Private Sector Banks

ICICI BANK

Acknowledgment

It gives us an immense pleasure to present this project of private sector banks (ICICI). WE like to THANK

PROF. JYOTI for giving us an opportunity to express our ideas through this project.

KNOWLEDGE GAINED HERE WILL SURELY REFLECT LIGHT IN OUR FUTURE.

GROUP MEMBERS

LIJITH JOHNSON

POONAM CHIKLE

ASHISH VARGHESE

MADHURI SINGH

BHAVESH BHOJWANI

Private Sector Bank

All those banks where greater parts of stake or equity are held by the private shareholders and not by government are called "private sector banks". These are the major players in the banking sector as well as in expansion of the business activities India. The present private-sector banks equipped with all kinds of contemporary innovations, monetary tools and techniques to handle the complexities are a result of the evolutionary process over two centuries. They have a highly developed organisational structure and are professionally managed. Thus they have grown faster and stronger since past few years. Example: ICICI BANK

ICICI BANKICICI Bank is an Indian multinational bank and financial services company headquartered in Mumbai. Based on 2013 information, it is the second largest bank in India by assets and third largest by market capitalisation. It 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 has a network of 3,350 branches and 10,486 ATM's in India, and has a presence in 19 countries.Hence we proceed with the function and working……………

Working and Function of Private Sector Bank

(ICICI Bank)

Primary Functions of Banks

The primary functions of a bank are also known as banking functions. They are the main functions of a bank.These primary functions of banks are explained below.

1. Accepting Deposits

The bank collects deposits from the public. These deposits can be of different types, such as:-

Saving Deposits Fixed Deposits Current Deposits Recurring Deposits

2. Granting of Loans and Advances

The bank advances loans to the business community and other members of the public. The rate charged is higher than what it

Pays on deposits.The types of bank loans and advances are:-

Overdraft Cash Credits Loans Discounting of Bill of Exchange

B. Secondary Functions of BanksThe bank performs a number of secondary functions, also called as non-banking functions.These important secondary functions of banks are explained below.

1. Agency FunctionsThe bank acts as an agent of its customers. The bank performs a number of agency functions which includes:-

Transfer of Funds Collection of Cheques Periodic Payments Other Agency Functions

2. General Utility FunctionsThe bank also performs general utility functions, such as:-

Issue of Drafts, Letter of Credits, etc. Locker Facility Underwriting of Shares Dealing in Foreign Exchange

Working Hours of ICICI Bank

Monday to Friday: - 9.00am - 6.00pmSaturdays: - 9.00am - 2.00pm

Sunday Holiday

NATURE AND TYPES OF ACCOUNT:

Saving accountThe 'saving account' is generally opened in bank by salaried persons or by the persons who have a fixed regular income. This facility is also given to students, senior citizens, pensioners, and so on.In India, saving account can be opened by depositing र100 to र5000. The saving account holder is allowed to withdraw money from the account as and when required. The interest which is given on saving accounts is sometime attractive, but often nominal.

Fixed depositThe term 'fixed deposit' means that the deposit is fixed and is repayable only after a specific period is over.Under fixed deposit account, money is deposited for a fixed period say six months, one year, five years or even ten years. The money deposited in this account cannot be withdrawn before the expiry of period. The rate of interest paid for fixed deposit vary (changes) according to amount, period and from bank to bank.

Minimum Fixed Deposit amount of Rs. 10,000

Flexibility of tenure - 7 days to 10 years

Loan / Overdraft up to 90% of FD amount

Recurring Deposit AccountsThese are popularly known as RD accounts and are special kind of Term Deposits and are suitable for people who do not have lump sum amount of savings, but are ready to save a small amount every month. Normally, such deposits earn interest on the amount already deposited (through monthly instalments) at the same rates as are applicable for Fixed Deposits / Term Deposits

The minimum balance of deposit is Rs. 500 per month and thereafter, in multiples of Rs. 100.

Period of Deposit

The minimum period is 6 months, and thereafter in multiples of 3 months.

