Marketing strategy of icici bank free essay sample

A banker or bank is a financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money. It is an institution for receiving, keeping, and lending money. It is often described as a credit institution. .On deposits, the bank pays interest and for lending money, it charges a higher rate of interest. It performs a large variety of functions in the modern society. Acc. to Banking Regulation Act of India, â€Å"Banking means the accepting, for the purpose of lending or investment of deposits of money from the public repayable on demand or otherwise, and withdrawal by cheque, draft, order or otherwise. † Acc. to R. P. KENT, â€Å"An organization whose principal operations are concerned with the accumulation of the temporarily idle money of the general public for the purpose of advancing to others for expenditure. † Banking In India A Brief Overview Banking in India originated in the last decades of the 18th century. The oldest bank in existence in India is the State Bank of India, a government-owned bank that traces its origins back to June 1806 and that is the largest commercial bank in the country. Central banking is the responsibility of the Reserve Bank of India, which in 1935 formally took over these responsibilities from the then Imperial Bank of India, relegating it to commercial banking functions. After Indias independence in 1947, the Reserve Bank was nationalized and given broader powers. In 1969 the government nationalized the 14 largest commercial banks; the government nationalized the six next largest in 1980. Currently, India has 88 scheduled commercial banks (SCBs) 27 public sector banks (that is with the Government of India holding a stake), 31 private banks (these do not have government stake; they may be publicly listed and traded on stock exchanges) and 38 foreign banks. They have a combined network of over 53,000 branches and 17,000 ATMs. According to a report by ICRA Limited, a rating agency, the public sector banks hold over 75 percent of total assets of the banking industry, with the private and foreign banks holding 18. 2% and 6. 5% respectively. The Indian banking has come from a long way from being a sleepy business institution to a highly proactive and dynamic entity. This transformation has been largely brought about by the large dose of liberalization and economic reforms that allowed banks to explore new business opportunities rather than generating revenues from conventional streams (i. e. borrowing and lending). The banking in India is highly fragmented with 30 banking units contributing to almost 50% of deposits and 60% of advances. Indian nationalized banks (banks owned by the government) continue to be the major lenders in the economy due to their sheer size and penetrative networks which assures them high deposit mobilization. The Indian banking can be broadly categorized into nationalized, private banks and specialized banking institutions. The Reserve Bank of India acts as a centralized body monitoring any discrepancies and shortcoming in the system. It is the foremost monitoring body in the Indian financial sector. The nationalized banks (i. e. government owned banks) continue to dominate the Indian banking arena. Industry estimates indicate that out of 274 commercial banks operating in India, 223 banks are in the public sector and 51 are in the private sector. The private sector bank grid also includes 24 foreign banks that have started their operations here. Under the ambit of the nationalized banks come the specialized banking institutions. These co-operatives, rural banks focus on areas of agriculture, rural development etc. , unlike commercial banks these co-operative banks do not lend on the basis of a prime lending rate. They also have various tax sops because of their holding pattern and lending structure and hence have lower overheads. This enables them to give a marginally higher percentage on savings deposits. Many of these cooperative banks diversified into specialized areas (catering to the vast retail audience) like car finance, housing loans, truck finance etc. in order to keep pace with their public sector and private counterparts, the co-operative banks too have invested heavily in information high-end computerized banking technology to offer services toils NATIONALISATION OF BANKS The next significant milestone in Indian Banking happened in the late 1960s when the then Indira Gandhi government nationalized, on 19th July, 1969, 14 major commercial Indian banks, followed by nationalization of 6 more commercial Indian banks in 1980. Some prominent private banks such as Central Bank owned by Tatas, United Commercial Bank by Birlas, Syndicate Bank by Pais become nationalized. Only State Bonk of India had been nationalized in July 1955 under the SBI Act of 1955. The stated reason for the nationalization was more control of credit delivery. After this, until the 1990s, the nationalized banks grew at a leisurely pace of around 4%-also called as the Hindu growth of the Indian economy. Liberalization In the early 1990s the then Narasimha Rao government embarked on a policy of liberalization and gave licenses to a small number of private banks, which came to be known as New Generation tech-savvy