Mumbai, April 20, 2020 - ICICI Securities, India's leading financial services firm, today launched online Fixed Deposits (FDs) offerings of various tenures from ICICI Bank, thereby further expanding its distribution business. These would be sold online, making it yet another investment proposition for the customers.
Till date, in the fixed income space, the company distributed products like Corporate FD & Bonds, Non-Convertible Debentures, Sovereign Gold Bonds (SGBs), 7.75% Savings (Taxable) Bonds and the National Pension Scheme (NPS) products. With the bank fixed deposit offering on ICICI direct, the trading and investment platform of I-Sec, the company would come one step closer towards meeting complete financial requirement of an individual.
"Bank deposits continue to remain an integral part of an investor's overall portfolio, specially in volatile and uncertain times like these, when a section of investors seek avenues to park their surplus funds in stable bank deposits. The launch of this facility on our portal in that context is very timely. We plan to further strengthen this offering by launching other deposit variants like RDs etc. so that customers can meet their goal based investment objectives. Our journey towards truly becoming a one stop financial supermarket catering to all the three financial needs of the customer ? investments, assets, and protection?is an on-going one and we will be launching more such initiatives in the near future," said Kedar Deshpande, Head Retail, Product and Services group, ICICI Securities Ltd.
I-Sec's distribution business includes sale of financial products like MFs, general and health insurance, Corporate FD & Bonds, NPS, SGBs, AIFs, PMS, home loans, personal loans, accounts for about a quarter of its revenues. The company has a network of 178 ICICIdirect branches and a nationwide network of 8,600+ business partners, consisting of sub-brokers, authorized persons, IFAs & IAs.
About ICICI Securities
ICICI Securities Limited (I-Sec) is a subsidiary of ICICI Bank Ltd. The company began its operation in May 1995 and continues to grow its operation through expanding its client base and providing different type of services.
I-Sec operates www.icicidirect.com, India's leading virtual financial supermarket, meeting the three need sets of its clients- investments, protection, and borrowing. Through its three lines of businesses -- broking, distribution of financial products, and investment banking-- I-Sec serves customers ranging from the retail and institutional investors to corporates to high net-worth individuals to government.
I-Sec is listed on National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). For details, visit: www.icicisecurities.com
Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in broking business and other financial services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. ICICI Securities Limited undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
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