I have a PowerPay(salary) account with ICICI.
I am very satisfied with their banking services, although I have some complaints regarding their Credit Cards.
Banks including ICICI have recognised the fact that people want Banking and not Banks. Thats why the services a consumer associates with the bank are made easily accessible. Gone are those days when one would have to stand in a long queue to withdraw money. ICICI have the largest ATM network in India, and they are still growing.
Their Online system called ’’Infinity Account’’ is the best compared to other banks in India. Recently ICICI bank ’’Infinity Account’’ holders have got facility to book online railway tickets on https://irctc.co.in . Might not look very impressive to some but people who have to stand hours in reservation queue would definitely appreciate it.
Since I have some business understanding of banking transaction, I would like to share some Information regarding that. A transaction say like balance inquiry would cost the bank say 30 Rs at a manned teller, same would cost only 10 rs at an ATM and 1-2 Rs through Internet ’’Infinity Account’’.(Figures are tentative) So there lies the catch for Banks to reduce their operational cost with Improved services. ICICI bank has been the front runner in doing all this. As compared to other Banks there are no special services which only ICICI offers. To attract customers all Banks have to provide these services. What makes ICICI different from them is the uniformity and their continuous improvement.
One thing that comes to mind is that ICICI has been expanding like anything. This is concern for some since they think it might lead to a sudden collapse. I am still not satisfied with the reasoning but its in my mind.