ACKNOWLEDGEMENT

I take this opportunity to acknowledge the efforts of many individuals who

helped me make this project possible. First and foremost, I would like to thank
Mr. Jyotirmoy Panda, Branch Manager, ICICI Bank for allowing me to
take summer training from his bank. I would like to express y heartfelt
appreciation and gratitude to my Industry Guide and mentor, Mr. Chandan
Choudhary, Wealth Manager, ICICI Bank. His vision and execution aimed
at creating a structure definition, and realism around the project fostered the
ideal environment for me to learn and meetings he had with me, despite his
busy schedule. He has helped in providing the scope in a manner to make it
most beneficial to me and to the company.
I am immensely thankful to Miss Liza Kumari, Sales Manager ICICI Bank
for giving me the opportunity to carry out my project work in this esteemed
organization.
I also thank the Faulty Mentor Dr.R.K.Sharan for his patience and advice
during the making of the project and kind support from time to time. The
project would have been impossible without his expert guidance.
I would also like to thank to Zakir Hussain Institute & all the faculty
members of the institute, for providing me the opportunity to do a project
with ICICI Bank.
Last but not the least I am specially thankful to Mr. Hemchandra Tiwari, a
senior faculty member of V.K.S.U, Ara in Faculty of Management Science,
for his valuable suggestion and support.
Next I would like to express my gratitude to my parents without whom the
project work would not have been the light of the day. Last but not the least, I
would like to thank all the staff of ICICI Bank, I worked on for their kind
support during the intern.

DECLARATION
I do hereby declare that the dissertation report
entitled,

Project

Report

On

Wealth

Management of ICICI Bank is submitted by me

without picking up extracts from already published
data. It is not published and is done for the purpose of
Summer internship with ICICI Bank.

An
ju Kumari

CONTENTS

PAGE NO.

Executive Summary

1. Objective of the Project

2. Company Profile

3. History

4. Introduction

11

5. Wealth Management

17

6. ICICI bank wealth management group

23

7. Function of ICICI BANK wealth management 24

8. Comparison of ICICI bank with other banks 36
9. Products and services ICICI bank deal into 40
Recommendation

82

Conclusion

84

Reference

87

EXECUTIVE SUMMARY

This project was carried out in ICICI Bank, Patna. The

project

title

was "A Project

Report

On Wealth

Management of ICICI Bank". The project speaks about

the Wealth management. An introduction of Wealth
Management and its scene in the country. I have described in
brief the ICICI Bank Wealth Management Group and its
Functioning.
Next comes how Wealth Management Group Functions are
different from that of HSBC Bank and Citi Bank.
Further, I dealt with product and service provides by ICICI
Bank.
Next topics which are dealt are Fidelity International &
Principal Financial Group.
At last come survey work and its analysis and conclusion.

OBJECTIVE OF THE PROJECT

Here in this project I have taken objective as to study and
understand how wealth management group of ICICI Bank
functions. How they differ from other banks like HSBC
Bank, Citi Bank etc. and what are the products provided by
them. Apart from his I have even tried to focus on how
wealth management is gaining importance day by day.
Besides this I have given due consideration to how
customers are benefiting from wealth management. Besides
this I have even kept objective to learn about Global Mutual
Fund-under this I have mentioned two which are
(a) fidelity (b) Principal Financial Group.

COMPANY PROFILE
ICICI Bank is India's second-largest bank with total assets of
Rs. 3,446.58 billion (US$ 79billion) at March 31, 2007 and
profit after tax of Rs. 31.10 billion for fiscal 2007. ICICI
Bank is the most valuable bank in India in terms of market
capitalization and is ranked third amongst all the companies
listed on the Indian stock exchanges in terms of free float
market capitalization. The Bank has a network of about 950
branches an 3,300 ATMs in India and presence in 17
countries. ICICI Bank offers a wide range of banking
product and financial services to corporate and retail
customers through a variety of delivery channels and
through its specialized subsidiaries and affiliates in the areas
of investment banking, life and no-life insurance, venture
capital and asset management.
The Bank currently has subsidiaries in the United Kingdom,
Russia and Canada, branches in Singapore, Bahrain, Hong
Kong, Sri Lanka and Dubai International Finance Centre and
representative offices in the United States, United Arab
Emirates, China, South Africa, Bangladesh, Thailand,

Malaysia and Indonesia. Our UK subsidiary has established

a branch in Belgium.
ICICI Bank's equity shares are listed in India on Bombay
Stock Exchange and the National Stock Exchange of India
Limited and its American Depositary Receipts (ADRs) are
listed on the New York Stock Exchange (NYSE).
On 4th July' 07 ICICI Bank in association with Jewellery
major Gitanjali Group (which manages brands of diamond
jewellery like Gili, Nakshatra, Asmi, Sangini, D'damas etc.)
has launched India's first "Jewellery Card" which is first
comprehensive and powerful Jewellery.
Credit Card having exclusive purchase and lifestyle benefit.

ICICI Lombard
General Insurance
Company

ICICI Venture

ICICI Bank Ltd

ICICI Securities

ICICI
Prudential
Life Insurance
Company

Prudential
ICICI AMC & Trust

Structure of ICICI Group

HISTORY
ICICI (Industrial Credit and Investment Corporation of
India) was established by the Government of India in 1955
as a Financial Institution (FI, other such institutions were
IDBI, SIDBI) with the objective to finance large industrial
projects. ICICI was not a bank it could not take retail
deposits; and not was it required to comply with Indian
banking requirements for liquid reserves. ICICI borrowed
funds from many multilateral agencies such as the World
Bank), often at concessional rates. These funds were
deployed in large corporate loans. All this changed in 1994
when ICICI founded a separate legal entity ICICI Bank
which undertook normal banking operations-taking deposits,
credit cards, car loans etc. ICICI's shareholding in ICICI
Bank was reduced to 46% through a public offering of share
in India in fiscal 1998. The experiment was so successful
that ICICI merged into ICICI Bank ("reverse merger") in
2002. It is the first Indian company and bank to be listed on
NYSE by equity offering through ADRs in 2000. One ADR
is equal to two shares of ICICI Bank. ICICI Bank has the
9

largest market share among all banks in retail or consumer

financing. It is the largest issuer of credit cards in India. It
was the first bank to offer a wide network of ATMs and had
the largest network of ATMs till 2005, before SBI caught up
with it. ICICI Bank now has the largest market value of all
banks in India, and is widely seen as a sophisticated bank
able to take on many global banks in Indian Market.

INTRODUCTION
10

What can an individual and families do to protect and grow

their wealth, share it with others, enjoy financial security,
and build lasting personal and family legacies based on it?
Effective wealth management is much more about how well
one manages than it is about how much one manages.
Wealth management is bout more than investing, through
that is an important part. Money, family and community are
invariably bound together. People pay taxes, save, spend,
support philanthropic causes, and transfer wealth to their
heirs. Successful wealth management involves the integrated
and effective management of all these components.

TRANSITIONS
Some people build their wealth by saving money a little bit
each month and managing it with the goal of having
financial security in retirement. Even after years of
accumulating financial assets, working with advisors, and
experiencing the volatility of financial markets, they are still
uncomfortable with how their assets are managed and are
looking for better ways to achieve their goals.
Others achieve financial independence in sudden and
sometimes difficult and tumultuous ways. Their transitions
to wealth are abrupt and often stressful. Some sell a business
11

into which they had poured their entire savings. Some retire
with a pension that they are now responsible for managing.
One of the biggest sudden and high-stress circumstances for
coming into wealth is the death of a parent. In many of these
circumstances, people will not be prepared to take on the
responsibility of their new wealth, and the event itself will
often come as a surprise.
Building wealth and conserving it takes time, and it
demands considered action.
Therefore before taking assistance of any professional
advisor one needs to do homework first, which is to translate
its values into financial goals.

