a project report on comparative study of salary accounts of various banks at icici bank
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
OVERVIEW:-
ICICI Bank is India's second-largest bank with total assets of about Rs.1, 67,659 crore
at March 31, 2005 and profit after tax of Rs. 2,005 crore for the year ended March 31, 2005
(Rs. 1,637 crore in fiscal 2004). ICICI Bank has a network of about 560 branches and
extension counters and over 1,900 ATMs. 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 specialized subsidiaries and affiliates in the areas of investment banking, life
and non-life insurance, venture capital and asset management. ICICI Bank set up its
international banking group in fiscal 2002 to cater to the cross border needs of clients and
leverage on its domestic banking strengths to offer products internationally. ICICI Bank
currently has subsidiaries in the United Kingdom, Canada and Russia, branches in Singapore
and Bahrain and representative offices in the United States, China, United Arab Emirates,
Bangladesh and South Africa.
ICICI Bank's equity shares are listed in India on the Stock Exchange, Mumbai and the
National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are
listed on the New York Stock Exchange (NYSE). As required by the stock exchanges, ICICI
Bank has formulated a Code of Business Conduct and Ethics for its directors and employees.
At April 4, 2005, ICICI Bank, with free float market capitalization* of about Rs. 308.00
billion (US$ 7.00 billion) ranked third amongst all the companies listed on the Indian stock
exchanges.
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial
institution, and was its wholly owned subsidiary. ICICI's shareholding in ICICI Bank was
reduced to 46% through a public offering of shares in India in fiscal 1998, an equity offering in
the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of
Madura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the
initiative of the World Bank, the Government of India and representatives of Indian
industry. The principal objective was to create a development financial institution for providing
medium-term and long-term project financing to Indian businesses. In the 1990s, ICICI
transformed its business from a development financial institution offering only project finance
to a diversified financial services group offering a wide variety of products and services, both
directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI
become the first Indian company and the first bank or financial institution from non-Japan Asia
to be listed on the NYSE.
After consideration of various corporate structuring alternatives in the context of the
emerging competitive scenario in the Indian banking industry, and the move towards universal
banking, the managements of ICICI and ICICI Bank formed the view that the merger of ICICI
with ICICI Bank would be the optimal strategic alternative for both entities, and would create
the optimal legal structure for the ICICI group's universal banking strategy. The merger would
enhance value for ICICI shareholders through the merged entity's access to low-cost deposits,
greater opportunities for earning fee-based income and the ability to participate in the
payments system and provide transaction-banking services. The merger would enhance value
for ICICI Bank shareholders through a large capital base and scale of operations, seamless
access to ICICI's strong corporate relationships built up over five decades, entry into new
business segments, higher market share in various business segments, particularly fee-based
services, and access to the vast talent pool of ICICI and its subsidiaries. In October 2001, the
Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and two of its
wholly owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI
Capital Services Limited, with ICICI Bank. The merger was approved by shareholders of
ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March
2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
2002. Consequent to the merger, the ICICI group's financing and banking operations, both
wholesale and retail, have been integrated in a single entity. Free float holding excludes all
promoter holdings, strategic investments and cross holdings among public sector entities.
HISTORY OF ICICI BANK
HISTORY OF ICICI
1955 : The Industrial Credit and Investment Corporation of India Limited (ICICI)
incorporated at the initiative of the World Bank, the Government of India and
representatives of Indian industry, with the objective of creating a
development financial institution for providing medium-term and long-term
project financing to Indian businesses. Mr.A.Ramaswami Mudaliar elected as
the first Chairman of ICICI Limited
: ICICI emerges as the major source of foreign currency loans to Indian
industry. Besides funding from the World Bank and other multi-lateral
agencies, ICICI also among the first Indian companies to raise funds from
International markets.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
1956 : ICICI declared its first Dividend at 3.5%.
1958 : Mr.G.L.Mehta was appointed the 2nd Chairman of ICICI Ltd.
1960 : ICICI building at 163, Back bay Reclamation was inaugurated.
1961 : The first West German loan of DM 5 million from Kredianstalt was obtained
by ICICI.
1967 : ICICI made its first debenture issue for Rs.6 crore, which was oversubscribed.
1969 : First two regional offices in Calcutta and Madras were opened.
1972 : Second entity in India to set-up merchant banking services.
: Mr. H. T. Parekh appointed as the third Chairman of ICICI.
1977 : ICICI sponsors the formation of Housing Development Finance Corporation.
Managed its first equity public issue
1978 : Mr. James Raj appointed as the fourth Chairman of ICICI.
1979 : Mr.Siddharth Mehta appointed as the fifth Chairman of ICICI.
1982 : Becomes the first ever Indian borrower to raise European Currency Units.
: ICICI commences leasing business.
1984 : Mr. S. Nadkarni appointed as the sixth Chairman of ICICI.
1985 : Mr.N.Vaghul appointed as the seventh Chairman and Managing Director of
ICICI.
1986 : ICICI first Indian Institution to receive ADB Loans. First public issue by an
Indian entity in the Swiss Capital Markets.
: ICICI along with UTI sets up Credit Rating Information Services of India
Limited, (CRISIL) India's first professional credit rating agency.
: ICICI promotes Shipping Credit and Investment Company of India Limited.
(SCICI)
1987 : ICICI signed a loan agreement for Sterling Pound 10 million with
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Commonwealth Development Corporation (CDC), the first loan by CDC for
financing projects in India.
1988 : ICICI promotes TDICI - India's first venture capital company.
1993 : ICICI sets-up ICICI Securities and Finance Company Limited in joint venture
with J. P. Morgan.
:
ICICI sets up ICICI Asset Management Company.
1994 : ICICI sets up ICICI Bank.
1996 : ICICI becomes the first company in the Indian financial sector to raise GDR.
: ICICI announces merger with SCICI.
: Mr.K.V.Kamath appointed the Managing Director and CEO of ICICI Ltd
1997 : ICICI was the first intermediary to move away from single prime rate to three-
tier prime rates structure and introduced yield-curve based pricing.
: The name "The Industrial Credit and Investment Corporation of India Limited
" was changed to "ICICI Limited".
: ICICI announces takeover of ITC Classic Finance.
1998 : Introduced the new logo symbolizing a common corporate identity for the
ICICI Group.
: ICICI announces takeover of Anagram Finance.