Offer and Plans of ICICI bankICICI Bank presents “Child Education Plan”, a unique way to save for your child's future.

Ex. If your child is in secondary school, just invest Rs. 3,700 (per month) for the first 6 years, in a plan of 10 years’ tenure. Get an annual pay out ofRs. 102434* for the next 4 years and fulfil your dream of seeing your child graduate from a great college.

Senior Citizen PlansICICI Bank’s ‘Life Plus’ Senior Citizen Services have been designed to empower senior citizens to independently carry out the day-to-day banking transactions with dignity and confidence. These senior citizen benefits are exclusively for customers above 60 years of age.

Other service of BankCollection of Cheques, Bills and Promissory note

The bank collects the money of the cheques through clearing section of its customers. The bank also collects money of the bills of exchange.

Issue of Drafts and Letter of CreditsBanks issue drafts for transferring money from one place to another. It also issues letter of credit, especially in case of, import trade. It also issues travellers' cheques.

Locker FacilityThe bank provides a locker facility for the safe custody of valuable documents, gold ornaments and other valuables.

Periodic PaymentsOn standing instructions of the client, the bank makes periodic payments in respect of electricity bills, rent, etc.

ATMICICI Bank's Special ATM machines for visually challenged people operates on a voice guided system with specially made function- display keys which guide them to operate the ATM

Minimum balance required for an ICICI Bank Savings Account

The minimum average monthly balance required to be maintained for a Savings Account is Rs. 10,000/- in metro and urban locations, Rs. 5,000/- in semi-urban and Rs. 2,000/- in rural locations.

The minimum balance of deposit for Recurring account is Rs. 500 per month and thereafter, in multiples of Rs. 100.

For opening a new savings account, you have to submit following documents:

1. Recent Passport Size Photograph

• Any Form of Identity Proof: Following documents are acceptable as valid Identity Proofs

1. Passport2. PAN Card3. Voter’s identity card

4. Driving license5. Any form of identity card (College ID card, employee identify card etc.)6. Letter from a recognized public authority or public servant to verify the identity

• Proof of Address: Following documents are acceptable as valid address proofs

1. Telephone Bill (BSNL or MTNL bill. Some banks may not accept private operator’s bills)2. Letter from a recognized public authority or public servant verifying the residence of the customer3. Electricity bill4. Ration card5. Letter from employerExact documentation will vary between banks

Qualification of a Bank Manager

Senior ManagerEducational qualifications: MBA with specialization in Finance from the University/Institute recognized by govt. of India.

Manager (Taxation) Educational qualifications: CA/CFA/MBA with specialization in Finance from the university/institute recognized by govt. of IndiaOfficer Industry

Officer HRDEducational qualifications: Graduate with a post-graduate degree or diploma in personnel/management/industrial relations/labour laws/labour welfare/social work from university/institute recognized by govt. of India

Procedure for filling complaintsCustomer Care: Customers can contact our Customer Care officers through Phone for redressal of issues.

ii. Branch: Customers can walk into any ICICI Bank branch and speak with branch officials for resolution of their issues.

iii. E-mail: Retail customers can e-mail their issues tocustomer.care@icicibank.com and corporate customers can send an e-mail tocorporatecare@icicibank.com.

Customers may send a letter to:ICICI Bank Limited

ICICI Bank Phone Banking CentreP. O. Box No. 20

Banjara Hills P. O.Hyderabad 500 034

India

Types of securities for granting loans

Property papers Mutual funds, share, bonds, GOLD Loan on the Strength of Your Income: Submit income proofs as required

and avail finance up to 90% of the ex-showroom price of the car.

Conclusion

More employment opportunities- The private sector has plenty more employment opportunities than the public sector.

Fast growth- If you are looking for fast growth in your career, private sector is meant for you. In the public sector, promotions are based on experience than skills. 

Better job satisfaction- Every day is a challenge in the private sector. There are new clients, new projects, and new deadlines to meet.