TRANSLATING VALUES INTO FINANCIAL GOALS

Its important that a persons financial goals speak and
reinforce its value. One is more likely to achieve its goals12

and more importantly, to gain true satisfaction-if a persons

financial goals and values are aligned. For that one needs to
answer

the

below

mentioned

10

(ten)

questions.

Interpretation of those questions is given further.

The questions are:
Q#1. What you want to accomplish with your life and
your wealth?
(Ex- Maximize your financial security in retirement, Spend
your money, Donate money and/or time worthy caused, Give
money and companionship to people you care about etc)

Q#2. For how long do you want your values to shape

your familys future?
(Till your life or for multigenerational)

Q#3. When it comes to investing, would you rather eat

well or sleep well?
(i.e. how much risk are you willing to take with your wealth
and how much are you willing to sacrifice to ensure that
your wealth continues to grow)

13

Q#4. Are there talents within your family that you can
tap to further expand your familys productivity and
wealth?
(Competitive advantage of family for making money)

Q#5. Are you committed to creating a culture of

accountability in your family and with your wealth
advisors?
(ex- Some people believe that because they are rich they
dont have to be constrained by a budget, Some people have
good intentions but dont have the time or infrastructure to
keep good personal financial records, Many people dont
know how to evaluate the performance of wealth managers,
Some people get intimidated by advisors etc. Where do you
see yourself?)
Q#6. Are you bullish or bearish on the global economy,
business and investing?
(i.e. whether you are optimistic or pessimistic)
Q#7. To what extent are your assets under threat?
(Assets can be threatened by a variety of people and events,
ex- a divorce, a house fire, a disgruntled trust beneficiary,
14

employees, neighbours, or the driver of an automobile with

whom you happen to collide)
Q#8. How should my family communicate about its
wealth?
(There is a fine line between empowerment and entitlement.
The privileges of wealth come with responsibilities, so you
will need to decide how to hold the next generation of
family members responsible, not only for ensuring the
familys memory and legacy, but also for managing the gift
of wealth that is given personally to them.)
Q#9. Do you plan to build family leadership to grow your
wealth over multiple generations?
(The selection of right family member(s) to be Wealth
Strategist can strengthen family identity and energize the
family to meet its wealth management goals. It is
uncomfortable to talk about who in the family has the
greatest potential and ability to preserve and grow its wealth.
However, you must address this matter head on. Make this
process as objective as possible, ask questions within the
family to assess the viability of your in-house wealth
management talent, with the understanding that going
outside of the family to fulfill this role is also viable.
15

Q#10.How important is it to you to maximize tax

efficiency? Will it change in future generations?
(Tax efficiency is a major variable in the strategic wealth
management process because it affects both the way you
manage your financial assets and how you distribute them in
your estate plan. For most people, taxes are either the largest
or second largest controllable drain on wealth or they
manage their taxes as aggressively as they mange their
investments.) After reviewing the questions one shall mark
the answers in the below given table which is a continuum
of financial goals from distribution-oriented to growthoriented being represented by a two-headed arrow. Below
Financial Goal is a series of issues (which have been
mentioned above) and a range of possible responses, again
represented by arrows. All issues are values-based, but
some, like asset threats and tax efficiency, have an
operational tone. By selecting answers to ten questions that
express values, one can identify the financial goal that is
right for the person.

WEALTH MANAGEMENT
Wealth Management is a term that originated in the 1990s in
US with the Broker Dealers, Banks, and Insurance
Companies. Wealth Management has generally evolved from
high net worth financial consulting for persons who are top

16

clients of any firm. Wealth Management is classified as an

advanced

type

of

financial

planning

that

provides

individuals and even families with private banking, estate

planning, asset management, legal service resources, trust
management, investment management, taxation advice, and
portfolio

management.

Thus,

wealth

management

encompasses asset management, client advisory services,

and the distribution of investment products.
Persons engaged in wealth management usually work for
law firms, accounting firms, brokerage firm, large banks,
trust departments, or investment and portfolio management
firms. Smaller firms such as Registered Investment Advisors
also tend to provide a wide array of family office services.
Wealth management is a high level form of private banking
that provides various types of investment, insurance and
bank product and services. With the repeal of the Glassssteagall Act in 1999, financial firms were finally able to
provide al three of the above services from the same offices.
With the emergence of wealth management as a career
opportunity as well as a professional service in high
demand, educational programs such as the New York
University certificate program, and the American Academy
of Financial Management CWM Certificated & Chartered
Wealth Manager program are proving customized wealth
17

management

executive

training

to

corporations

and

individuals alike. As wealth management serves a much

more affluent community, many governments licensed
lawyers, CPAs, Chartered and Certified Wealth Managers
and sometimes an insurance professional who is CFPs are
involved in this type of high-net-worth consulting. Keep in
mind that only Lawyers and CPAs have a government
license to provide legal or tax advice on complex wealth
management, estate planning, tax law, retirement or other
legal issues such as business.

WEALTH MANAGEMENT SCENE IN THE

COUNTRY
What is the state of the wealth management in the
country?
Wealth management is just emerging in India. The growth
of the economy has already been widely showcased.

18

Wealth and disposable income are growing substantially.

We are also noticing that for the first time the ability to
earn and save are slightly different. Earlier you just put
away your money in some guaranteed products. Today,
when even the government is withdrawing from those
products (it recently stopped the maturity bonus on postoffice savings), investors, whether they be doctors,
architects or anyone else, need professional help.
Is wealth management only for the wealthy?
It is for every body. The person who is earning Rs 30,000
per month also needs this advice. For instance, if there is
a 25-year-old guy who earns this sum, his first priority is
to buy a house for, say around Rs 20 lakh. He has to now
protect this property from, say, flood, cyclone or other
natural disasters. Here is where we can help. You have
building insurance that doesnt cost more than Rs 8001,000. Thats what it costs for a dinner in a good hotel in
any city. Why not protect the asset, which you are going
to live in for the next few decades? Similarly, there are
other issues, such as protecting your family from medical
emergencies. All these come within the scope of wealth
management services.
Which is your main market?
19

The opportunity in this space is mainly because of two

developments. First, there are more people in employment
who are getting stock options. I know of institutions
where more than 100 people have stock options worth Rs
2-5 crore. And they encash it. And, second, the expansion
of business and entrepreneurial capacity. We see first-time
entrepreneurs cashing out partially over a period of fourfive years. That cashing out can be from Rs 5 crore to Rs
100 crore. These people need wealth management
services. We service some film personalities too. They
want to maintain the status earned during their peak to
continue. Nobody wants to slip. There is a genuine feeling
that they have a five-year "peak" during which every
rupee earned must be saved carefully. Without giving
names, I can tell you that they are willing to take good
advice. We have other professionals also, such as doctors
and architects. We should look at someone who has the
potential to have a surplus of around Rs 2.5 crore.
Isn't the bar rather high?
The relationship starts on a much smaller note. We work
with clients over a period six months to a year- in order
for them to understand, assess and gain confidence in us.

20

We wait for the length of the time. We look at the

potential.
There is a cost to servicing the client. That is why we look
at this kind of potential. When you offer one-to-one
service, a relationship manager can handle 20-25 clients.
To that extent there is going to be the element of higher
costs.
What about competition from foreign and Indian
banks?
Basically, the service they offer is transaction oriented.
Most of them offer some mutual funds and some equity
advice. But someone who has between
Rs 2 crore to Rs 25 crore don't want this. He wants
somebody who can work with him over a period of time.
We need to work continuously, for him to trust us, for us
to understand him, his family, his taxation issues,
succession issues, etc. There is some value addition when
you deal with people over a period. I can suggest more
ideas and we can exchange notes on how to go ahead
about certain things.

