Full Form of ICICI

The full form of ICICI stands for Industrial Credit and Investment Corporation of India bank was first called ICICI limited during its foundation and was considered a financial institution of India. In late 1990, the bank witnessed a huge change in its business. They started to offer project finances to the organizations. Thus, they diversified the business by introducing a wide range of products and services, owned many subsidiaries, and transformed them.

In the year 2001, the board of directors of ICICI and the board of directors of ICICI bank both merged and became ICICI bank. The companies' shareholders approved this historic merger by January 2002, and the Reserve Bank of India approved it by April 2002.

• ICICI Bank provides an array of services and products. Its expansion during the 1990s included project finances and the acquisition of multiple subsidiaries, solidifying its significance within the Indian financial landscape.
• In 2001, ICICI and ICICI Bank merged, resulting in the unified entity of ICICI Bank. This merger was endorsed by shareholders of both entities in January 2002 and received the Reserve Bank of India's approval in April 2002.
• ICICI Bank offers diverse services encompassing accounts, credit/debit cards, loans, and insurance. As India's second-largest bank, it boasts an extensive network of 4882 branches and 15101 ATMs across the nation.

The full form of ICICI is Industrial Credit and Investment Corporation of India. In India, this bank is leading the private sector in terms of a huge variety of banking and investment services it offers to its clients. The clients range from corporates to individuals who take its services directly or indirectly.

The full form of ICICI bank is mentioned above and it provides a huge variety of products to its customers. Due to its supreme functionality and core values, it has obtained a second-largest position in India in banking services. It has approx 4882 branches and about 15101 ATMs in India.

Over the years it has grown by leaps and bounds and has become the largest and most prominent banking institution of the country with a continuously increasing customer base and addition of new and useful products and services. The product range includes retail banking, and corporate banking in the form of account and deposits, lending, issue of debit and credit cards, insurance and investment services, etc.

The bank has received lots of awards and recognitions over the years due to its exceptionally good customer service, technological developments and overall performance. It has expanded across the country and has reached even those remote areas that have not yet been accessed by many other banks of India.  

The full form of ICICI bank already specifies the type of service rendered. However, let us elaborate them, as given below:

#1 - Accounts and Deposits

In this type of product, the services are provided as follows: -

• Gold Privileged Saving Account - In this service, the account holder must maintain a minimum balance of INR 50,000 in their account. Non-maintenance of the average account balance may attract a penalty. This account is made to trade Gold commodities.
• Recurring Deposit - The services of recurring deposits are used to deposit little money every month. TDS will be deducted from the interest paid or accrued. The minimum balance requirement for this savings bank is INR 500 per month. This deposit also carries nomination facilities. The maximum maturity period of this type of deposit account is ten years.
• Fixed Deposit - A fixed deposit account is the most common facility in any banking industry. The minimum balance required to open this account is INR 10,000 for adults and INR 2000 for minors. Loan against fixed deposit is also available, i.e., 90% of the principal amount plus the accrued interest amount.
• Current Account - The bank provides facilities to business people with a wide range of suitable transactions for their businesses. In this type of service, all business transactions are carried on smoothly.

#2 - Credit and Debit Cards

In this type of product, the full form of ICICI bank in India already tells us about the services that services are provided as follows: -

• Credit Cards - It provides credit facilities to their customers; by this, the customers can enjoy dining and other attractive discount offers on other services.
• Debit Cards - The bank provides debit card facilities to their customers. The maximum limit of withdrawal is INR 1.5 lakhs per day. The bank's maximum transaction limit is INR 2.5 lakhs daily, which is a great facility.
• Gold Debit Card - The bank also provides its customers with a Gold debit card. As per the full form of ICICI bank in India, here the customers can enjoy the cash withdrawal of INR 75000 per day and INR 1.25 lacs per day for transactions.
• Titanium Debit Cards - This service provides customers with special privileges and benefits. Customers can carry this card anywhere they want, offering attractive discounts. The cash withdrawal of INR 1 lac per day and INR 1.5 lacs per day is for transactions allowed for this service.

