By SBI and ICICI
Like any other bank these two banks offer similar products :
- Deposit account – savings and current account
- Loan – various specialized loan
- Investment – Fixed and Recurring deposits
- Cards – Debit and Credit cards
- Banking – Net/Mobile Banking
Analysis(SBI VS ICICI)
- Deposit account :-As per the site clients with Rs 1 lakh or more in their bank account procures a premium of 3.25 percent. Be that as it may, clients with a store not as much as Rs 1 lakh get a loan fee of 3.5 percent. With this record, an essential RuPayDebit card is given to the clients, that as well, liberated from cost and no upkeep charge is applied. The receipt or credit of cash through electronic installment channels, for example, NEFT and RTGS is free too. There are no charges on actuation of broken records and on account conclusion. It might, in any case, be noticed that in the event that the client as of now has a Savings Bank Account, the equivalent must be shut inside 30 days of opening a Basic Savings Bank Deposit Account. Anyway ICICI offers a loan cost of 3.5 percent on the record equilibrium of underneath Rs 50 Lakh and 4 percent on Rs 50 lakh above. It offers a free Rupay card, money store or withdrawal and passbook office. It takes no charges for non-support of MAB, money withdrawals in accounts at base branch, money withdrawal at non-base branches inside the base city, exchange at non-ICICI Bank ATM. There are no yearly expenses on charge cards and a worth added SMS ready office.
- Loan :-
its own pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:
- Lowest Interest rate of SBI Personal Loan is 9.60%, which is lower than the lowest interest rate of ICICI Bank at 10.75%. Hence, SBI is offering a cheaper loan option.
- When compared to other Personal Loan charges such as processing fees, SBI charges a processing fee of 1.00% while ICICI Bank charges a processing fees of Up To 2.25% of Loan Amount.
- ICICI Bank offers Personal Loan upto an amount of ₹ 30 Lakh while SBI offer Personal Loan upto an amount of ₹ 15 Lakh. ICICI Bank can be a better option if you are looking for a high value amount.
- One feature that makes Personal Loan a better option is foreclosure facility. ICICI Bank and SBI gives the option to close the loan after 6 months at 5% and 3%. This makes ICICI Bank a better option for Personal Loan.
- ICICI Bank has an average customer ratings of 4.5, while SBI has an average customer rating of 3.6, based on which it is clear that ICICI Bank has a high customer service focus, an easy Personal Loan process and a quick turnaround.
- (source: myloancare)
|Interest Rate||9.60% – 16.40%||10.75% – 22.00%|
|Processing Fees||1.00%||Upto 2.25% of Loan Amount|
|Loan Amount||₹ 50,000 to ₹ 15 Lakh||₹ 50,000 to ₹ 30 Lakh|
|Loan Tenure||6 to 72 Months||12 to 60 Months|
|Lowest EMI Per Lakh||₹ 1,832||₹ 2,162|
|Part Payment Charges||Not Allowed||Not Allowed|
|Foreclosure Charges||Allowed after 6 months at 3%||Allowed after 6 months at 5%|
|Borrower’s Age||21 to 58 Years||23 to 58 Years|
|Minimum Income||₹ 24,000||₹ 25,000|
|Current Work Experience||12 Months||12 Months|
- Investments :-
|Tenure||FD Interest Rates||Senior Citizen FD Interest Rates|
|7 days to 45 days||2.90%||3.40%|
|46 days to 179 days||3.90%||4.40%|
|180 days to 210 days||4.40%||4.90%|
|211 days to 364 days||4.40%||4.90%|
|1 year to 1 year 364 days||4.90%||5.50%|
|2 years to 2 years 364 days||5.10%||5.60%|
|3 years to 4 years 364 days||5.30%||5.80%|
|5 years to 10 years||5.40%||6.20%|
The interest rates on RD offered by SBI are the same as offered in term deposits. At SBI, a five year or more recurring deposit account, will help you earn 6.25% interest. In the case of senior citizen, it is 6.75%.
This bank has launched a flexible recurring deposit scheme called as iWish. At ICICI Bank, for a recurring deposit for upto 5 years and above, you can earn interest at 7%. For senior citizens, the interest rate is 7.50%.