Compare the Difference Between Similar Terms

Difference Between

Home / Countries / India / Economy / Difference Between SBI and ICICI

Difference Between SBI and ICICI

May 6, 2011 Posted by Olivia

SBI vs ICICI

At first glance trying to compare SBI with ICICI would look like comparing a grand old man with a toddler. But the rapid progress made by ICICI, a private bank opened barely 25 years ago, makes it possible to be compared with the oldest bank in India. SBI (or State Bank of India) is a goliath in comparison to ICICI with wide reach and a very high number of branches. It is far ahead of ICICI even in number of ATM’s across the country (56000 in comparison to 3500 of ICICI). Let us take a closer look at some more features to draw a conclusion.

SBI has deposits of 3.8 lakh crore rupees in comparison to 1.65 lakh crore rupees of ICICI which shows that ICICI is fast catching up with the premier public sector bank of India. This is really surprising with SBI having much greater workforce than ICICI. This simply means that revenue generated per employee is much higher for ICICI than SBI (nearly 3 times than SBI). It is really surprising that SBI pays a higher savings interest rate and gives out loans at a cheaper rate but customers are getting attracted to ICICI. Perhaps it is more due to the brand image being created by ICICI having appointed Amitabh Bachchan as its brand ambassador. An account in ICICI has become a status symbol.

It is true that people were attracted towards ICICI as they were surprised with its better quality services in comparison to SBI which, being the top public sector bank in India had become somewhat complacent. But in the last decade or so, SBI has modernized beyond recognition and is offering services at par with ICICI.

As far as money transfers abroad are concerned, one gets to know the exchange rates applied the same day and one can transfer unlimited sum in a day in case of SBI. On the other hand, ICICI tells the exchange rate applied after 4 days and imposes a daily limit of $5000 on transfers. This one example gives one an indication of transparency that SBI has in its system.

As far as services are concerned, ICICI is very strict in cases of minimum balances and returns the check if minimum balance requirements are not met. On the other hand, personal relations matter a lot in SBI and you can even get a call from the bank saying you need to deposit some money to get the check cleared. This is not to say that the staff is inhuman or anything like that at ICICI but they really adopt very professional approach and those used to getting preferential treatment on account of being regular customers at SBI get a rude shock when they switch to ICICI.

On the financial front, though SBI has been performing impressively over the years, ICICI is progressing at a brisker pace and the rate at which ICICI is mobilizing deposits every year, it seems that it will overtake SBI in near future.

In brief:

SBI vs ICICI

• ICICI is the largest private sector bank in India while SBI is the largest public sector bank.

• In just 25 years of its existence, ICICI has put up a great performance because of high quality of services and has come very close to SBI in terms of deposits mobilized despite having a smaller workforce.

• Though SBI gives a better interest on savings and provides loans that are cheaper, ICICI is being preferred by people

• Of late SBI has modernized and is today rubbing shoulders with ICICI in all banking needs.

• At current rate of progress, ICICI may eventually take over SBI in near future.

Related posts:

Difference Between Public Sector Bank in India and Private Sector Bank in India Difference Between Indian Banks HDFC and ICICI Difference Between Infosys and TCS Difference Between MIBID and MIBOR Difference Between NBFC and MFI

Filed Under: Economy Tagged With: ICICI, ICICI and SBI, ICICI brand ambassador, ICICI services, ICICI vs SBI, money transfers abroad from India, Revenue per Employee at SBI vs Revenue per Employee at ICICI, SBI, SBI services, State Bank of India

About the Author: Olivia

Olivia is a Graduate in Electronic Engineering with HR, Training & Development background and has over 15 years of field experience.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Request Article

Featured Posts

Difference Between Coronavirus and Cold Symptoms

Difference Between Coronavirus and Cold Symptoms

Difference Between Coronavirus and SARS

Difference Between Coronavirus and SARS

Difference Between Coronavirus and Influenza

Difference Between Coronavirus and Influenza

Difference Between Coronavirus and Covid 19

Difference Between Coronavirus and Covid 19

You May Like

Difference Between Autosomes and Chromosomes

Difference Between Autosomes and Chromosomes

Difference Between Motorola Atrix 4G and LG Optimus 3D

Difference Between Superfluidity and Superconductivity

Difference Between Superfluidity and Superconductivity

What is the Difference Between Peer Reviewed and Refereed Journal

What is the Difference Between Peer Reviewed and Refereed Journal

Difference Between Imperative and Exclamatory Sentence

Difference Between Imperative and Exclamatory Sentence

Latest Posts

  • What is the Difference Between Actinic Keratosis and Bowen’s Disease
  • What is the Difference Between Kerion and Favus
  • What is the Difference Between Corpus Callosum and Corpus Luteum
  • What is the Difference Between Ciprofloxacin and Amoxicillin
  • What is the Difference Between HER2 Positive and HER2 Negative
  • What is the Difference Between Hiatal Hernia and Gallbladder Pain
  • Home
  • Vacancies
  • About
  • Request Article
  • Contact Us

Copyright © 2010-2018 Difference Between. All rights reserved. Terms of Use and Privacy Policy: Legal.