1999 : ICICI launches retail finance - car loans, house loans and loans for consumer
durables.
: ICICI becomes the first Indian Company to list on the NYSE through an issue
of American Depositary Shares.
2000 : ICICI Bank becomes the first commercial bank from India to list its stock on
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NYSE.
: ICICI Bank announces merger with Bank of Madura.
2001 : The Boards of ICICI Ltd and ICICI Bank approved the merger of ICICI with
ICICI Bank.
2002 : Moodys' assign higher than sovereign rating to ICICI.
: Merger of ICICI Limited, ICICI Capital Services Ltd and ICICI Personal
Financial Services Limited with ICICI Bank
2004: ICICI is implementing 5’s namely SORTING, SYSTEMATIC, SPIC-N-
SPAN, STANDARDIZE, SELF DESCIPLINE for housing keeping
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BOARD MEMBERS
Mr. N. Vaghul, Chairman
Mr. Uday M. Chitale
Mr. Sridar Iyengar
Mr. Lakshmi N. Mittal
Mr. Anupam Puri
Mr. Vinod Rai
Mr. Somesh R. Sathe
Mr. M.K. Sharma
Mr. P.M. Sinha
Prof. Marti G. Subrahmanyam
Mr. T.S.Vijayan
Mr. V. Prem Watsa
Mr. K.V. Kamath, Managing Director & CEO
Ms. Lalita D. Gupte, Joint Managing Director
Ms. Kalpana Morparia, Deputy Managing Director
Ms. Chanda Kochhar, Executive Director
Dr. Nachiket Mor, Executive Director
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INVESTOR RELATIONS
ICICI Bank disseminates information on its operations and initiatives on a regular
basis. The ICICI Bank website serves as a key investor awareness facility, allowing
stakeholders to access information on ICICI Bank at their convenience. ICICI Bank's dedicated
investor relations’ personnel play a proactive role in disseminating information to both analysts
and investors and respond to specific queries.
Please address queries relating to ICICI Bank's operational and financial performance to:
Rakesh Jha / Anindya Banerjee
ICICI Bank Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai - 400 051
INDIA
INVESTOR SERVICES
ICICI Infotech provides investor services to ICICI Bank's shareholders and
bondholders. For any share-related queries, please call ICICI Infotech at +91-22-5592 8000.
For any bond-related queries, please call ICICI Infotech's 24-hour automated phone log-in at
+91-22-2830 7777.
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If you have any queries about Investor Services please write to us, or contact:
Mr. Padmanabhan Iyer
International Infotech Park
Tower 5, 4th Floor
Navi Mumbai 400 705
Maharashtra
SOCIAL INITIATIVES
ICICI Bank's social sector initiatives aim to resolve some of the most fundamental
developmental problems facing India today. Our involvement is primarily in terms of non-
commercial support to fill knowledge and practice gaps in specific thematic areas— Early
Child Health, Elementary Education and Micro Financial Services.
Bring together participants in the development process to widen and deepen the
discourse informing development practice. Interactive features include discussion
boards and facilities to post papers, articles or other resources.
Publish research related to innovations and significant problems within the identified
thematic areas.
Enable online application for funding.
FOCUS AREAS
The SIG has three focus areas:
Early Child Health
Elementary Education
Micro Financial Services
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ICICI BANK AND THE SOCIAL SECTOR
The changed economic climate in India, with a growing emphasis on the market, has
hastened the need for an informed and participatory socio-economic order. As one of the
largest players in the economic landscape of the country, ICICI Bank believes that its
involvement in the commercial sector must be backed by a simultaneous commitment in the
social sector. This is particularly so if any of the larger goals of economic liberalisation in
India, and of its players, is to be brought to fruition. ICICI Bank seeks to perform its role in the
social sector through a dedicated not-for-profit group, the Social Initiatives Group (SIG).
RISK MANAGEMENT
Risk is an inherent part of ICICI Bank’s business, and effective Risk Compliance & Audit
Group is critical to achieving financial soundness and profitability. ICICI Bank has identified
Risk Compliance & Audit Group as one of the core competencies for the next millennium. The
Risk Compliance & Audit Group Group (RC & AG) at ICICI Bank benchmarks itself to
international best practices so as to optimise capital utilisation and maximise shareholder value.
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With well defined policies and procedures in place, ICICI Bank identifies, assesses, monitors
and manages the principal risks
Credit risk (the possibility of loss due to changes in the quality of counterparties)
Market Risk (the possibility of loss due to changes in market prices and rates of
securities and their levels of volatility)
Operational risk (the potential for loss arising from breakdowns in policies and
controls, human error, contracts, systems and facilities)
AWARDS AND RECOGNITION FOR ICICI BANK
ICICI BANK
2005
" Triple AAA Best Cash Management Country Award in India" by The Asset
2004
"Best Bank in India" by Euromoney
"Best High-Yield Borrower in India" by Euromoney
"India's Most Customer Friendly Bank" by Outlook Money
"Best Bank" by Business India
"India Derivative House of the Year" by AsiaRisk
"Best Consumer Internet Bank in India" by Global Finance
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"Best Corporate / Institutional Internet Bank in India" by Global Finance
"Most Challenging IT Implementation Award" for the ICICI Bank EAI project by PC
Quest
"Best Domestic Commercial Bank" in India by Asiamoney
"Best Emerging Market Bank in India" by Global Finance
"Best Domestic Fx Bank in India" by Asiamoney Poll
"Best Bank of the Year in India" by Finance Asia
"Best Retail Bank in India" by Asian Banker
"Best Foreign Exchange Bank in India" by Global Finance
"India's Most Admired Private Sector Bank" by Business Barons
2003
"Best Bank of the Year in India" by Finance Asia
"The Asian Banker Excellence in Retail Financial Services Program" by The Asian
Banker
"Best Bank Domestic Commercial Bank in India by Asia money
"Best Emerging Market Bank in India" by Global Finance Magazine
"Best Multi-Channel Strategy 2003' award by The Banker Magazine, UK.
"Bank of the Year in India" by The Banker
Grand Prize Winner in Peak Workload, Unix Environments, OLTP in Winter Corp.'s
Top Ten Program
DM Review Magazine-World Class Solution Award 2003 in the Business Intelligence
category for its Tera data enterprise data warehouse solution.
