ICICI Full Form
All of us are familiar with ICICI Bank, and we know that there are branches all over the country. But have you ever thought, what is ICICI Full Form? Read on to find out ICICI full form and several other important facts about the bank for a better banking experience.
ICICI Full Form Details
The majority of us do not know the ICICI Full form. For the knowledge of the majority, the full form of ICICI is the Industrial Credit and Investment Corporation of India. ICICI Bank offers various products and services and caters to both the retail and the commercial sectors, including the MSME Sector.
The history of ICICI Bank and the various subsidiaries of the Bank are discussed further in this article.
Also Check: CIBIL full form
What is the History of ICICI Bank?
The Industrial Credit and Investment Corporation of India was a venture launched by World Bank in the year 1955 with an objective to provide project finance to the Industries in India. Both mid-term and long-term funding was provided. Later in 1994, ICICI Bank was established as a wholly-owned subsidiary. The parent company, i.e., Industrial Credit and Investment Corporation of India, was later merged with the Bank.
The Bank offers a whole range of banking and financial services and caters to corporate and retail customers. Investment banking, General and Life Insurance, asset management and venture capital are some of the services delivered through various delivery channels and subsidiaries.
The Bank has over 5275 branches, and 15589 ATMs spread all over the country. The Bank launched internet banking in 1998. The Bank has branches in over 17 countries.
Subsidiaries of ICICI Bank in India
After gaining knowledge about ICICI Full Form and about the history of the Bank, let us move on to understand the Subsidiaries of the Bank in India.
There are 12 subsidiaries of the Bank in India. They are:
1. ICICI Lombard General Insurance Company Limited
2. ICICI Prudential Trust Limited
3. ICICI Prudential Life Insurance Company Limited
4. ICICI Prudential Asset Management Company Limited
5. ICICI Prudential Pension Management Company Limited
6. ICICI Direct
7. ICICI Venture Funds Management Company Limited
8. ICICI Securities Limited
9. ICICI Securities Primary Dealership Limited
10. ICICI Investment Management Company Limited
11. ICICI Trusteeship Services Limited
12. ICICI Home Finance Company Limited.
What are the various Services and Products offered by ICICI Bank?
ICICI Bank offers various retail loans and deposit products. The Bank also provides Credit and Debit Cards for the convenience of the customers. The various products offered by the Bank at large are given below:
- Savings Bank Account and Current Account
- Fixed Deposit and Recurring Deposit
- Internet Banking and mobile banking
- Auto Loans
- Home Loans
- Personal Loans
- Life Insurance
- Health Insurance
- General Insurance
- Two-Wheeler Loans
- Investment for Tax Exemption
Also Check: ICICI CIBIL Score
Conclusion
You now have an idea as to what ICICI full form is. All the various financial and non-financial products provided by ICICI bank have also been discussed. With the awareness of the deposit and loan products provided by the Bank and also the sectors that the Bank caters to, you can now approach the Bank whenever you are in need of any of the products.
ICICI bank offers Personal Loans, Home Loans, Auto Loans at very competitive interest rates and with very minimum paperwork. So without much delay, contact the Bank if you are contemplating availing of any of these loans.
ICICI Full Form FAQs
ICICI Bank Personal Loan is a multipurpose loan. It can be used for any personal purpose like buying an expensive gadget, for the renovation of existing property, for the education expenses of self or children, for wedding expenses, for planning a holiday, for medical expenses etc. There is no restriction on the end-use of the loan. The only restriction is that it should not be used for speculation.
The salient features of ICICI Bank Personal Loan are:
- The quantum provided will range from Rs. 50000/- to Rs. 25.00 lakhs
- The rate of interest starts from 10.50% p.a.and goes up to 19% p.a.
- The maximum repayment period provided will be 60 months.
Yes. ICICI Bank provides pre-approved loans to select customers with a good track record of up to Rs. 50.00 lakhs depending on their repayment capacity. The eligible customers can log in to the net-banking facility with login credentials to view the eligible loan amount. They can then raise a request through net banking and get the funds in their account within minutes.
Under this scheme, there is a provision to extend the repayment tenure till the applicant attains 67 years, only to enhance the quantum of the home loan by 20%.
A pre-approved home loan balance transfer is a facility provided for the existing customers with a good repayment track to transfer the balance under the existing home loan availed at other banks/other financial institutions. Home Loan Balance Transfer up to a maximum of Rs. 1.00 Crore is permitted under this scheme.
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