banks, which included banks like ICICI Bank and ICICI Bank. This move along with the rapid growth in the economy of India, kick started the banking sector in India, which has seen rapid growth with strong contribution from all the three sectors of banks, namely, government banks, private banks and foreign banks. However there had been a few hiccups for these new banks with many either being taken over like Global Trust Bank while others like Centurion Bank have found the going tough. The next stage for the Indian banking has been setup with the proposed relaxation in the norms for Foreign Direct Investment, where all Foreign Investors in banks may be given voting rights which could exceed the present cap of 10%. The private banks with their focused business and service portfolio have a reputation of being niche players in the industry. A strategy that has allowed these banks to concentrate on few reliable high net worth companies and individuals rather than cater to the mass market. These well-chalked out integrates strategy plans have allowed most of these banks to deliver superlative levels of personalized services. With the Reserve Bank of India allowing these banks to operate 70% of their businesses in urban areas, this statutory requirement has translated into lower deposit mobilization costs and higher margins relative to public sector banks. A Chronology of Nationalisation of Banks 1949: Enactment of Banking Regulation Act. 1955(Phase I): Nationalisation of State Bank of India 1959(Phase II): Nationalisation of SBI subsidiaries 1961: Insurance cover extended to deposits 1969(Phase III): Nationalisation of 14 major banks 1971: Creation of credit Guarantee Corporation 1975: Creation of regional rural banks 1980(Phase IV): Nationalisation of six banks with deposits over 200 crores. The major participants of the Indian financial system are the commercial banks, the financial institutions (FIs), encompassing term-lending institutions, investment institutions, specialized financial institutions and the state-level development banks, Non-Bank Financial Companies (NBFCs) and other market intermediaries such as the stock brokers and money-lenders. The commercial banks and certain variants of NBFCs are among the oldest of the market participants. The FIs, on the other hand, are relatively new entities in the financial market place. CHAPTER 2 INTRODUCTION TO STUDY The main object of the project was to learn about the various products that the bank had to offer to the customers, that is basically a new dimension of selling product to customers, analyze the awareness of the [emailprotected] service with existing customers, educate them regarding the same and motivate them to enroll for the service and also try to assess why the customers are resisting to use the service and finally encourage corporate organizations that maintain their salary accounts with the bank to get a corporate box installed in their office premises. In order to understand and analyze the awareness of [emailprotected] service a questionnaire was prepared and the focus was on the walk inns at the branch that already are customers of the bank. The idea was to analyze the various issues as mentioned above. The analysis showed that many of the existing customers who live even far off from the branch have high frequency of visits to the branch. The analysis also clearly showed that the awareness regarding the service was extremely low. The Bank had to promote the service in order to reach out to the customers and make its presence felt. Observation also indicated that the foot falls at the vasai branch actually come from almost all parts of the city irrespective of the relationship the customers have with the branches throughout the city, making the task even more difficult the drop boxes throughout the city have not been strategically been placed there various locations that do not have the drop boxes but there is high number of foot fall from the area. Also this lead to the understanding that the policy to install drop boxes in areas is very faulty and the corporate office must look into the matter. For awareness of the service I have given recommendations regarding places where the drop boxes should be placed, and some suggestions to overcome the problem. For my task of learning the various products and their features I was guided by the executives at the bank a lot of observation went in and sufficient data form the internet was used to understand the products and services. Chapter 3 RESEARCH METHODOLOGY FORMULATING A RESEARCH PROBLEM â€Å"Product and services provided by ICICI bank† OBJECTIVES 1. To gain knowledge of the various products and their features through observation method and through secondary data 2. To understand daily operations of the bank 3. [emailprotected] Understand the process of [emailprotected] Find out the awareness of the service Motivate customers to enroll for the service Develop ideas for awareness Develop promotional strategies for the service Places to put drop boxes Find out drawbacks of the service Motivate organizations to put up corporate boxes 5. To convince organizations to install Corporate Boxes in their premises and explain to them the advantages and the functioning . RESEARCH