What is the minimum balance in SBI
Difference between SBI and ICICI
SBI versus ICICI
At first glance, trying to compare SBI to ICICI would look like comparing a tall old man to a toddler. However, the rapid progress of ICICI, a private bank that opened almost 25 years ago, makes it possible to be compared to the oldest bank in India. Compared to ICICI, SBI (or State Bank of India) is a Goliath with a large reach and a very high number of branches. In fact, it is way ahead of ICICI on a number of ATMs across the country (56,000 versus ICICI's 3,500). Let's take a closer look at a few more features to draw a conclusion.
SBI has deposits of 3.8 lakh crore rupees compared to ICICI's 1.65 lakh crore rupees, showing that ICICI is rapidly catching up as the leading bank in India's public sector. This is really surprising as SBI employs significantly more people than ICICI. This simply means that the revenue per employee is much higher for ICICI than for SBI (almost three times that of SBI). It is really surprising that SBI pays a higher interest rate on the savings and lends at a cheaper rate, but customers are drawn to ICICI. Maybe it's more because ICICI made Amitabh Bachchan the brand ambassador for the ICICI brand. An account with ICICI has become a status symbol.
It is true that people were drawn to ICICI as they were surprised with their better services compared to SBI which had become a bit complacent as the leading public bank in India. But in the last ten years SBI has modernized beyond recognition and offers services on a par with ICICI.
When transferring money abroad, you will find out the exchange rates used on the same day and you can transfer an unlimited amount in one day at SBI. On the other hand, ICICI shares the exchange rate applied after four days and sets a daily limit of $ 5000 for transfers. This example gives an indication of the transparency that SBI has in its system.
When it comes to services, ICICI is very strict on minimum balance and returns the exam if the minimum balance requirements are not met. On the flip side, personal relationships are very important in SBI and you may even get a call from the bank saying you need to deposit some money to clear the check. This does not mean that the staff at ICICI are inhumane or anything like that. However, the ICICI staff are very professional. Those who are used to becoming preferred customers because they are regular customers with SBI are rude when switching to ICICI.
On the financial side, although SBI has performed impressively over the years, ICICI is moving faster and the speed at which ICICI mobilizes deposits each year seems to overtake SBI in the near future.
SBI versus ICICI
• ICICI is the largest private sector bank in India while SBI is the largest public sector bank.
• In only 25 years of its existence, ICICI has shown an excellent performance due to the high quality of service and has come very close to SBI in terms of deposits mobilized despite a smaller workforce.
• Although SBI has a better interest in saving and providing cheaper credit, ICICI is preferred by the people
• Recently, SBI has modernized and now works for ICICI on all banking matters.
• With current progress, ICICI may take over SBI in the near future.
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