ICICI WEALTH MAGEMENT GROUP

21

'With growing incomes, wealth management

is for everybody'
"We work along with customers to offer a range of
investment advisory services- in debt, equity, mutual funds,
derivatives, besides tax advisory, succession planning,
insurance advisory, etc". MR. V. MAHADEVAN, CEO,
WEALTH ADVISORS (INDIA) PVT. LTD
Wealth management services have been getting more
attention over the last two years.
A booming economy, rising stock prices and an increase in
salaries an spending power have turned the spotlight on this
sector. The wealth management space was earlier the
preserve of some foreign banks which offers these
"exclusive services" to a select few. This was not a service
you could apply for. The unsaid tagline was "Don't call us.
We'll call you (if you are that wealthy!)."
Today, a number of private banks offer this service. Also
entering this arena and carving a niche for themselves are
standalone entities that offer the full range of servicesinvestment advice, portfolio management, taxation advice
etc.

ICICI

has expertise
in most financial services from banking to broking, mutual
funds to insurance, deposits to real estate investments. They
WEALTH MANAGEMENT GROUP

22

even deal in gold, structured products commodity trading, 3 rd

party product, and even provide services like philanthropy
services etc. All blended to bring you seamless financial
solutions that ensure you have the advantage in every
financial decision. Wherever you may be in INDIA or
around the globe. The group is more than just a one-point
contact for all your banking and financial needs. In fact they
are financial expert in their own right. Specially trained in a
wide array of financial products and services, they will
provide you with solution specific to your individual needs.
They will put you in touch with our panel of financial
experts for specialized advice and liaise with the various
ICICI Group companies on your behalf, ensuring that you
have the expertise of one of India's biggest and the most
innovative financial powerhouse at your disposal. THE
WEALTH MANAGEMENT GROUP is only a part of the
lager team which ensures your money works harder.
Working silently behind the scenes is a team of product
expert. These handpicked experts have a wealth of financial
experience under their belt and will assist.

HOW WEALTH MANAGEMENT GROUP OF

ICICI BANK FUNCTIONS
Understanding your financial goals:

23

Our investment process starts with understanding your

background; investment objectives risk tolerance and
existing investment

pattern. A comprehensive client

profiling exercise help us in evaluating your risk appetite

and understanding your investment objectives, which are
kept in mind while building your profile.

Investment Plan:
Based on your investment goals, cash flow requirements,
investment horizon and risk profile, we construct a suitable
asset allocation for you. During this exercise, we also
evaluate and rebalance your existing investments as per the
asset allocation, in case required by you in your decision
making process.

Portfolio Construction
From our wide range of investment avenues, we construct
appropriate solutions to implement your investment plan and

24

evolve

tailor-made

portfolio

for

your

specific

requirements. This would involve execution of investments

in debts, equity, structured products or alternative classes as
per the suggested asset allocation.

Portfolio Maintenance:
We monitor your investment and periodically suggest
rebalancing in the portfolio for maintaining the asset
allocation or aligning your portfolio to changes in macroeconomics factors that might affect your investment.

Portfolio Review:
As your investment preferences or financial goals may
change over a period of time, we review your portfolio
periodically with you to discuss and implement any changes
in asset allocation or portfolio strategy.
Source: Booklet provided by ICICI Bank

OPT4 MORE
OPT4 MORE is a questionnaire given to the clients to
know weather they are conservative, investors. Accordingly
25

the wealth management group suggests where to invest so as

to receive best returns and to withdraw if not profitable.

Following is the format of questionnaire:

QUESTIONNAIRE:
26

1. My current profile is best described as follows:

a. Single/Young family

b. Mature family

c.

Nearing

retirement

2. My investment experience is best described as follows:

a. I have good knowledge
b. Some knowledge, but not in depth
c. Starting to learn
3.

How do I describe my investment style:

a. I like to buy shares
b. I can consider buying
c. I do not buy share

4. My main investment goal is:

a. To watch my money grow fast
b. To earn income and also grow my money
c. Only to earn a stable income

27

5. Out of my total money, how much would I want to

invest now:
a. Less than 25%
b. Between 25% & 35%
c. More than 50%

6. Approximately what portion of my monthly net income

goes towards paying of installment of loans (home loan,
credit loan, auto loan)?
a. Less than 10%
b. Between 10% & 35%
c. More than 50%

7. If I expect to have any major expenses (such as Childs

higher education/marriage, purchase of home) have I
planned a separate provision for these expenses?
a. I do not expect to have any such expenses
b. Yes, I have a separate provision for these expenses
c. Have no separate provision for these expenses

28

8. My financial position is best described as follows:

a. I have complete financial freedom
b. I can afford to take some risk
c. I can not afford to lose any money

9. I plan to start withdrawing money from my investment

for major needs
a. Only beyond 5 years
b. Between 2 to 5 years
c. Within 2 years

10. I will not need to withdraw these saving before the

started investment horizon
a. Strongly disagree
a. Neutral
b. Agree

29

11.

I am face with a choice between greater job

security with a small pay raise or a much higher pay

raise but less job security. Which would I elect?
a. I would definitely choose the higher pay raise
b. I may choose either
c. I would definitely choose greater job security

12.

How much money can I afford to lose before

feeling uncomfortable and exiting from an investment?

a. 20%
b. 5%
c. 0%

13.

Investment

in stock market is the same as

spinning the roulette wheel the odds are stacked against

me
a. Strongly disagree
b. Neutral
c. Agree

30

14.

Who has advised me in the past?

a. Broker
b. banker
c. none
Recommended asset Allocation
Conservative:
To take low risk on capital and aim to obtain marginally
higher return predominantly through bank fixed deposits and
a mix of income plans.
Moderate:
To take risk on capital by participating in the equity markets
with the objective of enhancing returns in the long term.

Aggressive:
To take high risk on capital with the objective of higher
returns over a 5years period.

SCORING SYSTEM
31

No. of option (a) ticked *5=

No. of option (b) ticked *3=
No. of option (c) ticked *1=
TOTAL SCORE=
CONSERVATIVE 15-35
MODERATE 36-55
AGGRESSIVE 56-75

32

Opt 4 more-

Performance summary:
Opt 4 More is a set of five suggested asset allocation
designed to help in planning one's financial needs for five
distinct risk profiles viz., risk averse conservative, balanced,
growth, aggressive. It helps in creating the appropriate
balance between safety, liquidity and potential for yield
enhancement through a mix of bank fixed deposits and
mutual funds (both fixed income and equity). The suggested
asset allocations for the five profiles in the Opt 4 More are
shown belo
Risk
Scheme

Conservati Balance Growt Aggressi

Avers ve (%)

d (%)

h (%)

ve (%)

e%
-

10

15

10

10

15

10

15

10

10

20

10

20

10

20

Equity
Plans
DSPML
Opportuniti es Fund
HDFC Top
200

33

ICICI
Prudential
Power
Reliance
Growth
Fund
Magnum
Global
Fund
Franklin
Templeton
Prima Fund
SUB
TOTAL
Short term 20

10

15

30

60

90

25

10

20

10

25

10

20

10

10
10

plans
ICICI
Prudential
Short term
plan
SUB
20
TOTAL
Floating
Rate Plans
Kotak
FloatingST
Birla
Floater LT
SUB
TOTAL
Fixed
Deposits

20

80

60

40

20

34

ICICI Bank
Deposits
SUB
80
TOTAL
GRAND
100
TOTAL

60

40

20

100

100

100

100

Historical performance of the asset allocation:

PARTICULA Risk

Conservat Balanc Grow Aggressi

RS

ive

ed

6.65%
1.50%
1.4%

19.49% 24.36
7.99% %
1.9%
13.62
%
1.5%

Aver

se
One
year 6.92
returns
%
Volatility
0.13
Shape ratio
%
18.9
%

35

th

ve
48.99%
24.22%
1.8%

COMPARISON OF ICICI BANK WITH

OTHER BANKS:
HSBC BANK The Worlds Local Bank
HSBC's origins in India date back to 1853, when the
Mercantile Bank of India was established in Mumbai. The
Bank has since, steadily grown in reach and service
offerings, keeping pace with the evolving banking and
financial needs of its customers. In India, the Bank offers a
comprehensive suite of world-class product and services to
its corporate and commercial banking clients an also to a
fast growing personal banking customer base.