DESIGN The research design is descriptive and is conclusive in nature SAMPLE DESIGN Sample Size 50 Non-Probability sampling will suit the best Convenience sampling is taken into consideration SOURCES OF DATA COLLECTION OF DATA Primary Data: The data consisted of Information collected with the help of Questionnaire for analyzing [emailprotected] service. Sample size of which was 50 existing customers. Personal interview was done with the walk ins. Observation method was used for understanding various products and their features and understanding overview of the 5 ’S’ Philosophy. LIMITATION Research Study was to limited geographical area. As all the respondent may not have given correct answer. Sample size was very limited. Many respondent may have liked the competitor company so they have given wrong aswer. Secondary Data: Was collected from internet and intranet within the company for Understanding the product and the features . Understanding the functioning of [emailprotected] Obtaining the documents for Corporate Boxes. CHAPTER 4. 1 OVERVIEW OF ICICI BANK INTRODUCTION TO ICICI BANK The banking sector reforms undertaken in India from 1992 onwards were basically aimed at ensuring the safety and soundness of financial institutions and at the same time at making the banking system strong, efficient, functionally diverse and competitive. The reforms included measures for arresting the decline in productivity, efficiency and profitability of the banking sector. Furthermore, it was recognized that the Indian banking system should be in tune with international standards of capital adequacy, prudential regulations, and accounting and disclosure standards. Principles for Effective Banking Supervision, have made our banking system resilient to global shocks. ICICI is one of the largest bank in India. ICICI Bank is Indias second-largest bank with total assets of Rs. 3,634. 00 billion (US$ 81 billion) at March 31, 2010 and profit after tax Rs. 40. 25 billion (US$ 896 million) for the year ended March 31, 2010. The Bank has a network of 2,508 branches and 5,808 ATMs in India, and has a presence in 19 countries, including India. 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 specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany. ICICI Banks equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). CHAPTER 4. 2 ICICI AS AN ORGANISATION BOARD OF DIRECTORS ICICI Banks Board members include eminent individuals with a wealth of experience in international business, management consulting, banking and financial services. Directors Profiles Chanda Kochhar Managing Director and Chief Executive Officer N. S. Kannan K. Ramkumar Rajiv Sabharwal Executive Director CFO Executive Director Executive Director Awards Time and again our innovative banking services has been recognized and rewarded world over. Ms. Chanda Kochhar, Managing Director CEO was ranked 11th by Financial Times in The Top 50 Women In World Business Ms. Chanda Kochhar, Managing Director CEO was ranked 10th in the International Fortune list of 50 most powerful women in business ICICI Bank was voted as the Most Trusted Brand among private sector banks in the 2010 Economic Times Brand Equity Most Trusted Brands Awards and ranked 7th in the list of Top 50 service brands ICICI Bank received the 2010 World Finance UK award for: Excellence in Remittance Business, Worldwide Excellence in NRI Services, Worldwide Excellence in Private Banking Business, APAC Region ICICI Bank UK, HiSAVE has been awarded Best Online Savings Account Provider 2010 by Your Money ,direct consumer awards,UK ICICI Bank UK, HiSAVE has been commended for Best Internet Account Provider 2010 and Best Fixed Rate Account Provider 2010 by Moneyfacts, an independent consumer finance leading aggregator. Ms. Chanda Kochhar, MD CEO was awarded the Financial Express Best Banker Award For the sixth time in a row, ICICI Bank has received the Most Preferred Auto Loan Brand in the Financials Services category at the CNBC Consumer Awards ICICI Bank has won Gold in the Readers Digest Trusted Brands 2010 Consumer award in the Finance category for a) Best Bank and b) Best Credit Card Issuing Bank .Mr. K. V. Kamath, Chairman Mr. K. Vaman Kamath is the non-executive Chairman of the Board of Directors of ICICI Bank Limited, Indias second largest bank. Mr. Kamath has a degree in mechanical engineering and did his management studies at the Indian Institute of Management, Ahmedabad. He started his career in 1971 at ICICI, an Indian financial institution that founded ICICI Bank and merged with it in 2002. In 1988, he moved to the Asian Development Bank and spent several years in South-East Asia before returning to ICICI as its Managing Director CEO in 1996. Under his leadership, the ICICI Group transformed itself into a diversified, technology-driven financial services group that has leadership positions across banking, insurance and asset management in India, and an international presence. He retired as Managing Director CEO in April 2009, and took up his present position effective May 1, 2009. Mr. Kamath was conferred with the Padma Bhushan, one of Indias highest civilian honours, in 2008. He has received widespread recognition internationally and in India, including being named