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"Best Consumer Internet Bank in India" by Global Finance magazine
"Best Integrated Consumer Bank Site in the Asia /Pacific Region" by Global Finance
"Best Foreign Exchange Bank in India" by Global Finance
"Best Trade Finance Bank in India" by Global Finance
2002
Bank of the Year from the Emerging Markets by The Banker Magazine of UK
Bank of the Year 2002, in India, by The Banker Magazine of UKBest Managed Bank in
Asia, in a Poll by Euromoney
India's top 5 most respected companies - Business World magazine
Best Bank in India by Global Finance
India's Most Admired Bank 2002 in the BB-TN Sofres Mode Poll
'Best Foreign Exchange Bank in India' by Global Finance.
'Excellence in Retail Banking' award by Asian Bankers Journal
Best Consumer Internet Bank in India by Global Finance
Best Bank in India by Global Finance
2001
Best Retail Bank in India from the Asian Banker
Product Innovation Award for Kid-e-bank account from the Asian Banker.
India's top 5 most respected companies, Business World Magazine
2000
Best Bank Award by Global Finance.
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I-payment was selected as a finalist in the commercial credit product or services
category in the Asian Banking Awards
Featured amongst the best 15 bank web sites in the world reviewed by Forbes Global.
ERSTWHILE ICICI LTD
2002
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Ranked Third 'Best Employer' in a Campus track study amongst the students of the best
business school in India conducted by ORG-MARG.
2001
Mr.K.V.Kamath, MD and CEO won the Asian Business leader Award organized by
CNBC Asia Pacific and TNT.
Indian Express Marketing Excellence Award for "Most recalled advertisement on
television".
20th Century Achievement Award for distinguished service to the cause of
Development Financing and promoting national economic development by ADFIAP
( Association of Development Financial Institutions of Asia Pacific)
'Best Presented Accounts' by the Institute of Chartered Accountants of India for the
third year running.
Ranked fifth in the survey of India's Most Respected Companies, conducted by
Business World and IMRB.
2000
'Best CEO' for innovative HR practices to Mr. Kamath by World HRD Congress.
National HRD Network Award 2000 for innovative HR practices.
'Rio Tinto Award for Long-term Commitment' by 'Worldaware' an UK -based charity
organization, for companies showing strong commitment to development.
Fourth leading Company of India - Far Eastern Economic Review
Fourth best company to work for in India - in the Hewitt Associates and Business
Today survey.
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PRESS KITS
ICICI Securities and Finance Company Limited
- leading Investment bank of India.
ICICI Venture Funds Management Company Limited
- India's largest venture capital company.
ICICI Prudential Life Insurance Company Limited
- leading private life insurance company of India.
ICICI Lombard General Insurance Company Limited
- private general insurance provider.
ICICI Home Finance Company Limited
- a customer friendly housing finance company.
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SAVINGS ACCOUNTS
FEATURES
The ICICI Bank Ncash 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.
You can give us various types of standing instructions like transferring to fixed deposit
accounts at regular intervals.
An average quarterly balance of Rs 5,000 only.
Nomination facility is available.
Interest is payable half-yearly.
Minimum Balance
Type of Account Balance
Savings Account Rs 5,000
Non-maintenance of the minimum average quarterly balance attracts a fee of Rs 750 per
quarter.
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SPECIAL SAVINGS ACCOUNT
FEATURES
Operating account with free multi city Cheque book facility.
A saving account which offers facility to sweep balances above Rs.25,000 in multiples
of Rs.5,000 to a fixed deposit for 1 year.
We trust totally your commitment to the account and the relationship and do not
prescribe any minimum balance requirement. In other words, there is no penalty for
non-maintenance of minimum balances in the accounts.
Internet Banking
Free Anywhere banking
Free collection of outstation cheques
Free monthly account statements
Payroll processing for employees of the organization through ICICI Bank Salary
Accounts
Inward remittance through Money2India for FCRA approved trusts
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SENIOR CITIZEN SERVICES
FEATURES
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 Ncash 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.
You can give us various types of standing instructions like transferring to fixed deposit
accounts at regular intervals.
An average quarterly balance of Rs 5,000 only.
Nomination facility is available.
Interest is payable half-yearly.
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GENERAL BANKING
Every business requires efficient banking facili ties to support i ts
business activit ies. ICICI Bank offers premium quality service, unfolding a
wide array of class products. With our technology leadership and service we
are able to meet some of the most challenging financial needs of clients. Some
of our General Banking products like Current Account, Roaming Current
Account, Made2Order current account, Escrow Account Service, Fixed
Deposits, Real Time Gross Settlement (RTGS) system, Cheque Referral
Process and Salary Account have a host features to suit the needs of different
client segments.
What is Current account?
A running account supporting unlimited withdrawals and deposits
A current account is meant for convenience and not to save money
Who needs a Current Account?
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Businessman, Joint stock companies, Institutions, Public authorit ies,
public corporations etc. Any business that has numerous banking
tranactions need a current account
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
Added features of Current Account
Multicity Cheque payment facili ty at over 155 centers
Anywhere Banking facili ty
Doorstep Banking - Pick up and delivery of Currency / Cheque Mobile
Banking
What is Made 2 Order current account?
Made2order current account, unlike the normal current account which is
based on the quarterly balance, allows the customer to have customized current
account based on the business requirement. The made2order current account is
totally flexible and can be adapted to changing business requirement, without
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having the requirement to Current Accounts have specific requirement of
Quarterly Average Balance (QAB) maintenance and in turn offer various
facilit ies free of cost to the customer based on the QAB.
A personalized schedule of charges is derived for each customer based on:
Service Required
QAB as agreed to be maintained in the account
Float expected in the account
The m2o customers based on the services required maintain the required QAB
or pay scaleable volume driven fees for the services utilized
Some of the other facilities offered under made2order current account are as mentioned below
Multi City Cheque Facility Anywhere Banking Facility Upcountry Cheque Collection Pay Orders and Demand Drafts Corporate Care Service Doorstep Banking Facili ty Internet Banking Facili ty Debit/ ATM Card Mobile Banking More Useful Facilities
ROAMING CURRENT ACCOUNT
Only Roaming Current Account from ICICI Bank travels the distance with your
business. With advanced technological features such as MCC and LCC, your banking needs
are well taken care of. You can access your accounts at over 500-networked branches across
the country.
