it in easy Equated Monthly Instalments (EMIs).
Personal Loan:
What do you desire? A dream holidays? A destination weddings? Some home
renovation, or the latest gadgets? Make all of these dreams come true with personal
loans from ICICI Bank. We offer loans up to ₹20 lakh at interest rates starting
from as low as 10.50%.
Education loan:
Perhaps you have just excelled in your exams and are looking for the right institute
to enroll in. Maybe you’re planning to take a break from your career to study
further. Or perhaps, you’re looking for the top universities for your children.
Whatever be your reason, your search for the best educational institute must not be
bogged down with worries about finance. Here’s where ICICI Bank’s Education
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Loans can help.
Gold Loan:
Avail a loan against gold and gold ornaments from ICICI Bank and meet your
emergency financial needs without any hassle. With this loan, you can obtain funds
against your gold and gold ornaments without having to sell them.
Commercial Business Loan:
ICICI Bank Commercial Business Loans offer complete banking solutions for all
your financial needs. With our commercial vehicle loans, construction equipment
loans, working capital solutions and customized current accounts, we offer the
perfect range of financing options for your commercial needs.
Healthcare Equipment Loans:
ICICI Bank Healthcare Equipment Loans are designed to provide flexible,
convenient loans to certified Doctors, Hospitals, Medical Research & Educational
institutes, Diagnostic Centre’s and Nursing Homes towards the purchase of
Medical Equipment.
Loans Against Securities:
Got some securities that you can use as a guarantee? Simply pledge these securities
in favors of ICICI Bank and get an overdraft facility equivalent to the value of the
securities pledged. It’s that simple and quick.
Pradhan Mantri Mudra Yojana (PMMY):
Pradhan Mantri Mudra Yojana (PMMY) is a collateral-free loan up to ₹10 lakh,
available for micro and small manufacturing and service units. Avail this scheme
through ICICI Bank and give your business the boost it requires.
An expansive ATM network, best-in-class channels of digital banking, instant and
digital solutions for your investment and protection needs, customized loan
products and a wide range of accounts and deposits, personalized banking with
ICICI Bank offers you a one-of-its-kind, seamless and hassle-free experience.
Here’s a look at the savings accounts that you can open with ICICI Bank.
Savings Accounts:
With a regular savings account, you can enjoy a large number of value-added
benefits. Get delighted with security and ease of banking.
Gold Privilege Savings Account:
This Gold Privilege Account offers exclusive Gold Privilege benefits and services,
such as a free Gold Privilege Debit Card, amazing discounts on locker rentals, a
wide range of investment options and much more.
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Silver Savings Account:
The ICICI Silver Savings Account is aimed at young professionals with a fixed
income, in particular and comes with unbelievable offers attached to it.
PayLater by ICICI Bank:
Low cash balance stopping you from making purchases? How about you purchase
now and pay later? Know more about the facility that offers you a 45-day
interest-free instant credit
Defense Salary Account:
ICICI Bank Defense Salary Account is designed exclusively for Defense Personnel
to meet their banking, financial and lifestyle needs. After all, super heroes deserve
super benefits.
Build the house you have been thinking of. Buy the car of your dreams. Take that
long-pending vacation. Get your children enrolled in the top schools. Do all this
and more with loans from ICICI Bank. We offer a wide variety of loans to suit
each one of your requirements. Take a look at the products we offer and see for
yourself how versatile our range of loans is.
Why hold yourself back from getting your favorite gadgets when you have ICICI
Bank’s Consumer Finance to back you up? Avail of this loan from us and get your
hands on that device you’ve been eyeing or that consumer electronics product you
need and pay for it in easy Equated Monthly Instalments (EMIs).

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Chapter 5
CONCLUSION

• ICICI Bank Proves to be an ideal & leading other bank by using latest
technology and variety of services.
• On the basis of few techniques applied for the financial analysis of the ICICI
bank we can arrive at a conclusion that the financial position and overall
performance of the bank is satisfactory.
ICICI bank has successfully utilized its MIS in providing banking products to its
customers and also in improving its organizational efficiency. It is one of the few
banks which adapts quickly to the changing environment and keeps pace with the
ever changing 31 P a g e technology.
the project describes about the various activities and services offered by the ICICI
bank to satisfy their customers. “A STUDY ON CUSTOMER BEHAVIOUR
TOWARDS BANKING SERVICES WITH SPECIAL REFERENCE...”
The ICICI Bank-Videocon case is about allegations of a quid-pro-quo deal
between the Kochhar’s and the Videocon group. The head of the ICICI bank was
Kochhar’s. On the basis of various techniques applied for the financial analysis of
ICICI Bank we can arrive at a conclusion that the financial position and overall
performance of the bank is satisfactory. Though the income of the bank has
increased over the period but not in the Gaurav Narang 97 B.B.A same pace as of
expenses. A conclusion's job is to reiterate the arguments and thesis of the essay. In
other words, it provides a sense of closure and suggests that you have
accomplished the goal of the piece. Here are a few things to avoid when writing
your conclusion: 1. Avoid introducing the thesis, new ideas or evidence for the first
time. If new points are made in your conclusion… See more Though different
sources cite various types of conclusions, all of them serve one of these three
primary functions: 1. Summarization: This style is often used when writing about
technic.

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Chapter 6
BIBLIOGRAPHY

BOOKS

1. Marketing Management - T.N Chhabra

2. Marketing Research - Dedham
3. Marketing Management - Philip Kotler
4. Marketing management - S.A. Sherlekar

MAGAZINES

1. Annual Report of Company

2. Journals & Catalogues of the company

WEB

1. wwe.iciciprulife.com
2. wwe.finacialexpress.com
3. wwe.insuranccguide.com
4. wwe.irdaindia.com
5. wwe.google.com
6. wwe.insuremagic.com
7. wwe.indiacore.com

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