ICICI bank home loan rate offers you with a flexible payment option

 
It is quite a difficult task to take in a decision to go for the home loans but you need to do a lot of study before you go with the right one. The article here briefly describes about ICICI bank home loan rate. With the minimum of 10% on the loan availed, this is the interest rate than the bank will be charging and you do get the options of paying back with variable amount and a fixed amount of EMI. You just need to fill an online form and the agent will be right there at your doorstep. They have a very simplified documentation and sanction approval is also not an issue nowadays.

They also help you to guide you through the process and recommend you with the best option available with them.

Summary: ICICI bank home loan rate is in no comparison higher than other banks and offers you with a flexible payment options

ICICI, Corporation Bank fined for faulty customer service

Faulty service towards customers from the part of banks has proved to be a cause of penalty for them. A Delhi consumer forum has put a penalty on public sector lender Corporation Bank as well as the largest private sector lender of the country, ICICI Bank.

Corporation Bank has been penalized on grounds of misplacing an account payee cheque of value Rs 45,220 of ICICI Bank. The cheque, despite being changed multiple times was cleared to a wrong person as a bearer cheque.

Corporation Bank was penalised by as much as Rs 15000. At the same time, ICICI Bank has also been asked to return the cheque amount of Rs 45,220 to the right person.

“In our opinion, ICICI Bank was also grossly negligent in clearing the cheque of the complainant (Mr Dinesh Kumar). We direct ICICI Bank to reimburse the amount of Rs 45,220 to the complainant,” the Bench presided over by Mr Bimla Makin said.

“We impose a cost of Rs 15,000 against Corporation Bank for misplacing the cheque from its custody,” the forum said.

“It was the duty of ICICI Bank to take proper safeguards, like asking for identity proof of the person getting the cheque encashed, when there were so many visible cutting and marks on the cheque and the account payee cheque was converted into open bearer cheque,” it said.

ICICI Bank announces expansion plans

Officials from ICICI Bank announced that the bank is going to add around 400-500 branches annually. It also aims at increasing the total spending percentage on the road and power projects in the years to come.

The Managing Director and CEO of ICICI Bank, Chanda Kocchar said, "I feel that we have to grow beyond the number of existing) branches... Over the next 2-3 years, we would continue to add branches at the rate of 400-500 per year"

Presently the bank consists of about 2,500 branches and 5,800 ATMs . Officials said that earlier the main focus of the bank was on Personal Loans but now it is more concerned about financing the corporate sector.

She said "I do feel ICICI Bank will play a major role in infrastructure project finance... As investment takes place in phases like in road and power projects, we move as investment takes place... this is an area of big focus,"

Regarding the expansion plans the officials said that it has not opened any new branch in the current financial year but the acquisition of Bank of Rajasthan by ICICI Bank automatically increased the branch network by 500.

"Well, bank grows where GDP grows. So, all the states where GDP growth takes place, banks will grow," Kocchar said.

ICICI Bank offers another option to dispense cash

ICICI Bank has launched an innovative scheme that suits the Indian market a lot. ICICI Bank and ICICI merchant services has launched a scheme that would enable the customers of the bank that have debit card to withdraw money from the merchant that have credit card swipe machine.

For the purpose the bank has to make minor modifications in the present system of the bank and in a few days the customers will be able to enjoy the service.

The Managing Director and Chief Executive of the bank Chanda Kochhar said "ICICI Bank continues to be at the forefront of offering new functionalities and convenience to customers by leveraging technology. The launch of cash withdrawals at PoS terminals will create a new mode of access to financial services, which not only enhances customer service but can also be leveraged for financial inclusion."

This service initially will be available with a merchant outlets by the scheme is expected to attract more merchants to provide this service as it will reduce the headache of managing cash for the merchants plus the service will load the customers with an alternative choice to withdraw cash.

According to the guidelines from the banks that customers will be able to get a maximum of Rs 1000 per day from the service and for this the customer will be charged with Rs 10 per transaction. This service charge will then be shared between the bank and the merchant.

ICICI Bank launches I-Express cross-border money transfer service

The largest private sector lender of the country, ICICI Bank has launched an instant cross-border money transfer option called I-Express, for Non-Resident Indians (NRIs).

According to bank press release NRIs can avail this service at ICICI bank’s select partners in Gulf Cooperation Council-political and economic union involving the six Arab states of the Persian Gulf.

Under I-Express facility the remitter can visit any partner outlet and get instant credit into the beneficiary account maintained with ICICI Bank in India that too at no extra. The funds will be remitted instantly and the beneficiary will be able to withdraw money immediately, under this service.