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So while you take care of your business, let ICICI Bank’s Roaming Current Account
simplify banking for you.
PRODUCT FEATURES: -
Choose your account
Multi City Cheque Facility
Anywhere Banking acili ty
Upcountry Cheque Collection
Pay Orders and Demand Drafts
Phone Banking Facili ty*
Doorstep Banking Facili ty
Internet Banking Facili ty
Debit/ ATM Card
Mobile Banking
More Useful Facilities
CHEQUE REFERRAL PROCESS
ICICI Bank offers a cheque referral process, for cheques issued by the corporate customers,
which could not be cleared as they are technically deficient. The cheque referral process would
enable customers to authorise clearing of cheques after being duly authenticated by the Bank.
The referral process would cover only the following six technical reasons:
Title of account required: Refers to the company stamp that must
accompany the signature of a director/ authorized signatory
Drawer's signature incomplete/ differs/ required
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Alteration in date/ figures/ words requires drawer's full signature
Post-dated
Out of date
Amounts in words and figures differ
The technical reasons beyond the six reasons specified above would be
rejected by the Bank
A customer can register for technical cheque referrals by submitting the
application form for “Phone Banking with Cheque Referrals”. The process flow
for referring and approving such cheques would be as follows:
ICICI Bank would send an SMS/email alert to the customers registered
for “Phone Banking with Cheque Referrals”.
The authorised user/s of the corporate calls the Bank and after
authentication based on TPIN and CRN, gives confirmation for
approving the cheque.
Based on the decision given by the client, ICICI Bank would take appropriate
action.
FIXED DEPOSIT
Wouldn't you like a Fixed Deposit that allows you to deposit your money for just as
long as you wish? Our Fixed Deposit allows you just that - deposits can be opened for periods
ranging from 15 days to 10 years
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OTHER FEATURES INCLUDE:
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
You can avail of ICICI Bank Fixed Deposits for a minimum deposit of Rs 10,000 and
thereafter in multiples of just Rs 1,000.
EASY FIXED DEPOSIT
FEATURES
Easy Fixed Deposit is an ICICI Bank fixed deposit scheme having benefits of Debit
-cum- ATM card (''the Card'')
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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
The Card will be issued in the name of primary depositor. No separate card will be issued to
joint applicant/s
Easy Fixed Deposit has two options namely
Easy Withdrawal
Easy Loan
RECURRING DEPOSITES:
ICICI Bank's Recurring Deposits are the ideal way to invest small amounts of money
every month and end up with a large saving on maturity.
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FEATURES
Encourages savings without stress on your finances.
High rates of interest (identical to the fixed deposit rates).
Non-applicability of Tax Deduction at Source (TDS).
MINIMUM BALANCE
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.
YOUNG STAR ACCOUNT:
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FEATURES
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. To
make the experience a pleasure we offer:
Option of a Savings Bank account, Fixed Deposit account or Recurring Deposit account.
Minimum balance at Rs. 500/- per quarter for Savings Bank.
A special Recurring Deposit account with additional features as below:
The parent would put forward the desired amount to be earned at the end of the tenure
Based on the prevailing rate of interest, the bank staff would then back calculate the
installments to be deposited now till maturity.
FREE PERSONALIZED CHEQUEBOOK
Free Domestic Debit Card* for the child above the age of 10 years with features as below:
Daily withdrawals limits of Rs. 1,000/-
Daily spend limits of Rs. 1,000/-
Special privileges across select alliance partners outlets
Facility to invest in GOI Relief Bonds and Mutual Funds, as GOI Relief Bonds have been
discontinued.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
EASY FIXED DEPOSIT
FEATURES
Easy Fixed Deposit is an ICICI Bank fixed deposit scheme having benefits of Debit -cum-
ATM card (''the 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
The Card will be issued in the name of primary depositor. No separate card will be issued
to joint applicant/s
Easy Fixed Deposit has two options namely
Easy Withdrawal
Easy Loan
A customer has to opt for one of these at the time of opening the account
Tenure of deposits varies between 1 year and 10 years
All deposits under this Deposit Scheme will be cumulative (reinvestment) in nature
Minimum deposit amount under the Deposit Scheme is Rs.20,000 and additionally
deposits can be made in multiples of Rs.5,000
Nomination details are as in the case of normal Fixed Deposits
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
EASY WITHDRAWAL
Under this option fixed deposit shall be linked to the debit card directly
The debit card can be used to withdraw money from the ATM, by breaking the FD, as
and when required or depositor can use the debit card to shop.
If the deposits are prematurely withdrawn, the interest rate for the period for which
deposit was with the ICICI Bank prevailing on date of deposit made, shall be payable
EASY LOAN
The depositors shall be provided with an overdraft facility against the Easy FD and can
draw up to 75% of the Easy FD value
The interest rate on the overdraft will be 2% higher than the rate on the FD
The depositor shall be required to execute all loan facility documentation as specified
by ICICI Bank for these purposes
Chequebook will also be issued to deposit holder
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
BANK @CAMPUS
BENEFITS
Technology-enabled service, through automated channels, without physical branch access.
BENEFITS TO THE STUDENT
Free Internet Banking
Free Phone Banking (in select cities*)
ICICI Bank N cash Debit Card
Other Benefits
BENEFITS TO THE PARENT
You can transfer funds from your ICICI Bank account to your child's account free of
charge, so that his / her college fees, tuition, living expenses etc. are taken care of.
If you have an ICICI Bank Credit Card, you can give your son / daughter a supplementary card
and even specify a pre-determined spending limit.
FREE INTERNET BANKING
Enquire about balance
Download detailed statement of accounts
View details of all accounts maintained with ICICI Bank
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
Transfer funds between your account and any other ICICI Bank account
Pay your utility bills-mobile, electricity and telephone bills
Request a Cheque book and demand drafts
Request to stop payment of Cheque
Report your lost Debit cards
Open Fixed and Recurring deposits online
Access information on personal finance, computing & the Internet, e-commerce,
lifestyle etc.