Businessman of the Year by Forbes Asia and Business Leader of the Year by The Economic Times, India in 2007 and CNBCs Asian Business Leader of the Year in 2001. Mr. Kamath was the President of the Confederation of Indian Industry for the year 2008-09. He is also an independent Director on the Board of Directors of Infosys Technologies Limited, Lupin Limited and Schlumberger Limited. He has been a co-chair of the World Economic Forums Annual Meeting in Davos and is a member of the Board of the Institute of International Finance. CHAPTER 5 SWOT ANALYSIS Introduction to SWOT Analysis The overall evaluation of the company’s Strength, Weakness, Opportunities and Threats is called as SWOT Analysis. The external environment analysis of any business will give you the opportunities and threats facing the business. The external environment consist of two parts: 1) Macro Environment: Demographic, Economic, Technology, Political-legal, Socio-cultural 2) Micro Environment: Customers, Competition, Distributors, Suppliers. STRENGHTS: 1) Online Services: ICICI Bank provides online services of all it’s banking facilities. It also provides Demat account facilities on-line, so a person can access his account from anywhere he is. [Demat is a dematerialized account opened by a salaried person for purchase sale of shares of different companies. ] 2) Advanced Infrastructure: Branches of ICICI Bank are well equipped with advanced technology to provide the customers with taster banking services. All the computerized machines are located in suitable manner are very useful to the customers staff of the bank. 3) Friendly Staff: The staff of ICICI Bank in all branches is very friendly help the customers in all cases. They provide faster services along with bonding personal relationship with the customers. 4) 12 hrs. Banking services: Compared to other bank ICICI bank provides long hrs. of services i. e. 8-8 services to the customers. This service is one of it’s kind is very helpful for the customers who are in urgent need of money. 5) Other Facilities to the Customers Employees: ICICI Bank also provides other facilities like drinking water facilities, proper sitting arrangements to the customers. And there are also proper Ventilation sanitary facilities for the employees of the bank. 6) Late night ATM services: ICICI bank provides late night ATM services to the customers. The ATM centers of ICICI bank works even after 11:00pm. at night in certain branches. WEAKNESS: 1) High Bank Service Charges: ICICI bank charges highly to customers for the services provided by them when compared to other bank that is why it is only in the reach of higher class of society. 2) Less Credit Period: ICICI bank provides credit facilities but only upto limited period. Even when the credit period is not over it sends reminder letters to the customers which may annoy them. OPPORTUNITIES: 1) Bank –Insurance services: The bank should also provide insurance services. That means the bank can have a tie-up with a insurance company. The bank will advertise promote the different policies introduced by the insurance company convince their customers to buy insurance policies. 2) Increase in percentage of Returns on increase: The bank should provide higher returns on deposits in comparison of the present situation. This will also upto large extent help the bank earn profits popularity. 3) Recruit professionally guided students: Bank Insurance is a special non-aid course where the students specialize in the functioning services of the bank also are knowledge about various tax policies. The bank can recruit these students through tie-ups with colleges. Such students will surely prove as an asset to the bank. 4) Associate with social cause: The bank can also associate itself with social causes like providing relief aid patients, funding towards natural calamities. But this falls in the 4th quadrant so the bank should neglect it. THREATS: 1) Competition: ICICI Bank is facing tight competition locally as well as internationally. Bank like CITI Bank, HSBC, ABM, Standered Chartered, ICICI also provide equivalent facilities like ICICI do and also ICICI do not have consistency in its international operation. 2) Net Services: ICICI Bank provides all kind of services on-line. There can be easy access to the e-mail ids of the customers through wrong people. The confidential information of the customers can be leaked easily through the e-mail ids. 3) Decentralized Management: Each branch manager is given the authority of taking decisions in their respective branches. The decisions made by different managers are diverse and any one wrong decision can laid to heavy losses to the bank. 4) No Proper Facilities To Uneducated customers: ICICI Bank provides all services through electronic computerized machines. This creates problems to the less educated people. But this threat falls in the 4th quadrant so its negligible. The company can avoid this threat. CHAPTER 6 OPERATIONS PRODUCT FEATURES PRODUCTS AND SERVICES: ICICI Bank offers wide variety of Deposit Products to suit customer requirements. Coupled with convenience of networked branches/ over 1800 ATMs and facility of E-channels like Internet and Mobile Banking, ICICI Bank brings banking at the doorstep. 