HSBC Group entities in India

The Hong Kong and Shanghai Banking Corporation
Limited (HSBC)
HSBC Assets Management (India) Private Limited
HSBC Electronic Data Processing (India) Private Limited
HSBC Insurance Broker (India) Private Limited
HSBC Operations and Processing Enterprise (India)
Private Limited
36

 HSBC Private Equity Management (Mauritius) Limited

HSBC Professional Services (India) Private Limited
HSBC Securities and Capital Markets (India) Private
Limited
HSBC Software Development (India) Private Limited

How the wealth management group of ICICI Bank

is different from HSBC Bank
HSBC Power Vantage:
HSBC's Power Vantage Account is an exclusive proposition
that offers, amongst other benefits, a unique feature, called
the Personalized Financial Review (PFR). A trained
Financial Planner uses the PFR to help you evaluate your
finances, identify your current and future financial needs and
assist you in drawing up a plan to meet them. This sets it
apart from any other banking account

FEATURES AND BENEFITS

37

 A Power Vantage Relationship Manager to assist you in

your banking and financial planning needs.
Personal Financial Review helps you to evaluate your
finances, identify your current and future financial
needs and assist you in drawing up a plan to meet
them.
Unlimited free transactions (cash withdrawals and
balance enquiries) at 20,000 HSBC and non-HSBC
Visa ATMs in India using your Power Vantage debit
card.
Dedicated Service Desk and Teller Countries to assist
you with your banking needs, enabling you to save
time.
Higher cash withdrawal limit of up to Rs. 50,000 and
funds transfer up to Rs 100,000 with your Power
Vantage debit card, across 20,000 HSBC and nonHSBC Visa ATMs in India and close to 1 million ATMs
overseas.
Use your Power Vantage debit card for purchases of up
to Rs. 50,000 per day at over 320,000 merchant
establishments in India and over 14 million such
establishments overseas.

38

 Free Cheques Payable at Par (CPP) facility in all cities

where HSBC has branches, helping you save on outstation clearing time and costs.
No-bounce Cheque Protection which means cheques
presented through clearing irrespective of funds
available, will be honoured (overdrawing of a
maximum of Rs. 10,000)*
Monthly Composite Statement giving you a snapshot
of all deposits and loans.
Joining fee waiver and 50% off on the annual fee for
your credit card**

39

Financial Planning Services

Building wealth today depends on a sound financial plan
that involves saving and investing, in long-term growth and
sufficient returns. Making the change from saving to
investing can be critical to your long-term success. Inflation,
falling interest rates and fluctuating market conditions
require you to plan your finances carefully. Celebrate
important occasions in the future by managing your wealth
well now. HSBC's Financial Planning Services are available
for existing HSBC customers and are free of cost.

Business Select:
When it comes to maximizing your wealth, you need to
partner with a reliable banking service. Our range of
financial services and personalized banking solutions helps
you mange your wealth efficiency.
Great partnerships lead to even greater rewards. That is why
we at HSBC Business Select work with you every step of

40

the way. Choose from a rang of financial services and

personalized business-banking solutions that help you
maximize your business potential.
And give you the recognition you deserve.

FEATURES AND BENEFITS:

A dedicated Relationship manager
Business Select provides you with a personal Relationship
Manager dedicated to understanding your financial needs.
So whether you're looking for cash management solutions,
trade related services, or simply cash pick-up from your
business premises, the personal attention your Relationship
Manager provides is invaluable in helping you choose the
right solutions.

Preferential pricing*on Trade Services

As our valued customer, you can enjoy our local expertise
and global reach in handling your trade business, including a
complete range of products that would facilitate you in all
your export and import transactions. These include Export

41

and Import Collections, Documentary Credit (or Letter of

Credit) issuing, advising and confirming, negotiation of your
Export Bills and Remittances.

FREE cahier's orders

Enjoy the benefit of free cashier's orders payable at any
HSBC branch in India.

Business Doorstep Banking

Transact from the comfort of your cabin with Business
Doorstep Banking, Cash, cheques and drafts can be picked
up from or delivered to your office absolutely free of cost.

Preferential pricing*on foreign exchange rates

With our global network, we not only ensure that your
foreign exchange transactions are seamless but also provide
you with preferential rates on all your foreign exchange
remittances routed through us.

No bounce cheque protection#

42

Make payment with complete peace of mind Business

Select offers you a no-bounce limit of up to Rs. 2 Lakh on
cheques issued from your Business Selected account.

FREE Internet Banking for Business

Manage your finances with ease. View your account
statements, pay bills make drafts or transfer funds round the
clock, from anywhere in the world.

FREE Business Phone Banking

Access your Bank balances at your convenience, with
actually stepping into the Bank. All you need is a phone and
you can transfer funds, pay your suppliers, make fixed
deposits, request a cheque book and much more.
FREE special ATM card
Withdraw up to Rs 200,000/- per day with your special
Business Select ATM card at over 150 ATMs in India.

43

 New debit card

You can now apply for a HSBC debit card which can be
used as an ATM card at any HSBC or Visa/Plus ATM
across the world, as well as for making payment at
merchant establishments.
Cluster deposits
With cluster deposits, let your idle monies earn the
interest rate of a fixed deposit while allowing you access
to your funds at any time. Ensuring the best-possible
returns as well as liquidity.
Smart Money Account
With the Smart Money Account, make your fixed deposits
work for you. Avail of an overdraft against your fixed
deposits at attractive rates.

44

Citibank

Citibank is a major international bank, founded in 1812 as

the City Bank of New York. Citibank is now the consumer
and corporate banking arm of financial services giant
Citigroup, the largest company of its kind in the world. As of
March 2007, it is the largest bank in the United States by
holdings.

Citi Gold
Wealth Management
Citibank

has

well-organized

system

of

Wealth

Management services in India that give you unparalleled

45

advantage and opens up the opportunity to maximize your

wealth.
Welcome to Citigold Wealth Management, an innovative
feature to complement Citibank and their range of banking
services in India.
Check our Citibank Wealth Management process to assure
yourself that Citibanks banking services in India are
comprehensive and have been designed keeping the longterm benefits and convenience of the customer in mind.

CitiGold Wealth Management Team

Your CitiGold Wealth Manager backed by a team of experts
in the field of investments, insurance, treasury and foreign
exchange services will provide you with expert advice
through the CitiGold Wealth Management Process and help
you keep track of your portfolio on a regular basis. Your
dedicated service relationship manager will help you with all
your banking transactions at your convenience.