INVEST IN MUTUAL FUNDS
FREE PHONE BANKING
Enquire about balance
Request a tele-draft
Obtain mini-statements
Request a cheque book
Request to stop payment of cheque
Intimate lost Debit card
Transfer funds between ICICI Bank accounts
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
WOMAN’S ACCOUNT:
FEATURES
The features of the account have been specially designed keeping in mind a woman's
financial requirements. These include
A) Recurring Deposits
B) Financial planning of children
C) Family Shield Insurance
In addition to these, all features of the existing bank account are available with this account as
well such as
Free international debit card
Internet Banking
Phone Banking
ATM's
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
INVESTMENTS:
At ICICI Bank, we care about all your needs. Along with Deposit products and Loan
offerings, ICICI Bank assists you to manage your 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 Corporates
Investment in "Pure Gold"
You can invest in above products through any of our branches. For select products
ICICI Bank also provides the ease of investing through electronic channels like ATMs and
Internet (ICICIdirect.com)
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
OBJECTIVES OF THE STUDY
Comparative study of Salary Accounts of various banks.
The advantages of Salary Accounts to the Corporates.
The study is done to know the features of Salary Accounts offered by different banks.
The advantages of Salary Accounts provided by each banks to Employees and
Employers.
Top reasons to outsource salary disbursement and payroll processing.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
The additional features provided by Salary Accounts to the customers.
The eligibility criteria to have a Salary Account for the corporates.
SALARY ACCOUNT
What's so special about ICICI Bank Salary Account?
ICICI Bank Salary Account is a benefit-rich payroll account for Employers and Employees.
With ICICI Bank Salary Accounts the employees will enjoy the convenience of:
Free Internet Banking.
Free 24 hour Phone Banking,
Having the largest network of ATMs at their command,
ICICI Bank Salary Accounts benefits you in more than one ways: -
Employees receive instant credit of salaries.
Saves remittance costs.
Reduces your paperwork
More convenient than ECS.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
Besides all of the above, employees will automatically become ICICI Bank account
holders with special benefits and privileges of 8-8 banking, Investment advisory and much
more...
ICICI Bank also has a special offering: Defense Banking Services designed exclusively for the
armed forces.
ADVANTAGE FOR EMPLOYERS
Successful business owners knows that, it is better to be an expert on the product or
service they are selling and let someone else be the expert on other tasks. One such 'other task'
is the payroll and salary disbursement.
Outsourcing the administrative task of payroll, is one way where one can invest more
time into own business and waste less time worrying about keeping up with the ever changing
and complex rules and regulations governing payroll.
TOP REASONS TO OUTSOURCE SALARY DISBURSEMENT AND PAYROLL
PROCESSING
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
Salary upload through a single Cheque: You need to give a consolidated Cheque of the
total salary amount to ICICI Bank and a breakup of the disbursements to the employees in soft
and hard copy format.
Multi-location Salary disbursal possible within ICICI Bank network: With the wide
reach of ICICI Bank, salaries of all the employees located Pan India can be uploaded from a
single point upload.
TAXES:
Market research shows that one out of every three employers has been charged for a
tax-related payroll error. This equates to billions of rupees in penalties. A payroll service
provider keeps you out of such statistics.
AFFORDABILITY:
For the employers time is money and their time is worthwhile. Consider how much
time they spend managing payroll. This equates to time taken away from revenue-producing
activities. At the very least, consider the cost of computer equipment and software as well as
the extensive training that is needed to run payroll internally. Outsourcing with the right
payroll service provider will save the time as well as money.
PROFITABILITY:
Outsourcing of payroll gives the employers the freedom to get back to their business.
TIME:
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
The employers have better things to do with their time than calculating payroll. Getting
salary cheques out on time is not only expected, but also a positive reflection on their
company.
ACCURACY:
Even with the simplest of payrolls, it's easy to make mistakes. Without current and on-
going training in payroll compliance, the company could face stiff penalties and unhappy
employees to boot.
PRIVACY:
It can be embarrassing and detrimental to morale if the wrong eyes fall on the salary
cheques. Confidentiality is much easier to maintain when payroll is outsourced, particularly
when the employees use direct credit.
MIS:
Payroll companies offer a wide array of standard reports that are informative and easy
to read. Keep the records neat and concise with these invaluable reports.
FLEXIBILITY:
As the business changes, so do the payroll needs. Don't get bogged down with the nuts
and bolts of personnel changes. Leave the details to an expert while you focus on your
business.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
PROFESSIONALISM:
What better way to show the employees that their company is professional and secure?
Outsourcing the payroll coupled with all benefits of ICICI Bank savings accounts will enhance
your successful image and will make the employees happy. After all a happy employee is a
productive employee.
ADVANTAGE – EMPLOYEES
The employees automatically become ICICI Bank Salary Account holders with special
benefits and privileges and receive instant salary credit. The benefits include
International debit card,
Corporate Card with Individual Liability (CCIL),
Access to Phone Banking
Internet Banking,
Demat accounts,
And a host of other services to complement their savings account.
FEATURES OF ICICI BANK SALARY ACCOUNT: -
WELCOME-KIT
No more waiting for weeks to get the Chequebook and debit cards. ICICI Bank Salary
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
Account customers will have the facility of filling up a form and getting their chequebooks and
debit cards immediately.
VALUE ADDED SAVINGS:
This a unique facility that gives the employees liquidity of a Savings Bank Account
coupled with the high earnings of Fixed Deposits.
DEBITCARD
ICICI Bank offer an International Debit card to the Salary Account customers to
provide them access to our extensive ATM network. The card also allows them to shop at over
11,000merchantestablishments.
Interested employees can also apply for our International Debit Card 'N-Cash'. N-Cash
is a Visa electron card, which gives the cardholder access to more than a million merchant
establishments and Visa ATMs all over the world. The card comes with a unique points system
through which the cardholder earns points every time a merchandise transaction is made. These
points can be exchanged for cash later.
FREE INTERNET BANKING
ICICI Bank Internet Banking, ICICI Bank's Internet Banking facility gives the
employees the freedom to operate their account from the convenience of their home, office or
from anywhere in the world.
ONLINE FUNDS TRANSFER
No need for cash withdrawals and cheque deposits. The bank gives the employees the
facility to transfer funds online from any part of the world.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
MOBILE BANKING
The employees can receive alerts on their mobile handsets providing them information
about their ICICI Bank Accounts and ICICI Credit Cards Account. Now customers can also
know the balance and other details of their accounts by requisitioning for it through SMS.
PHONE BANKING
The employees can use the phone banking facility to do banking transactions through
customer care centers.