6. 1 SAVINGS ACCOUNT ICICI Bank offers customers a power packed Savings Account with a host of convenient features and banking channels to transact through. So now customers can bank at their convenience, without the stress of waiting in queues. ICICI Bank provides its customers with various types of savings accounts keeping in mind different needs of different people. Normal Savings Account Special Savings Account Senior Citizen Accounts Young Stars Accounts (1)Normal Savings Account: The Normal savings Account that ICICI offers has the following salient features 1. Anywhere Banking: Opening an account with ICICI is not exclusive to the branch the customer has walked into, customer enjoy the power of banking at any of the branches throughout India. Customers have the power to withdraw cash up to Rs. 50,000 and make cash deposits up to Rs. 50,000 as well. 2. Internet Banking: This is a value added service that the customers are offered free of cost it allows them to check their account balance, pay utility bills, make fund transfers between self accounts as well as third party at the click of the mouse. 3. Ncash debit cum ATM card: It is an international 2-in-1 card that enables customers not only to withdraw cash from ICICI but also from a non ICICI VISA ATM’s further it allows customers to shop at various merchant outlets accredited to VISA across the globe. 4. Minimum Balance: Customers need not maintain a daily minimum balance in their account. On a given day balance in the account may drop to zero, this allows customers all their funds at their disposal. Customers need to maintain an average balance of Rs. 5,000 per quarter. Non-maintenance of the minimum average quarterly balance attracts a fee of Rs. 750 per quarter. (2)Special Savings Account: The Special Savings Account has been designed keeping in mind the specific needs of organizations such as Trusts, Associations, Societies, Councils, Clubs etc. It provides organizations solutions with added value and is ideal for tax exempted entities. The Special Savings Account has the following salient features: 1. Multi-City Cheque Book: This facility allows its customers to skip the traditional way of transferring funds to other cities through a demand draft. The Special Savings Account holder are issued two separate chequebooks for local and outstation use, thereby not only saving on time but also saving on draft commission. The cheques are payable at par at designated ICICI Bank branches across the country. There will be no limit to the value of cheque issued on a single day at RBI clearing centers. For all other centers a cap of Rs. 10, 00,000 on a single day apply. All chequrebooks are personalized. 2. Quantum Optima Facility: Quantum Optima facility combines the liquidity of a saving account and high returns of Fixed Deposit. All balances in the saving account above Rs. 25,000 are transferred to a fixed deposit in multiples of Rs. 5,000 for a time period of one year. The funds however continue to be accessible around the clock through ATM, and also through cheques. Whenever the saving account balance falls below the specified limit, sufficient amount is transferred back from the fixed deposit by breaking in units of Rs. 1,000 on last in first out basis, the terms of the fixed deposit can be specified. This facility is available to those employees who do not use the overdraft facility. However one the overdraft is regularized this facility can be resumed. (3) Senior Citizen Account: The Senior Citizen Account has a few services that the Normal Savings Account does not offer. The salient feature of the Senior Citizen Account are Higher Interest Rates. Demand Loan / overdraft against deposits will be upto 90% of the deposit. The upcountry cheque collection facility for locations with ICICI Bank presence free of charge to the Senior Citizen customers. The ICICI Bank encash debit card is a debit-cum-ATM card providing you with the convenience of acceptance at merchant establishments and cash withdrawals at ATMs. Auto Invest Account Internet Banking is offered free of cost. Anywhere Banking This facility entitles the account holder to withdraw or deposit cash upto a limit of Rs. 50,000 across all ICICI Bank branches. (4) Young Stars Account: Young Stars is a banking service for children, aged 1day -18 years, brought to you by ICICI Bank to help the parents meet the present and future aspirations that they hold for their child. It offers various savings and investment options to the parent along with teaching the child to manage his/her personal finance in a more responsible and independent manner. Young Stars will guide your child through the world of banking -through checking the account balance, fun zones and special pages on the internet. It makes banking a pleasure and of course teaches your child to manage their personal finances. With the pocket money that you transfer to your childs account, you can even shop with him / her at Young Stars very own shopping page. . 6. 