Full Form of ICICI (Industrial Credit and Investment Corporation of India)

In the year 2001, the board of directorsBoard Of DirectorsBoard of Directors (BOD) refers to a corporate body comprising a group of elected people who represent the interest of a company’s stockholders. The board forms the top layer of the hierarchy and focuses on ensuring that the company efficiently achieves its goals. read more of ICICI and the board of directors of ICICI bank both merged and became ICICI bank. The companies’ shareholders approved this historic merger by January 2002, and the Reserve Bank of India approved it by April 2002.

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Products and Services of ICICI

#1 – Accounts and Deposits

In this type of product, the services are provided as follows: –

  • Gold Privileged Saving Account – In this service, the account holder must maintain a minimum balance of INR 50,000 in their account. Non-maintenance of the average account balance may attract a penalty. This account is made to trade Gold commodities.Recurring Deposit – The services of recurring deposits are used to deposit little money every month. TDS will be deducted from the interest paid or accrued. The minimum balance requirement for this savings bank is INR 500 per month. This deposit also carries nomination facilities. The maximum maturity period of this type of deposit account is ten years.Fixed Deposit – A fixed deposit account is the most common facility in any banking industry. The minimum balance required to open this account is INR 10,000 for adults and INR 2000 for minors. Loan against fixed deposit is also available, i.e., 90% of the principal amount plus the accrued interest amountAccrued Interest AmountAccrued Interest is the unsettled interest amount which is either earned by the company or which is payable by the company within the same accounting period.read more.Current Account – The bank provides facilities to business people with a wide range of suitable transactions for their businesses. In this type of service, all business transactionsBusiness TransactionsA business transaction is the exchange of goods or services for cash with third parties (such as customers, vendors, etc.). The goods involved have monetary and tangible economic value, which may be recorded and presented in the company’s financial statements.read more are carried on smoothly.

#2 – Credit and Debit Cards

  • Credit Cards – It provides credit facilities to their customers; by this, the customers can enjoy dining and other attractive discount offers on other services.Debit Cards – The bank provides debit card facilities to their customers. The maximum limit of withdrawal is INR 1.5 lakhs per day. The bank’s maximum transaction limit is INR 2.5 lakhs daily, which is a great facility.Gold Debit Card – The bank also provides its customers with a Gold debit card. Here the customers can enjoy the cash withdrawal of INR 75000 per day and INR 1.25 lacs per day for transactions.Titanium Debit Cards – This service provides customers with special privileges and benefits. Customers can carry this card anywhere they want, offering attractive discounts. The cash withdrawal of INR 1 lac per day and INR 1.5 lacs per day is for transactions allowed for this service.

#3 – Investments

  • Mutual Funds – It helps the customers with the proper guidance regarding the appropriate combination of mutual fundsMutual FundsA mutual fund is a professionally managed investment product in which a pool of money from a group of investors is invested across assets such as equities, bonds, etcread more in which the customers can invest. Bank also provides SIP Mutual fund investment to encourage the small section of the society.PPF – The bank helps the customer plan the PPF for them.Foreign Exchange Services – It helps the entire customer plan the foreign exchange because it buys and sells foreign exchange. The bank provides an online facility for purchasing and selling foreign money.

#4 – Loans

The bank also provides the basic facility of giving loans to their customers. The bank also provides home loan facilities, personal loans, business loans, and vehicle loans.

#5 – Insurance

This provides a unique facility for providing customers with life insurance, health insurance, home, and car insurance, etc. The bank acts as a middleman and facilitates the customer’s easy understanding of all the schemes in detail. This bank deposits the premium money on time to the insurance money, and the customers can enjoy a peaceful mind while the bank takes care of the transactions.

What is the Core Value of the Bank?

The bank is committed to 5 core values: Integrity, Passion, Boundaryless, Customer first, and Humility. These are the bank’s USPs, which make them different from the other competitive banks in India.

List of Subsidiary of ICICI Bank

  • ICICI Prudential Life InsuranceICICI LombardICICI SecuritiesICICI Bank, CanadaICICI Home Finance Company LimitedICICI Bank Limited, SingaporeICICI Trusteeship Services LimitedI-WIN Advisory ServicesICICI Bank Limited, Dubai BranchI-ven Biotech LimitedICICI Bank Limited, Bahrain BranchICICI Kinfra LimitedCafé Network LimitedICICI Bank Ltd., Asset Management ArmICICI Bank Ltd., SB Employees Provident FundICICI Prudential Trust LimitedICICI Financial Services Ltd.ICICI Bank Ltd., SB Employees Pension FundICICI Bank Limited, South AfricaICICI Prudential Asset Management Company LimitedICICI Bank Limited, Hong Kong BranchICICI Bank UK PLCICICI Bank Limited, Depository ArmICICI First Source Ltd.ICICI Bank Limited, New York BranchICICI Bank Limited, Sri LankaICICI International Ltd.

Conclusion

It provides a huge variety of products to its customers. Due to its supreme functionality and core values, it has obtained a second-largest position in India in banking services. It has approx 4882 branches and about 15101 ATMs in India.

This has been a guide to the Full Form of ICICI, i.e. (Industrial Credit and Investment Corporation of India), and its definition. Here we discuss the products and services of ICICI along with the list of a subsidiary of ICICI bank. You may refer to the following articles to learn more about finance –

  • SBI Full FormRBI Full FormNBFC Full FormHDFC Full Form