FREE UTILITY BILL PAYMENTS
No queues. No wasted minutes. Now the employees can pay utility bills like electricity,
phone bills etc. using ICICI Bank Internet Banking.
REIMBURSEMENT ACCOUNT
If employees opt to disburse/reimburse the travel, food etc. expenses via reimbursement
accounts, a reimbursement account can be opened simultaneously along with the Salary
Account savings bank account, which would be linked together with the debit card already held
by the employee.
FREE REMITTANCE FACILITIES
Salary Account customers can avail of free remittance (demand drafts, cheques, pay
orders) up to Rs.25, 000 on ICICI Bank network.
OVERDRAFT FACILITY
Employees get an emergency overdraft facility on request, based on their take-home
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
salary. This would be adjusted in their following salary credit (available subject to employees
satisfying the eligibility criteria).
CASH DELIVERY AND CHEQUE PICK-UP FACILITY
If the office is located far away from the branch or ATM, the bank can, on request
deliver cash to employees or pick up the cheques to be deposited.
Bureau de change
The employees can meet all their foreign currency needs, buy internationally valid
travelers cheques issued by Thomas Cook, American Express, VISA and avail of a host of
other travel related services.
CARDS & LOANS
CCIL - SILVER CARD
Salary Account holders have the privilege of receiving the ICICI Bank Silver credit
card (Corporate Card with Independent Liability), free for the first year (available subject to
employees satisfying the eligibility criteria).
PERSONAL LOANS
As a special offering, the Salary Account customers would be extended personal loans.
HOME LOANS
Home Loans from ICICI Bank comes to the employees with attractive interest rates and
personalized service in the comfort of your home.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
CAR LOANS
Car Loans from ICICI Bank come to the employees with instant approval, hassle-free
documentation and competitive interest rates.
TWO WHEELER LOANS
Two-Wheeler loans from ICICI Bank come to employees at attractive interest rates
coupled with a flexible financing option.
LOANS AGAINST SECURITIES
ICICI Bank will advance loans to Salary Account holders against securities and mutual
funds owned by them.
INVESTMENT SERVICES
DEMAT SERVICES
A Demat Account will let the employees transact in shares instantaneously in a safe and
secure manner.
RELIEF BONDS/ MUTUAL FUNDS/ INSURANCE
Salary Account customers can now invest in Government of India relief and savings
bonds, a basket of mutual funds, foreign exchange facilities and Insurance products through
ICICI Bank.
GOLD COIN
Employees can buy 24 karats Pure Gold, which ICICI Bank brings to employees each
coin comes to the employees straight from Switzerland. Refined to 99.99% fine gold and
sealed with a unique Certificate of Authencity- guaranteeing its purity.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
ELIGIBILITY
The organization needs to have a minimum of 25 employees and a payout of Rs 36.0
lacs per annum and average salary per account of Rs. 12,000 per month.
Subscription to Bank Account Statements by E-Mail
Monthly account statements by Email:
The employees will receive the account statement in the first week of every month.
Monthly email statements are absolutely free of cost.
Monthly account statements in the Physical form:
ICICI Bank will be providing the employees with account statements in the physical
form on a quarterly basis. This will be provided free of cost. The employees may also
subscribe to monthly account statements in the physical form.
Please note that a fee of Rs. 200/- p.a. will be applicable for this service. The fee cycle
will be from April to March every year. For the requests coming in the middle of the financial
year the charges will be levied on prorata basis for the concerned financial year.
Sr.
No.
Frequency of
Account Statement
Mode of
receiptAmount
1 Monthly E-mail Free
2 Monthly Physical Rs.200*
3 Quarterly Physical Free
This does not apply to Private Banking customers, Current Account holders and Senior
citizens. They will continue to get monthly statements as before, free of cost.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
ICICI BANK SALARY FORMAT FOR CORPORATE SALARY UPLOADSS NO NAME 12 DIGIT A/C NO INR C AMOUNT NARRATION OF AMOUNT
EXAMPLE
S NO NAME12 DIGIT A/C NO INR C AMOUNT NARRATION OF AMOUNT
1 XYZ 000201012345 INR C 9876:00 Salary for Jan 03
2 ABCD 000201054321 INR C 10256:00 Salary for Jan 03
DETAILS TO BE SENT TO ICICI BANK FOR UPLOADS
1 Consolidated Cheque bearing the total amount duly signed by the authorised signatory
2
Letter on the Company's letter head addressed to the Branch manager , mentioning the
Cheque details and with the Clause.
The letter needs to be signed by their authorised signatory
3 Floppy bearing the Soft copy of excel or Note pad
4 Hard copy of the matter that is in the soft copy
Declaration clause on the letter head : We Certify that the beneficiares mentioned in the floppy
and hard copy are one and the same and any discrepancy reg this.. The bank is not responsible.
S NO NAME 12 DIGIT A/C NO INR C AMOUNT NARRATION OF AMOUNT
1 XYZ 000201012345 INR C 9876:00 Salary for Jan 03
2 ABCD 000201054321 INR C 10256:00 Salary for Jan 03
3 NAME 000201096297 INR C 9876:01 Salary for Jan 03
4 NAME 000201138273 INR C 10256:01 Salary for Jan 03
5 NAME 000201180249 INR C 9876:02 Salary for Jan 03
6 NAME 000201222225 INR C 10256:02 Salary for Jan 03
7 NAME 000201264201 INR C 9876:03 Salary for Jan 03
8 NAME 000201306177 INR C 10256:03 Salary for Jan 03
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
9 NAME 000201348153 INR C 9876:04 Salary for Jan 03
10 NAME 000201390129 INR C 10256:04 Salary for Jan 03
11 NAME 000201432105 INR C 9876:05 Salary for Jan 03
12 NAME 000201474081 INR C 10256:05 Salary for Jan 03
13 NAME 000201516057 INR C 9876:06 Salary for Jan 03
INITIAL APPROVAL FORMAT-SALARY ACCOUNTS
Name of the Company :
Address :
Telephone & Fax :
Type of industry :
Name of the Contact Person :
Designation :
Email id of the contact person :
Net Salary
No. of employees
Rs 0-10000
Rs10000-20000
Rs20000 and above
Total No of Employees
Quarterly Average Balance :
Nodal Branch :
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
Locations where Salary account
facility extended
:
Value of salary Disbursement
per month
:
SPECIMEN SIGNATURE CARD OF SAG: RELATIONSHIPS
Name SAG Code (Company / Firm / Proprietorship)
Address
Sr.No
of Card
Tel No Nodal Branch / RegionFax No
Email Id
1Name of
Authorized Signatory
Date Bank Official Sign
Designation: From ToSpecimen Signature of :
________________________________
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
2Name of
Authorized Signatory
Date Bank Official Sign
Designation: From ToSpecimen Signature of:
_________________________________
3Name of
Authorized Signatory
Date Bank Official Sign
Designation: From ToSpecimen Signature of:
_______________________________
SALARY ACCOUNT
Growing sales, scale of operations of the company, controlling costs, managing
employee turnover are some of the issues that are seized with everyday for every company. So,
IDBI comes up with one answer to streamline your requirements on salary disbursement.