CitiGold Wealth Management Process

CitiGold Wealth Management is a two-step process

46

The first step begins with Citipro, the Financial Managing

Tool. It helps you access your existing wealth, cash flow
requirements, risk appetite and investment horizon. Your
profile and your cash flows will determine the optimal
portfolio allocation into liquid assets, medium term and
long-term investments. It also helps you rationalize your
existing

liabilities

and

determine

your

insurance

requirements so that your family can continue to avail the

same benefits and fulfil their drams even in case of an
unfortunate eventuality. It thus enables you to preserve,
protect and grow your wealth.
The second step pertains to product selection and portfolio
review and rebalancing with CitiChoice. You can select from
a shortlist of top performing mutual funds in each of the
liquid, debt and equity funds asset classes from leading fund
houses in India. Depending on your risk appetite and
investment horizon, you can also invest in Government of
India fixed income securities, treasury bills and corporate
bonds/debentures/commercial papers.
Your CitiGold Wealth Manager actively monitors your
investment portfolio and keeps you abreast with the updated
status of your investments. You also receive a portfolio
47

tracker that contains details on your portfolio performance

against your financial plan and provides you a systematic
opportunity to rebalance your investments should you desire
to do so.

Wide Range of Products

CitiGold offers you a comprehensive range of products to
meet your transaction, savings, and investment and
insurance requirements.
You can select from a set of term and endowment insurance
policies brought to you through our insurance partners so
that your needs for wealth protection are taken care of.
You can also select from a range of asset products, namely
personal, home and auto loans at special relationship
pricing.
Citibank makes available an exclusive set of structured
products for our CitiGold customers like Market Linked
deposits and Invest Plus with Citibanks global reach, you
get the power to manage your foreign exchange flows in the
most efficient manner.
48

Unmatched Banking Convenience

You can conduct your banking in compete exclusivity and
confidentiality at our exclusive outlets the world over, and
come to know about them through financial and business
magazines and television programmes.
CitiGold brings to you superior banking convenience with
draft drawing facilities at over 301 locations, national
banking, payable-at-par cheque books, cash delivery and
cheque pick-up facilities.
An exclusive CitiGold telephone line at CitiPhone, Citibank
Online and Citibank Banking Centers enables you to
conduct your banking transactions 24 hours a day, 7 days a
week-both while you are in India or traveling overseas.
CitiAlert messaging services helps you keep tab on your
money through Alerts on your email or mobile phone.
CitiGold Wealth Management Exclusives
CitiGold Wealth Management offers you an exclusive
privilege that comprise of :

Tax and estate advisory services through a leading tax

advisory firm in India.

49

Free for life Citibank International Gold Credit Card.

Updated information on treasury, currency markets.

Invites to seminars on capital markets, mutual funds,

budget and taxation.

Free insurance benefits upto Rs 30 Lakh personal

accident, and baggage and householder insurance.

Free access to airport lounges at Domestic and

International airports in India.

FINANCIAL PRODUCTS AND SERVICES

OFFERED BY
ICICI BANK
Term Deposits
Stable and assured returns make them a vital part of all
investor's portfolio. Amongst the most traditional banking
products, Deposits still remain a popular choice for
investors. ICICI Bank offers a wide variety of Deposits, with
attractive interest rates and many more useful features.
There is a choice between a traditional or reinvestment or
recurring deposit plans. All plans offer a range of interest

50

payout options (annual, semi-annual, etc.) and choice of

tenors.
o Tenors: 7 days to 5 days
o Payouts On Maturity, Annually, Quarterly, Monthly.
o Interest Options- Fixed or Floating

Fixed Income Securities

Fixed Income Securities like bonds provide stable and
assured cash flows if held till maturity.
The large exposure to this asset class is because of the
variety of products that are on offer in this umbrella class,
which offers investors a wide range of choices covering a
broad spectrum of risk and return objectives.
Attractive benefits of bonds
o Fixed returns- Irrespective of market trends, if held till
maturity
o Stable returns- Less volatility compared to equities
o Liquidity-Easy entry and exit opportunities

51

o Diversification Wide range of options available to

choose from
o Protection

against

deflation

A hedge

against

economic slowdown
o Unlocking asset value Can be pledged as collateral

Investment in Equity Markets

There are a number of ways of investing in the Indian equity
markets. One could either invest through a fund or invest
directly. Investing through the fund provides low cost access
to professional expertise; however, there is limited control
on the underlying portfolio. For direct investment an
attractive route is to invest through Portfolio Management
Services (PMS), which not only provides professional
management at low cost but also gives a higher degree of
control.

Portfolio Management Services

PMS is a generic term used to describe the services offered
by certain professional entities related to management of
clients' portfolio of financial assets (equities, fixed income
securities, derivatives, etc.) in the Capital Markets on

52

segregated account basis. The key advantage of PMS is that

customized portfolios are created for each individual
investor, in terms of matching it with the person's risk
appetitive and return expectations, incorporating his views
on different sectors or companies and allowing dynamic
asset allocation.

Direct Investment in Equities

Wish to invest directly in shares of Indian companies
without having to bother about finding a broker or worry
about margin and settlement issues has come true. One can
enjoy the convenience of hassle-free, simple and efficient
trading in Indian equities online through the ICICI webbased platform, ICICI direct.com. The ICICIdierect.com
platform provides a unique experience of online investing in
shares listed on the National Stock Exchange (NSE) and the
Bombay Stock Exchange (BSE), India as well as investment
in the Initial Public Offerings.
(IPOs) made by Indian companies. ICICI Bank offers varied
Demat services like e-instruction facility, digitally signed
statements an many more offering the best value for money,
across214 branches.

53

Mutual Funds
A mutual fund is an entity that pools the money of many
investors its unit-holders- to invest in different securities.
Investments may be in shares, debt securities, money market
securities or a combination of these. Those securities are
professional managed on behalf of the unit-holders, each
investor holds a pro-rata share of the portfolio i.e. entitled to
any profits when the securities are sold. But subject to any
one can get a choice of schemes to suit its investment needs
and risk profile. Some types of Mutual Fund Schemes are
given below:

Debt Funds: This fund gives access to a wide range of

fixed income securities across currencies and markets.
Depending on the investment horizon, one can choose from
Liquid Funds for short-term liquidity management, Floating
Rate Funds to take advantage of risking interest rates, or
other plans like Sovereign Bond Funds, Short-term Bond
Funds and Fixed Maturity Plans to suit the investment
needs.

54

Equity-based Funds: This fund invests a major portion

of their portfolio in equity markets, with some portion in
fixed income securities. One can invest in Diversified Equity
Funds for stable returns from across industry sectors, or take
a view on a particular sector and invest in Sector Funds that
provides exposure to the leading companies in the selected
sector. Even within these broad categories of Equity-based
Funds, different schemes follow different styles like Large,
Mid or Small Cap and Value or Growth style of investment,
provide ample diversification opportunities.

Liability Management Products

Liability Management Products help to manage the
borrowing needs without disturbing one's investments.
Managing the borrowings effectively helps in strengthening
the portfolio's long term performance, while at the same
time meeting the short-term cash flow needs. Home loans,
vehicle loans, personal loans, loan against investmentsShare/mutual funds, loans against deposits, loan against Real
Estate etc. are some of the products of the entire spectrum of
loan products.

55

Risk Management Products

Financial priorities in life, be it Saving protection or
Investment, depends on the stage of life you are in. With
changing life stages, priorities will change as well. To meet
these constantly evolving needs, one may need to buy
different policies at every stage.
ICICI Bank with its channel partner, ICICI Prudential offers
customized Life Insurance solutions with a comprehensive
range of unit-linked products that takes care of a person's
wealth by providing flexibilities. ICICI Bank also offers
tailor made solutions for individual and family, taking care
of their life and also allowing earning while you save by
converting them into investments.
ICICI Bank in association with ICICI Lombard offered
comprehensive commercial and personal product line
(General Insurance) aimed at customers and businesses of
all kinds and sizes, as there is always an uncertainly attached
to life and property due to natural and man made calamities
and the losses that they cause are a matter of increasing
concern. To name a few, they include Health, Home, Motor,
Travel, Personal Accident Liability, Credit Insurance, Credit
Insurance, Project Insurance, Mega risk Aviation covers, etc.

