Review: ICICI Bank

Are you looking for good banking services? ICICI Bank may be the bank you were looking for!

ICICI bank is the largest private sector bank in India. It is also the second largest commercial bank in India.

After the takeover of Bank of Madurai, it has extended its services to smaller towns in South India as well. It also has foreign subsidiaries like ICICI bank Canada in Canada, Britain and Russia. The bank has representative offices in USA, China, UAE, Bangladesh, South Africa and branches in Bahrain and Singapore.

The Working

ICICI Bank has branches all over India. All these branches of the bank are networked. Hence an account can be accessed from any of the ICICI branch. The timings of the banks are very suitable for the user as it is open for 12 hours starting at 8 am.

To deposit – The procedure for depositing cash or cheque in your own account is very easy. Anyone can do so on your behalf and the acknowledgement for the same is also given immediately.

The ATM way – In the ATM cash deposit is accepted for your own account only. Incase it is for a third party, you have to visit the branch. There envelopes for cash deposit along with the details are given after which the deposits are made.

The Charges

The charges for the various services provided by the bank are mentioned below.

For cash deposit in savings account – For this type of account, there is no charge for cash deposits up to 3 deposits in a quarter. When the number of deposits exceed, the bank charges Rs 100 along with service tax per deposit. This charge is not dependent on the amount deposited.

For outstation cheques - The charge for an outstation cheque is Rs 100 per cheque.

For cash deposit in current account – The bank requires that the average quarterly balance (AQB) for current type of accounts be Rs 10000. The bank charges are Rs 2 per Rs 1000 plus denomination charges. Denomination charges depend on the denomination of the cash deposited, if you deposit cash in Rs 10 notes the bank charges are Rs 10 per thousand, for Rs 20 notes , the bank will charge you Rs 7.5 per thousand and similar amounts. For cheques deposited outside the base location, the bank charges a minimum of Rs 25 per cheque for current accounts with AQB less than Rs 50,000.

In Case of Queries

When there is any query, the customer care executive replies within 24 hours. However the actual problem may be solved only after 4-5 days

For example consider this - a user has deposited a cheque at ATM and say, it did not get credited with in the specified time. If you call up the customer care executive, it may take a while to track the status of cheque. It will take at least 4-5 days to find out what happened to the cheque.

Services Offered by ICICI Bank

• Online trade sharing can be done through ICICI Direct and insurance services - ICICI Prudential.
• NRIs residing abroad can send money to India through Money2India. It offers better foreign exchange rates for lower amounts.
• Payment for online shopping can be done through ICICI bank netbanking account.
• Money can be transferred using wire transfer/telegraphic wire.

Loans offered by ICICI Bank

The bank offers various loans like personal, home and vehicle loans. In case there is any delay in repaying the payment, they use the recovery agent to repossess the asset.

The Drawbacks of ICICI Bank

• The charges for the outstation cheques cause inconvenience for small town account holders. They can receive the amount in major cities only. Also it is not economical for small amounts. The time taken for credit is about for 3 days.
• The charges for telegraphic wire/wire transfer are not economical. The time taken for crediting the amount is more.
• For making a Fixed Deposit the procedure is time consuming. Also the process itself is complex.
• The auto sweep-in facility has been discontinued by the bank. It was a facility where the amount in savings account was automatically converted into a fixed deposit, if it exceeded Rs 15000.

The ICICI bank offers very attractive schemes to salary account holders. For them, the minimum average quarterly balance required is zero. They can retain the account even after they switch jobs. When their AQB exceeds Rs 100000, they get a free chequebook. When the AQB exceeds Rs 50000, they are offered private banking services.

With the services offered ICICI Bank has occupied the position of number 2 bank in India right after HDFC Bank. That explains why you should open an account with ICICI Bank.