BENEFITS TO EMPLOYERS
IDBI banks Corporate Salary account provides so many facilities, so that there is no
need of worry to the employers about cash disbursement / account reconciliation and the
employees will enjoy world-class benefits and privileges.
BENEFITS TO EMPLOYEES
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
The salary will be credited to the employees’ account electronically anywhere in India,
saving him the trouble of waiting for a cheque / draft to be cleared.
FREE SERVICES:
Demand Drafts / Pay Orders
Employees can issue free Demand Drafts and pay orders on any of the IDBI bank
locations throughout India, without any limit on number or amount of transactions.
ATM Access
IDBI Bank has over 260 ATMs spread across every corner of the country and this
number just keeps on increasing everyday to let the employee’s access their account anytime,
anywhere.
INVESTMENT ADVISORY SERVICES
IIDBI Banks special advisory team will assist the employees with their investment
decisions on Mutual funds, Insurance and Bonds. They also do portfolio management to
maximize returns on the employees’ investments.
ANYWHERE BANKING
The Bank believes in being available to the employees whenever they want. To that
end, the employees can access their account through our vast ATM network, Phone banking,
Mobile phone banking and Internet banking.
STATEMENT OF ACCOUNT
A quarterly statement of account will be sent to the employees and The Bank will also
send them a monthly statement of account to their chosen e-mail id.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
PERSONALIZED CHEQUE BOOK
The Bank will provide free chequebook with the employees’ name to operate their account
throughout the year.
ELECTRONIC FUND TRANSFER
Online connectivity of all IDBI bank branches ensures easy transfer of funds from one
account to another, free of charge without any limit on amount or number of transactions.
SPECIAL BENEFITS FOR EMPLOYEES
ACCOUNT OPENING FORMALITIES
The Bank's representative will visit the office to complete all the formalities (including
taking photographs) for opening the employee’s account. The employees can relax and let us
do the paperwork.
REIMBURSEMENT ACCOUNT
The employees can have separate reimbursement accounts to credit regular
reimbursements like LTA, conveyance expenses etc. This would help the employees to manage
cash reimbursement separately for tax purposes.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
ZERO BALANCE SAVING ACCOUNT
The employees don't need to lock a minimum balance in their savings account
anywhere (which is otherwise Rs. 5,000). The Payroll Account is a Zero Balance Savings
Account.
WELCOME KIT
IDBI bank is the first bank to introduce the welcome kit concept. Powered by welcome
kit, the employees can start operating their account the same day they fill up an account
opening form.
INTERNATIONAL DEBIT CUM ATM CARD
The IDBI bank International Debit cum ATM card allows the employees to purchase
goods at merchant establishments and also give them the freedom to withdraw cash from
ATMs in India and abroad. The International Debit cum ATM card is fully loaded and offers:
Fabulous discounts at over 600 establishments
Loyalty points with great rewards
Enhanced access to over 6.7 lakh ATMs and 10 million establishments worldwide
Promotional programs with exciting prices
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
DEMAT ACCOUNT
As a special offer, Demat Account opening charges will be waived and no account
maintenance charges will be applicable for the first year. That aside, the bank provide the
employees' statement of holding by e-mail with the exact value of the holdings indicated in it.
HOME / PERSONAL LOANS
As a special offer, even the employees can avail offers that best suit their requirements.
Now employees can own that dream house or go for that holiday which they promised
themselves.
TEMPORARY OVERDRAFT FACILITY
An overdraft facility to the tune of 50% of employee’s monthly net salary. This makes
him covered for those unplanned needs and ensures that none of the cheques issued by him will
ever bounce back.
CHEQUE DROP BOX CLEARANCE ONCE A DAY (IF REQUIRED)
The Cheque Drop Box would be installed at the company premises, where company
employees can deposit their cheques. These cheques would be cleared on a daily basis.
TAX FILING
At the end of financial year the employees file their income tax returns. What's more,
the bank will also help the employees to get their refunds in a quick time. This service would
be available for a nominal charge.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
SALARY ACCOUNT
When an employee opens a HDFC Bank Corporate Salary Account he gets more than just an
account. He gets a host of e-Age Banking facilities such as Free
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
Net Banking,
Phone Banking,
Mobile Banking,
International Debit Card (valid in 140 countries)
And Bill Pay.
All that plus free Demand Drafts and preferential interest rates on Personal Loans.
THE ADVANTAGES
ZERO BALANCE ACCOUNT
The employee does not have to maintain any minimum balance in the account.
FREE DEBIT CARD
The employees do not have to pay the annual fee for their Debit Cards. Additionally, the
first year annual fee is also waived for one additional account holder, as in the case of a savings
account holder. This plus all the other Debit Card benefits are available to the employees.
FREE INTER-CITY/BRANCH BANKING
There is no cap on the transaction size for inter-branch/city transactions for the
employees. The fees associated are also waived. They can perform the following transactions:
Cash withdrawal: Customer presence required.
Cash deposit: Customer presence required
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
DD/MC issuance: Customer presence required
Cheque deposit: Customer presence not required
Any other written instructions: Customer presence not required
This facility is not extended to premature withdrawal of Fixed Deposits
FREE DEMAND DRAFTS
The employees can avail of free Demand Drafts up to Rs 25,000 issued at any of the
HDFC Bank branch locations. This offer can be availed of through Phone Banking or Net
Banking or at the branch. The amount of the Demand Draft will be debited to the salary
account.