56

Trust Services
In today's world of uncertainties, the need for proper and
prudent safeguarding of one's future and that of our near and
dear ones has gained greater significance. ICICI Bank
through its partner companies provides specialized services
and facilities required to safeguard the investment and
estates not only in one's lifetime but also subsequent to it
and then dispose them off according to the terms of the Will
or Trust. A Trust is a highly flexible arrangement that can be
structured to organize global assets. A trust is also ideal to
address specific investment needs such as estate planning,
asset sheltering and tax planning.

Philanthropy Services
Philanthropy means different things to different people, but
the real challenge lies in finding innovative ways of
leveraging and attracting resources to create positive change.
ICICI Bank and GIVE Foundation are committed to not only
providing comprehensive and innovative solutions to donors
and NGOs, but also in ensuring that a professional teem

57

manages an monitors such donations so that they actually

create a difference in the lives of the end recipients. GIVE
Foundation's customized solutions are structured for
delivering what the donor wants his/her money to be utilized
for. GIVE assists donors in:
o Supporting social development/charitable projects
across the country
o Setting up your "own" projects

ALTERNATIVE INVESTMENT PRODUCTS

Investment In Gold
Gold treasured as a store of value for thousand of years, it is
an important and secure asset. But Gold, as a financial asset
in a class of its own. Investment in gold helps in Portfolio
Diversification and Preservation of Wealth. Gold has proved
itself to be an effective way to manage wealth. For at least
200 years the price of gold has kept pace with inflation.
ICICI Bank is the largest dealer of branded gold in Indian
Markets. It sells LBMA registered brand of gold bars, which
are 99.5% or better purity. Each bar is marked with a distinct
58

serial number and is issued with an international valid

certificate that will attest its purity and serial number.
Investments in gold bars are strongly backed by solid
rationales. ICICI Bank carves the pathway for investments
in gold allowing availing multiple benefits like that of
o Effective portfolio diversification
o Hedge against inflation,
o High returns with low liquidity and many more.

Real Estate Investment

Investment services are offered to individual or corporate
clients who wish to introduce real estate assets in their
portfolio. The client has multiple options to invest in a
variety of sectors, depending upon the investment amount,
risk appetite and expected return. One can avail these
services to directly purchase properties in India, spanning a
wide range of sector such as commercial, Residential, Retail,
Hospitality, etc. Or can even invest in Real Estate Funds and
structures and participate in the growth of the Indian Real

59

Estate. Investors have been attracted to real estate for its

competitive rate of return, ability to diversify a portfolio,
inflation hedging attributes and income generating capability
through rentals and capital appreciation.

Regular Income: This instrument is applicable to those

properties in which a tenant is paying regular rent to the
owner. The rental in this case is classified as a regular
income.

Capital Gain: This instrument is applicable where an

investor enters in the early life cycle of a project that is
scheduled to go under construction or is already under
construction. The client can exit the project once it is
completed an successfully rebate out at premium.

Business Opportunity: If a real estate is required for

business like setting up office, retail chain, hotel, etc. ICICI
Bank can help at every step with end-to-end solutions.

Deployment Opportunity: One can explore the

opportunity to profit by putting its real estate, which could

60

be in either from of land or as a finished product, to suitable

use, or even by outright sale or lease.

Art investment
Art investment funds represent something of a revolution in
the relationship between art and commerce. Art collecting
has traditionally been the domain of wealthy individuals in
search of rewards beyond the purely financial. The new
funds, by contrast, allow people with smaller bankrolls to
play the art market by pooling their resources, and the only
benefits are economic, since investors don't get to hang the
paintings on their walls. In this scheme, art is just another
"alternative asset class, like gold or wheat.
This "asset class" has been legitimized to a degree by a
couple of academic studies showing that art has significantly
outperformed bonds and has kept pace with equities. Not
surprisingly these studies find that the returns from art are
not particularly correlated with the overall capital markets.
However, just because an art fund Possible, does not
necessarily make it a smart investment. Any art fund is
going to have a number of expenses that will reduce the
funds' overall returns. In addition, the fund managers will
undoubtedly not be working for free. To some researchers
this rush of funds is a sign of a market top, "So the headlong
61

rush to invest in art looks more like a fad than like a rational
approach to making money. In some ways, it resembles the
boom in Internet stock funds that swamped Wall Street in
1999, when investors were convinced that the only direction
was up."
A more reasonable approach to the art markets requires a
little thinking outside the box. Directly buying fine art such
as paintings and sculpture and photographs, being the
primary mode of investing in art, apparently seems like a
third world to investors. It does not have tope as difficult as
one believes and anyone that can adequately advise on a
good art fund could and should be able to advice on actual
works of art to invest in. Yes, it will take a bit more time an
research, yet this method of investment will yield several
more positive results than merely investing in stock or an art
fund.
Primarily one will have the object that he/she has invested in
your possession, giving you the control of the future of that
object and not a Bank or auction house which could always
make decisions on the object which you are not in
agreement with, or which may de-value your investment.

62

Second, you will have a piece of art to enjoy and display in

your office or home. Many these days are buying art, and
without ever even seeing it storing it in a vault and selling it
10 years down the line, basically using it as bond. Yet art
doesn't have to be solely a financial investment, it can be a
cultural investment also which will not only provide a new
form of entertainment yet will expand our cultural horizons
as well as our finance.

A RANGE OF ADVISORY SERVICES

Real estate advisory services:
Being one of the largest players in the mortgage and
corporate real estate advisory segments, we have unmatched
reach in the property market an allied sectors. From
sourcing, buying, valuation and selling to leasing, our endto-end real estate advices are tailor made to fit your
requirements and help you achieve your investment
objectives.

63

 Tax and other advisory services:

ICICI Bank has tie-ups with leading tax advisory firms who
would help you in your domestic taxation-related issues and
concerns, trusts, estate management and other services. As
an ICICI Bank Private Banking customer, you can avail of
their advice at a special relationship pricing.
Investment Banking Services:
You could have business-related needs in India like buying
out a company or tapping the Indian capital markets. ICICI
Securities, or Investment Banking arm in India, is uniquely
positioned to assist you in these areas.
Trust Services:
We offer you specialist trustee services through our partner
companies for estate planning, asset protection and tax
purpose. Our partners also provide specialist services for
formation and management of offshore companies, holding
companies and trading companies that can help your
organize your global businesses more efficiently.
Equity Advisory Services:
ICICI Bank with our associate partner, ICICIdrirect.com
offers equity advisory services to maximize the returns on
your investments. These services are backed by our

64

extensive research team that deliver superior returns and

ensure a high margin of safety. At ICICI Bank, we also have
a full-fledged research division which conduct industry and
company specific equity research, with analysts specializing
in economic sectors and large stocks.

Portfolio Advisory Services:

We at ICICI Bank understand the challenges faced in
allocation of wealth, decisions related to them and risks
involved in a volatile market. Based on these requirements,
for our select customers, we offer the comfort of dedicated
investment professionals helping you to realize your
objectives. Our experienced professional offer disciplined
and comprehensive models based on your individuals needs
that have a clear, long-range plan in place to solve your
problems and meet your financial goals.

INTERNATIONAL PORTFOLIO INVESTMENT

There was a time when investors treated national boundaries
as impregnable barriers, limiting their reach and financial
options to predominantly domestic and regional markets.

