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ICICI Full Form

An Overview of ICICI Bank

ICICI Bank is one of the leading private sector banks in India. The bank offers a range of banking and financial services to retail and corporate customers. The key products and services ICICI Bank offers include savings and current accounts, loans, insurance, investment banking, and wealth management.

The bank has a network of over 4,000 branches and ATMs across India. It also has a presence in 18 other countries through subsidiaries and units.

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    ICICI Bank was founded in 1994 by ICICI Limited, an Indian financial institution, and the World Bank. The bank is headquartered in Mumbai, India.

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    History of ICICI Bank

    ICICI Bank is a multinational banking and financial services company headquartered in Mumbai, Maharashtra, India. It is the second-largest bank in India by assets and by market capitalization.

    The bank was founded in 1994 by former Indian government officials and is considered one of the country’s “big four” commercial banks.

    The bank has a network of 4,450 branches and 14,000 ATMs across India. It also has a presence in 18 other countries, including the United Kingdom, United States, Singapore, Bahrain, Hong Kong, and China.

    In 1994, the Industrial Credit and Investment Corporation of India (ICICI) was founded by a consortium of Indian financial institutions, including the Life Insurance Corporation of India, the General Insurance Corporation of India, the Industrial Development Bank of India, and the Export-Import Bank of India.

    The bank was founded to promote the growth of India’s industrial sector. In 1998, the bank became a public company and began trading on the Bombay Stock Exchange and the National Stock Exchange of India.

    In 2001, ICICI Bank acquired the Bank of Madura, making it the fifth-largest bank in India. The bank continued to grow, acquiring the Bank of Rajasthan in 2010, the erstwhile Royal Bank of Scotland’s Indian operations in 2012, and the assets of the erstwhile Sahara India Financial Corporation in 2014.

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    Objectives of ICICI Bank

    The key objectives of ICICI Bank are:

    1. To provide a wide range of banking and financial services to retail and corporate customers.
    2. To grow its business and expand its customer base both in India and overseas.
    3. To maintain a high level of customer satisfaction by offering innovative products and services.
    4. To be a responsible corporate citizen and contribute to the country’s economic development.

    Functions of ICICI

    Prudential Mutual Fund

    Some of the primary functions of ICICI Prudential Mutual Fund include providing investors with various investment options, helping to grow their money over time, and offering customer service and support. Additionally, ICICI Prudential Mutual Fund strives to educate their investors about the different types of investments available and how to utilize them best to reach their financial goals.

    Types of Services Offered by ICICI Bank

    The ICICI Bank offers a wide range of services to its customers. Some of the most popular services offered by the bank include:

    • Savings account: This is a basic bank account that allows customers to deposit money and earn interest on the deposited amount.
    • Fixed deposit account: A fixed deposit account allows customers to deposit a fixed sum of money for a fixed period and earn a higher interest rate on the deposited amount.
    • Recurring deposit account: A recurring deposit account allows customers to deposit a fixed amount of money each month and earn interest on the deposited amount.
    • Loan products: The bank offers a wide range of loan products, such as personal loans, home loans, car loans, and business loans, to its customers.
    • Credit cards: The bank offers a wide range of credit cards to its customers, which allow them to borrow money and make purchases.
    • Investment products: The bank offers a range of investment products, such as mutual funds, insurance products, and unit trusts, to its customers.

    What minimum balance must you maintain for the ICICI Savings Account?

    There is no minimum balance requirement for the ICICI Savings Account.

    What is the full form of ICICI?

    The full form of ICICI is the Industrial Credit and Investment Corporation of India.

    What is KYC?

    KYC is a short form for Know Your Customer. It is a process financial institutions, and other regulated companies use to verify their clients’ identity and assess their risk. The KYC process typically includes verifying the client’s name, date of birth, address, and other personal information. It may also include verifying the client’s occupation and source of wealth.

    What is the process of opening a bank account?

    The process of opening a bank account generally includes the following steps:

    • Choose a bank.
    • Complete an account application.
    • Provide identification and verification documents.
    • Fund the account.
    • Activate the account.
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