2 FIXED DEPOSIT: ICICI provides its customers with various kinds of Fixed deposit facilities that are flexible and cater to customers who have different needs and wants in their fixed deposits. ICICI provides a Fixed Deposit that allows customers to deposit their money for just as long as you wish. The Fixed Deposits can be opened for periods ranging from 15 days to 10 years. Salient features of a normal fixed deposit Allows customers to open fixed deposits for periods ranging from 15 days to 10 years and a choice of two investment plans: Traditional Interest payable monthly, quarterly or half-yearly as per your convenience Maturity period ranges from 15 days to 10 years. Reinvestment Interest is compounded quarterly and reinvested with principal amount Maturity period ranges from 6 months to 10 years Minimum Balance Customers can avail of ICICI Bank Fixed Deposits for a minimum deposit of Rs. 10,000 and thereafter in multiples of just Rs. 1,000. Nomination Nomination facility is available for relationships in the names of individuals. Unless otherwise specifically, given in writing by depositors, nomination in deposit accounts will be at Customer ID level. Depositor(s) however has/have the right to specify different nominations at account level by completing appropriate forms. Further, the applicant(s) is/are at liberty to change the nominee, through declaration in the appropriate form to revise the nomination during the currency of the relationship accounts with the Bank. (A) The Easy Fixed Deposit: Easy Fixed Deposit is an ICICI Bank fixed deposit scheme having benefits of Debit -cum- ATM card. The depositors shall be provided with a Debit Card for transacting in fixed deposit. Transactions which are allowed are Part withdrawal of fixed deposit Full withdrawal of fixed deposit Generation of mini statement (B)Recurring Deposit: ICICI Banks Recurring Deposits are the ideal way to invest small amounts of money every month and end up with a large saving on maturity. It aims to encourage savings without putting any stress on customers finances by making them to put a lump sum amount in fixed deposit in one go. The recurring deposit also attracts high rate of return that are identical to the fixed deposit rates and most importantly no TDS is applicable on it. The minimum balance of deposit is of Rs. 500 and thereafter in multiples of Rs. 100 the minimum period is 6months and thereafter in multiples of 3months, nomination facility is also available. 6. 3 CURRENT ACCOUNT Every business requires efficient banking facilities to support its business activities. ICICI Bank offers premium quality service, unfolding a wide array of class products. With technology leadership and service the bank is able to meet some of the most challenging financial needs of clients. A Current Account is one that is required by Businessman, Joint stock companies, Institutions, Public authorities, public corporations etc. Any business that has numerous banking tranactions need a current account as it Allows running account supporting unlimited withdrawals and deposits. Is meant for convenience and not to save money. Benefits of current account: Unlimited Withdrawal and Deposit Unlimited Cheque book Demand Drafts and Payorders Funds Transfer ( Local or Anywhere) Collection of Cheques/ Drafts Statements, Advices, Daily statement by e-mail Cash withdrawal and Deposits Call center Internet Banking. Multicity Cheque payment facility at over 155 centers Anywhere Banking facility Doorstep Banking Pickup and delivery of Currency / Cheque Mobile Banking 6. 4 SALARY ACCOUNT The process of drawing cheques for salaries is replaced by sending a single ASCII file to the bank and the amount is directly credited into the employees salary account Cuts down payroll processing workload Salary Account can be opened with minimum 10 employees Instant credit of salaries ICICI Bank Salary Account is a benefit-rich payroll account for Employers and Employees. As an organization, you can opt for our Salary Accounts to enable easy disbursements of salaries and enjoy numerous other benefits too. With ICICI Bank Salary Accounts your employees will enjoy the convenience of : †¢Having the largest network of ATMs at their command, †¢Free 24 hour Phone Banking, †¢Free Internet Banking. All that the organization would require to do is to send ICICI Bank an advice (in form of a cheque/debit instruction, ecs, etc) for the total salary amount along with the salary details of the designated employees in a soft and hard copy format and we will credit the respective employees accounts as per your statement of advice. 6. 5 INVESTMENT SERVICES ICICI Bank cares about all needs. Along with Deposit products and Loan offerings, ICICI Bank assists people to manage their finances by providing various investment options ranging from ICICI Bank Tax Saving Bonds to Equity Investments through Initial Public Offers and Investment in Pure Gold. ICICI Bank facilitates following investment products: ICICI Bank Tax Saving Bonds Government of India Bonds Investment in Mutual Funds Initial Public Offers by Corporate Investment in Pure Gold Customers can invest in above products through any of ICICI bank branches. For select products ICICI Bank also provides the ease of investing through electronic channels like ATMs and Internet (ICICIdirect. com) 6. 6 LOANS Salient Features: Attractive interest rates Door-step service from enquiry stage till final disbursement Can transfer your existing high-interest rate loan Free p