65

Times have changed. Just as companies and consumers are

going global, so are increasing numbers of investors. The
expanded universe of securities available internationally
suggests the possibility of achieving a better risk-return
trade-off than by investing solely in Indian securities. That is
expanding the universe of assets available for investment
should lead to higher returns for the same level of risk or
less risk for the same level of expected return. This relation
follows from the basic rule of portfolio diversification: The
broader the diversification, the more stable the returns and
the more diffuse the risks.
Investors should always be looking for different asset classes
that perform well in different environments, and one of the
arguments for investing overseas is that stock

markets indifferent parts of the world tend to hit their peaks

and valleys at different times because of varying economic
conditions. Although some researchers have found that the
negative correction-or the tendency of two assets to perform
differently in the same environment-between foreign and
domestic markets has lessened as the world has become a
global market place, it has not disappeared.
66

All the Institute of International Finance's (IIF) recent

annual meetings in Singapore, IIFChairman Dr. Joseph
Ackerman (also Chairman of the Group Executive
Committee of The Deutsche Bank met with members of the
World Bank and highlighted this year's favorable growth
performance for the Euro zone, Japan and large parts of
emerging markets, particularly those in Asia. From Moscow
to Manila, emerging markets are soaring. Net private equity
investments in these emerging markets are projected to reach
a record $260 billion this year (2007). Investor relations and
data transparency overseas have improved dramatically
during the last decade, helping individual investors evaluate
profitable investment opportunities. When you start thinking
globally, your investment perspective changes dramatically.
What's domestic, anymore? New York-based oilfield
services firm Schlumberger Ltd. Earns 78 percent of its
revenue from outside the US. McDonald Corp, about as
American as apple pie, also relies heavily on overseas
revenue. Moreover, Exxon Mobil, Wal-Mart Stores, Royal
Dutch Shell, BP and General Motors occupy the top slot in
the latest FORTUNE'S Global 500 list of companies, and
none of them are traded in Indian stock exchanges. Among
the Indian companies, Indian Oil ranks at 153 rd place,
followed by Reliance Industries at 342nd place. Mittal Steel
67

is at 208th spot. U.S. house headquarters of 170 Global 500

companies, Japan is home to 70 corporate and Britain and
France are home to 38 companies each. In contrast India has
only six entries. In this era of globalization, what the above
figure suggests is that as an investor, there are opportunities
aplenty on the global front, and the only way an Indian
investor can invest in these companies is through an
internationally-oriented portfolio.

GLOBAL MUTUAL FUND

FIDELITY INTERNATIONAL:
Established nearly 40 years ago, Fidelity International
Limited (FIL) operates in markets outside the Americas. The
company and its subsidiaries mange over $279 billion* for
major institutions and millions of investors around the
world.

Product Range
Fidelity Equity Fund
Fidelity Tax Advantage Fund
68

 Fidelity Indian Special Situation Fund

Fidelity International Opportunities Fund
Fidelity Short Term Income Fund
Fidelity Multi Manager Cash Fund
Fidelity Cash Fund

Advantages of Fidelity International

If you want to put aside just a small amount regularly,
you can plan a SIP as part of your monthly budget. In
fact, using the auto-debt facility that comes with most
Bank accounts to regularly transfer money to your SIP
can make for investing convenience.
On the other hand, if you have a lump sum, but do not
want to commit all of it, a SIP can be a smart move.
Not only does it help you to build your portfolio one
step at a time, it also helps you to ride over market
volatility and benefit from 'rupee cost averaging': If the
market goes up, the units you own will increase in
value. If its goes down, your next payment will buy
mere units.

69

 The government has made a host of individual saving

tax-deductible under one umbrella called Section 80C
and a simple new rule has emerged-if you invest up to
Rs. 1 lakh in a tax saving instrument or even a
combination of them, you effectively reduce your
taxable income by up to Rs. 1 lakh. This means you
could save up to Rs. 30,000* in taxes.

Fidelity Investments (India)

Fidelity investments, established in 1946, is a privately held,
diversified financial services company comprising Bostonbased FMR Corp. with more than 34,000 employees and
fidelity International Limited, headquartered in Bermuda.
The combined companies are located in 21 countries across
four continents. Fidelity offers investment management,
retirement planning, brokerage, human resources and
benefits outsourcing services to more than 20 million
individuals and institutions as well as through 5,500
financial intermediaries. The firm manages over USD 1.2

70

trillion in Customer assets and is the largest mutual fund

company in the United States, the No.1 provider of
workplace retirement savings plans, one of the largest
mutual fund supermarkets and a leading online brokerage
firm.
Fidelity Business Services India (FBSI) Private Limited
started its operations supporting U.S.-based businesses in
September 2001 at Gurgaon and expanded to Bangalore in
November 2003. as of May 31, 2006, we have over 3,500
employees,

split

between

IT

Operations,

Business

Processing Operations, Implementation, Business Analytics

& Research and Support Services. Our current estimates are
for year-end staffing to reach 4,200.FBS India was started
with the aim of strengthening Fidelity's positions as the most
trusted provider of lifetime investment solutions by
providing state-of-the art and cutting-edge technology
products and solutions to Fidelity's internal and external
customers. Employers deliver world-class applications,
solutions, products and services that provide Fidelity's
businesses a competitive edge. We work on diverse
technology and have numerous centers of excellence that
provide focused delivery capabilities in technology.
Fidelity is committed to continuous improvement, state-ofthe-art technology and peerless customer service. We
71

reinvest a substantial portion of our revenues each year back

into technology to deliver new products and services to
investors. Fidelity's annual investment in technology is a
whopping $2.1 Billion.
We have fostered a workplace where professionals commit
themselves to the clearly outlined values of Trust, integrity
and a deep sense of purpose. Fidelity believes in the respect
for the individual and is committed to provide an openminded, learning culture with a focused domain & technical
training and a customer focus that adds true value to all that
we do. A career at Fidelity means sharing knowledge, taking
intelligent risks, fostering teamwork and development
opportunities.

PRINCIPAL FINANCIAL GROUP

About The Principal
The Principal financial Group (The Principal) is a leading
global financial company offering businesses, individuals
and institutional clients a wide range of financial products
and services.
Our range of products and services includes retirement
solutions, life and health insurance, wellness programs, and
investment and banking products through our diverse family

72

of financial services companies and national network of

financial professionals.

Investments
Investments success is a direct reflection of the expertise of
your financial provider. For more than 120 years, the
companies of the Principal Financial Group have provided
sound

investment

services

with

competitive

results.

Combining innovative products with experienced investment

personnel and sound financial practices, we offer a wide
spectrum of services to help businesses as well as
individuals achieve their financial goals.

Principal financial Group Banking

Products
Online banking with Principal Bank offers everything but
the big lobby and the short hours. We offer the same
complete line of product you need and use everyday, but in a
convenient, economical way.

Checking Accounts

73

A truly free account that offers online convenience with

FREE, unlimited online Bill Pay.

Money Market & Savings Accounts

Different product for savers age one to one hundred. Check
out the benefits of opening one today!

Student Package Accounts

A student package to fit your mobile lifestyle with checking,
savings and overdraft protection all rolled into one easy-toopen application.

Health Savings Accounts(HSA)

Accumulate significant tax-advantaged savings, along with
the option to use in conjunction with a High Deductible
Health Plan to provide the security of quality group medical
insurance protection.

Certificates of Deposit
74

Products for long-term investing in various terms and styles.

Individual Retirement Accounts

Traditional, Roth or Safe Harbor; long-term or short-term.
Whatever you're looking for we can help.

Loans
A new car, debt consolidation, a second honeymoon or home
remodeling. Principal Bank has a loan to cover it all.

Credit Cards
Three different ways to make your card work for you! VISA
name, great reward! Find out more today.