Please note: DDs drawn on correspondent bank will attract full charges
CASH DELIVERY
HDFC Bank that is easily accessible from your office, they will deliver cash against
cheques from the employees once a week subject to a maximum of twice a week. Maximum
amount of withdrawal per employee is Rs 10,000, minimum Rs 1,000/-.
This service is currently available in Mumbai, Delhi, Chennai, Hyderabad,
Bangalore, Pune and Ahmedabad.
CHEQUE PICK UP
Employer and employees can avail of this facility if company has an average
net take home salary of at least Rs 15,000 and minimum of 200 employees.
This facility will be offered daily. A drop box will be installed at the company premises and
the cheques will be picked up at the designated time.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
This service is currently available in Mumbai, Delhi, Chennai, Hyderabad, Bangalore, Pune
and Ahmedabad
OVERDRAFT FACILITY
Employees with a salary account are eligible for this facility:
Employees with a "Net Monthly Take Home Salary" of a minimum of Rs.10,000 can avail a
clean overdraft facility on the savings account @ 18%.
Please note: The employee has to sign an indemnity bond and give a copy of the latest salary
slip.
DISCOUNTS ON LOANS
Employees can avail of the benefits of preferential pricing on asset products, namely
Loans against Securities,
Car Loans and
Personal Loans.
All loans at discretion of the bank.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
WHO IS ELIGIBLE
Corporate Salary Accounts programme is targeted at salaried employees. This
programme offers a host of world class banking products & services to the salaried employee.
IT'S FREE
Zero balance savings account
Free Debit Card
Free Inter-city/branch banking
Free cash delivery /cheque pick up in the top 7 cities
Free cheque pick up in 7 cities
Temporary overdraft facility @ 18% p.a. (+interest tax if applicable)
Free Demand Drafts up to Rs 25,000 at HDFC Bank branch locations
Discount on loan products offered by the bank
Personalized Cheque Book
Free Net Banking
Free Mobile Banking
Free Phone Banking
Free Bill Pay
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
SALARY ACCOUNT
UTI Bank knows the important of employee satisfaction for an organization to grow to
its full potential. In keeping with this, their endeavor is to provide a complete solution, that
makes the employees happy and therefore more productive, hence they offer the Salary Power
scheme.
UTI Bank's Salary Power comes with a host of facilities that gives the employees the
complete gamut of banking services (including overdrafts, loans and zero-balance
requirements) on a preferential basis. Not only is it a convenient way for the employer to
manage salaries (across various centers, through the centralized database), the employee also
benefits from a range of value added benefits. Making it the perfect incentive for the
employees.
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
SPECIAL SALARY POWER SCHEME
1 Balance Requirement No minimum balance
2 Anywhere Banking Available across the country
3 Cheque books Multi-city At Par Cheque Book
4 International Debit cum ATM Card
-Personal Accident Insurance cover of upto Rs. 2 lacs per cardholder- Cash withdrawal of upto Rs. 25,000/- daily - Purchase protection & Zero Card Liability- Accepted in India at over 10,000 ATMs and 80,000 merchant establishments, also at 8,40,000 ATMs and 13 million merchant establishments worldwide
5 Computerized Statements -Free on a quarterly basis -Free monthly statements on e-mail
6 Joint Account Facility Available
7 Flexi (2-in-1) Encash Deposits*
Available subject to terms and conditions
8 Internet Banking Available as iConnect with enhanced features like free bill payments (e.g. electricity bills) and electronic payment of premiums (LIC - Insurance Premium) at select centers. Online shopping and E-Broking
9 Telebanking Free (available for 24 hours at select centers)
10 Mobile Banking Available
11 Overdraft Facility Upto 50% of net salary at Personal Loan rates*
12 Demand Drafts Free Demand Drafts drawn on UTI Bank Branches
13 Outstation Cheques -Free collection, only out-of-pocket expenses to be recovered.-Instant credit of up to Rs. 15,000/- on normal charges
14 Demat Account Available
15 Loan against Demat shares Available at competitive commercial rates
16 Financial Advisory Services
Free with daily electronic updates
17 Power Loans* -Power Homes - Housing Loans - Personal Power - Personal Loans - Study Power - Educational Loans - Power Drive - Vehicle Loans
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
- Power 24: Facility of ATM cum Debit Cards on overdraft accounts
18 Priority Banking Reduced balance criteria for availing Priority Banking that entitles you to exclusive banking and lifestyle privileges
COMPARATIVE STUDY AND FINDINGS
According to my study, I have come to know that,
ICICI Bank has more than 1900 ATM’S across the country where IDBI, HDFC
and UTI banks has lesser ATM’s
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
Multicity Cheque Book facility is given by ICICI Bank and UTI Bank only, as
compared to other Banks.
ICICI Bank provides the Auto Invest plan through which customers gets the benefit of
FD Rate of Interest for their salary accounts (savings) as compared to other Banks.
Through ICICI Bank customers can purchase the 24 Karat pure gold and each coin
comes directly from Switzerland Refine to 99.99% fine gold and sealed with a unique
certificate authenticity guaranteeing its purity.
ICICI Bank provides 12 hr Banking services from 8 am to 8 pm (Monday to Saturday)
Welcome Kit facility is given by ICICI Bank and IDBI Bank only.
ICICI Bank has its special offering i.e. Defense Banking service Visa exclusively for
Armed forces. Through this service defense people operate their account through out
INDIA.
The similar facilities given by all the banks to its salary accounts holders are,
Zero balance savings account
Free Debit Card
Free Inter-city/branch banking
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
Free cash delivery /Cheque pick up in the top 7 cities
Free Cheque pick up in 7 cities (Only in Metros)
Discount on loan products offered by the bank
Personalized Cheque Book
Free Net Banking
Free Mobile Banking
Free Phone Banking
Free Bill Pay (In Metros)
RECOMMENDATIONS
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COMPARATIVE STUDY OF SALARY ACCOUNTS OF VARIOUS BANKS AT ICICI BANK
Have simple documentation for opening the Salary Accounts and adopt faster
processes.
Update the concerned authorized signatory lists.
Give an extension accidental policy period for the salaried employees.
Try to retain the customers by providing them better services.
ICICI Bank should make some arrangements so that small problems can be solved
locally i.e. Presently small request from the customer side has to be sent to Regional
Office to make small changes and it takes lot of time.
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