An ICICI Bank spokesperson said, "ICICI Bank not only offers funds transfer facility into the accounts of beneficiaries held in its own branches in India, but also helps in crediting funds into accounts of beneficiaries held in over 65,000 branches of other Indian banks."

The bank release added, the beneficiaries will be able to withdraw funds through the network of over 2,500 branches and 5,600 ATMs, apart from the over 55,000 Visa-enabled ATMs, thus, this facility will significantly increase the value-proposition of ICICI Bank’s cross-border remittance offerings to both the partners and NRIs in the GCC.

However, in the Indian remittance market, ICICI Bank has stood as a strong remittance player which had enabled remittances from across 40 countries worldwide.

Moreover, bank is having relationships with over 80 correspondent banks and 23 exchange houses across GCC.

ICICI Bank ends special home loan scheme

ICICI Bank, the country’s largest private sector bank has revised its home loan rates. The bank has hiked its home loan rates by 50 basis points also it has discontinued its special home loan (fixed and floating) scheme. The new rates are effective from 1October, 2010.

ICICI Bank senior bank official has confirmed about discontinuation of their special home loan scheme in which bank offered fixed rate of interest for the first two years.

Under the scheme bank was offering 8.25percent for the first year and 9.25% for the second year, thereafter the rate was reverted to the floating rate of the bank.

Other banks that have hiked their home loan rates by a similar 50 basis points include IDBI Bank and Allahabad Bank. IDBI Bank and Allahabad Bank hiked their base rate from 8 per cent to 8.5 per cent.

An IDBI Bank official said the cost of funds has gone up, in line with RBI's rate hike. "We have also hiked our deposit rates," the official said.

The banks are hiking their deposit rates in the range of 25-75 basis points for varying maturities. After the Reserve Bank of India (RBI) had raised the rate at which it lends to banks, the cost of funds of banks increased which has resulted in the revision of interest rates.

HDFC Bank, a mortgage lender had raised its interest rate by 0.5% to 9.25% floating in September, 2010. Bank under special home loan is offering loans at a fixed rate of 8.50 percent, will be available up to the end of this financial year, 9.50 per cent for financial year 2011-12 and the applicable floating rate for the balance term.
Meanwhile, SBI the largest public sector bank has extended its special home loan scheme to December 31, 2010. But it has not hiked its base rate, which is at 7.5%. Under its special home loan scheme bank is offering loans at 8 per cent for the first year, and then 9 per cent for the next two years thereafter it will revert back to the floating rate of interest that would be decided by the bank.

ICICI Bank's first retail outlet in Singapore

ICICI Bank has opened its first retail outlet in Singapore.

MD and CEO of the bank, Ms Chanda Kochhar said, the retail outlet has been opened in the banking hub of Singapore’s central business district the branch office is the first step towards starting of ICICI’s retail operations in the country under a 25-branch qualified full banking (QEB) license given by the Monetary Authority of Singapore in April.

She said, "We look at Singapore not just as doing business with Singapore, but the region," while emphasizing on the bank’s growth plans without setting forward targets.

In reply to questions on acquisitions, and further expansion in the region, she said ICICI will basically focus on organic growth.

ICICI Bank annual balance sheet is $90 billion out of which Singapore accounts for $5.8 billion and a significant 25 per cent portion of its international business.

Kochhar added, "In that sense, Singapore is one of the largest hubs of international businesses." She added, "Our focus will be to develop the regional banking business through Singapore operations," and also underlined the importance of Southeast Asian markets.

She said, "I expect a lot of business coming from the regional facilitated by the QFB license in Singapore."

The ICICI Bank Managing Director stated bank will be adding new products in order to expand its Singapore and regional businesses.

Kochhar also pointed out the importance of non-resident Indian (NRI) remittances, and said, bank has a 28 per cent share of the total remittances coming into India thus Singapore is an important part of that business.

Speaking about ICICI’s growth strategy for the coming years, she said, "Our expectation is that we will grow around 18 per cent for the current year ending March, 2011, and 20 per cent to 22 per cent the following year."

Kochhar also referred to strong growth of banks in India, based on the projected 9 percent to 10 per cent annual Indian economic growth.

According to her Indian banking sector annual growth would be over 20 per cent, with some big banks achieving growth "more than that".

Kochhar said, "In five years' time, the Indian banking sector should be about 2-1/2 times the size of what it is currently," and admitted there is a massive financial requirement for developing the country's multi-billion dollar infrastructure sector.

She added, "I think there are huge opportunities for all of us in India. The pie is large and there will opportunities for all banks to grow."