Gift Cards
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SURVEY
During my summer project training I came to know that
ICICI Bank is planning to launch a new product named
Global Mutual Fund. The product is soon going to roll in
the market in a month or so regarding this I conducted a
survey of 50 people all around my area-all working in
different sectors.
Following is the format of questionnaire:
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Name
Age
Gender M/F
Instruction: - Kindly encircle your response. Wherever
required you can mark more than one options.
Q1. My current profile is best described as follows:
a) Single/Young Family

b) Mature Family

c)

Nearing

retirement d) working women

Q2. I belong to the below given monthly income group
a) <15000 Rs.

b) 15000-25000 Rs.

c)

>25000-

35000 Rs d) >35000-50000 Rs
e) >50000 Rs.

Q3. My investment experience is best described as follows:

a) I have good knowledge
b) Some knowledge, but not in-depth
c) Starting to learn
d) I don't have any idea
Q4. My main investment goal is:
a) To watch my money grow fast
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b) To earn income and also grow my money

c) Only to earn a stable income
Q5. My financial position is best described as follows:
a) I have complete financial freedom
b) I can afford to take some risk
c) I can not afford to lose any money
Q6. I plan to start withdrawing money from my investments
for major needs (approx.)
a) After 5 years
b) Between 2 to 5 years
c) Within 2 years
Q7. Investing in stock market is th same as spinning the
roulette wheel because the odds are stacked against me
a) Strongly disagree
b) Partially disagree
c) Neutral
d) Partial agree
e) Strongly agree
Q8. Have you ever invested in any Mutual Fund (MF). If
yes, which

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a) HDFC mutual fund

b) SBI mutual fund c)

ICICI prudential mutual fund

d) Others (please specify)
Q9. According to you what are the benefits of investing into
a global mutual fund?
a) Investing internally
b) Diversified investment
c) Lower transaction cost
d) Higher return with lower risk
e) Professionally managed fund
f) Others (please specify)
Q10. If you were given a chance to invest in a global MF of
ICICI, which invests worldwide, would you like to invest
into it?
a) Definitely Yes
b) Probably Yes
c) Undecided
d) Probably No
e) Definitely No
Q11. If No, then why?
a) Need some more information
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b) Does not gives adequate return

c) Some financial constraints
d) Others (please specify)
Q12. Would you like to share any good/bad experience of
yours/family members/friends etc. while dealing with ICICI
Bank?

THANK YOU!!

Analysis & Conclusion of survey

The people I have surveyed are mostly working and

salaried people.

Most of them come under monthly income of 25,00035,000 Rs rest belong to monthly income of 15,00025,000 Rs. and few come in the category of <15,000
Rs.

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Almost all the income groups especially 25,000-35,000

Rs. are interested in investments and have fair
knowledge. Few have knowledge, but not in depth.

Almost all of them have invested in Mutual Fund like

HDFC mutual fund, SBI mutual fund, ICICI fund,
Reliance

mutual

fund,

TATA

mutual

fund,

FRANKLIN mutual fund etc.

Their investment goal is to earn income and also to

grow their money. Rest wish to watch their money
grow fast, and even that they afford to take risk an after
all good investors are those who take the risk.

On asking them weather Investment in stock market is

the same as spinning the roulette wheel-mostly agreed
and rest were neutral.

On asking weather the customers would be interested

in investing Global Mutual Fund, which invest
worldwide-take answers were positive, all replied
either definitely yes or probably yes.

Hence seeing the response of the curious customers who

were interested in knowing about Global Mutual Fund I
conclude that ICICI Bank would receive good response
on launching its new product.

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Hence with this survey work and its analysis I would like
to conclude the project report.

RECOMMENDATION
Almost all the Bank which are providing services of
wealth management are present in metros or in big
cities. Due to this all the wealthy people sitting in
small towns and places could not get the benefits of it

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and

their

money

remains

idle.

Hence

due

consideration should be given in these people. And

the banks should target small markets to have more
and more output.
The next thing which should be kept in mind that in
order to generate revenue wealth management group
should not provide such products that does not benefit
the customers. eg Life Insurance. It is important for
an individual to evaluate the need for insurance with
respect to his earning potential and the financial
impact on his dependants in the event of his untimely
death. In the event of his surviving the term of the
policy

do not make

insurance

a worthwhile

investment. Surrender values paid by the insurance

companies are not attractive leading to a lengthy lockin period.

Mainly wealthy people use the service of wealth

management. Only they take the help of professionals
to manage their money. Every individual whether they
belong to upper class or middle class needs a financial

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planning. So, ICICI Bank Wealth Management can

collaborate with Money control or CNBCTV18 and
can organize investor camp to educate investors about
the functioning of wealth management and how it will
help them to grow professionally and personally.

CONCLUSION
Wealth management services have been getting more
attention over the last two years. A booming economy, rising
stock prices and an increase in salaries and spending power
have turned the spotlight on this sector. The wealth
management space was earlier the preserve of same foreign
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banks which offered these "exclusive services" to a select

few.
Wealth management is just emerging in India. The
growth of the economy has already been widely showcased.
Wealth and disposable income are growing substantially. We
are also noticing that for the first time the ability to earn and
save are slightly different. Earlier people jut put away their
money in some guaranteed products. Today, when even the
government is withdrawing from those products (it recently
stopped the maturity bonus on post-office savings),
investors, whether they be doctors, architects or anyone else,
need professional help
It is for everybody. The person who is earning Rs. 30,000
per moth also needs this advice. He has to now protect this
property from, say, flood, cyclone or other natural disasters.
Here is where wealth management group can help.
It has various benefits like it provides individual and even
families with private banking, estate planning, asset
management, legal service resources, trust management,
investment management, taxation advice, and portfolio
management. Thus, wealth management encompasses asset

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management, client advisory services, and the distribution of

investment products.
HSB's Wealth Management Group functioning is different
from that of ICICI Bank in that HSBC's Power Vantage
Account is an exclusive proposition that offers, amongst
other benefits, a unique feature, called the Personalized
Financial Review (PFR). A trained Financial Planner used
the PFR to help customers evaluate their finances, identify
their current and future financial needs and assist them in
drawing up a plan to meet them. This sets it apart from any
other banking account. HSBC's Financial Planning Services
offer assistance to secure customer's future.
Their Financial Planning Services are available for existing
HSBC customers and are free of cost.
Even City Bank's Wealth Management Group is different
from ICICI Bank's W.M Group
CitiGold Wealth Management offers you an exclusive
privilege that comprises of:
Tax and estate advisory services through a leading tax
advisory firm in India.
Free for life Citibank International Gold Credit Card.
Updated information on treasury, currency markets.

86

 Invites to seminars on capital markets, mutual funds,

budget and taxation.
Free insurance benefits- up to Rs 30 lakh personal
accident, and baggage and householder insurance.
Free access to airport lounges at Domestics and
International airports in India.
Hence with this I would like to conclude by saying that
Wealth management is a high level form of private
banking

and

'

With

growing

incomes,

wealth

management is for everybody'

REFERENCE:
http://en.wikipedia.org/wiki/Banking_in_india
http://www.money-transfer.in/banksinindia.html
http://en.wikipedia.org/wiki/Investment_bank
http://www.blonnet.com/iw/2006/05/28/stories/200605
2800221100.htm
http://www.online.citibank.co.in/portal/cb/banking/wea
lth-management-servics.html#a

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 http://en.wikipedia.org/wiki/Mutual_fund
http://www.naukri.com/gpw/fidelity/new/index.htm
http://www.fidelity.co.in/about_us/index.htm
http://en.wikipedia.org/wiki/Ownership_equity
http://en.wikipedia.org/wiki/Debt
Various booklets provided by the Bank
Economic times

88