#3 - Investments

In this type of product, the services are provided as follows: -

• Mutual Funds - It helps the customers with the proper guidance regarding the appropriate combination of mutual funds in which the customers can invest. Bank also provides SIP Mutual fund investment to encourage the small section of the society.
• PPF - The bank helps the customer plan the PPF for them.
• Foreign Exchange Services - It helps the entire customer plan the foreign exchange because it buys and sells foreign exchange. The bank provides an online facility for purchasing and selling foreign money.

#4 - Loans

The bank also provides the basic facility of giving loans to their customers. The bank also provides home loan facilities, personal loans, business loans, and vehicle loans.

#5 - Insurance

This provides a unique facility for providing customers with life insurance, health insurance, home, and car insurance, etc. The bank acts as a middleman and facilitates the customer's easy understanding of all the schemes in detail. This bank deposits the premium money on time to the insurance company, and the customers can enjoy a peaceful mind while the bank takes care of the transactions.

The full form of ICICI board states that the bank is committed to 5 core values: Integrity, Passion, Boundaryless, Customer first, and Humility. These are the bank's USPs, which make them different from the other competitive banks in India.

Integrity – The institution is committed towards maintaining honesty, transparency and integrity while dealing with its clients, to ensure the best ethical standard in its operation.

Passion – It follows the culture of passion among employees so that the performance level is excellent, which is necessary in order to achieve the objective of the entity.

Boundaryless – It emphasizes on teamwork and collaboration so that there is no boundary or limit to the achievement of objective.

Customer First – The entity is dedicated to the concept of meeting the customer needs first. For this purpose, it provides superior and customized services with creative and useful solutions to enhance experience of customers.

Humility – The financial institution follows the value of humility while dealing with its stakeholders. It believes that feedback from them is important for the purpose of learning and improvement in services. It also encourages ideas and contributions from employees and team members.

The above core values followed by the entity reflects its commitment towards retaining customers, setting high standards and creating a culture of innovation and excellence.

Being a very large financial institution, it has a number of subsidiaries as mentioned below which fall under the full form of ICICI board.

1. ICICI Prudential Life Insurance
2. ICICI Lombard
3. ICICI Securities
4. ICICI Bank, Canada
5. ICICI Home Finance Company Limited
6. ICICI Bank Limited, Singapore
7. ICICI Trusteeship Services Limited
8. I-WIN Advisory Services
9. ICICI Bank Limited, Dubai Branch
10. I-ven Biotech Limited
11. ICICI Bank Limited, Bahrain Branch
12. ICICI Kinfra Limited
13. Café Network Limited
14. ICICI Bank Ltd., Asset Management Arm
15. ICICI Bank Ltd., SB Employees Provident Fund
16. ICICI Prudential Trust Limited
17. ICICI Financial Services Ltd.
18. ICICI Bank Ltd., SB Employees Pension Fund
19. ICICI Bank Limited, South Africa
20. ICICI Prudential Asset Management Company Limited
21. ICICI Bank Limited, Hong Kong Branch
22. ICICI Bank UK PLC
23. ICICI Bank Limited, Depository Arm
24. ICICI First Source Ltd.
25. ICICI Bank Limited, New York Branch
26. ICICI Bank Limited, Sri Lanka
27. ICICI International Ltd.

However, the composition and status of the above may change over time due to the ever-changing landscape of the banking and financial sector resulting from mergers, acquisitions, etc. The latest financial reports and disclosures published by the entity in its official website can give the updated information.

This has been a guide to what is the Full Form Of ICICI. We explain its products and services along with its core values and list of subsidiaries. Here we discuss the products and services of ICICI along with the list of a subsidiary of ICICI bank. You may refer to the following articles to learn more about finance –

• SBI Full Form
• RBI Full Form
• NBFC Full Form
• HDFC Full Form