Product offering by Top 5 Private Sector Banks & Basic Services rendered to HNI's
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A REPORT On PRODUCT OFFERING BY TOP 5 PRIVATE SECTOR BANKS AND BASIC SERVICES RENDERED TO HNI’S HDFC BANK LIMITED By Dhriti Upadhyaya B.Com V Semester SBI School of Commerce & Banking WISDOM- Banasthali University
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Transcript of Product offering by Top 5 Private Sector Banks & Basic Services rendered to HNI's
A REPORT
On
PRODUCT OFFERING BY TOP 5 PRIVATE SECTOR BANKS AND BASIC
SERVICES RENDERED TO HNI’S
HDFC BANK LIMITED
By
Dhriti Upadhyaya
B.Com V Semester
SBI School of Commerce & Banking
WISDOM- Banasthali University
Submitted to: Submitted to:
Ms. Aditi Chakravarty Ms. Megha Agarwal
HDFC Bank Ltd. Banasthali University
Lucknow. Rajasthan.
Declaration by Project Guide
This is to certify that Ms. Dhriti Upadhyaya, Smart ID Number WBBCM13182, student
of three year undergraduate programme in Commerce of SBI School of Commerce and
Banking, Banasthali University, Banasthali, Rajasthan has worked on project titled
“Product offering by Top 5 Private sector Banks and services rendered to HNI’s” for a
duration of 6 weeks beginning 15th May 2015 at HDFC Bank, Gomti Nagar Branch,
Lucknow.
The project was undertaken by her in partial fulfilment for the requirement of Bachelor of
Commerce (2013-16) of SBI School of Commerce and Banking, Banasthali University,
Banasthali, Rajasthan. This report submitted by her contains no part that is confidential to
the interest of the organisation.
(Signature of Project Guide)Ms. Aditi ChakravartyBranch ManagerHDFC Bank,Gomti NagarLucknow.
Page 1
ACKNOWLEDGEMENTI express my sincere gratitude to the Management of HDFC Bank for giving me a unique
opportunity to work on a critical Retail Branch Banking issue. In the context of conscious
emphasis on promoting financial inclusion and inclusive growth, close monitoring of the
services profile is a vital process. From that perspective, this is a professionally rewarding
experience being assigned this exercise.
The study has benefitted enormously from the advice, discussions, guidance and
observations, provided by Ms. Aditi Chakravarty, Branch Manager, HDFC Bank,
Gomtinagar, Lucknow. I am grateful to team members at HDFC Bank, Gomtinagar
Branch for the valuable guidance and moral support.
The financial support given by HDFC Bank, for making this study a reality is gratefully
acknowledged by me. I place on record the support received from Mr. Anuj Taneja, Vice
President HR, Mr. Gaurav Rapal and Mr. Sudhir Singh, Manager HR, HDFC Bank,
Lucknow.
I am thankful to the support provided by Dean Harsh Purohit, SBI School of Banking &
Commerce, Banasthali University for his valued tutelage, Ms. Divya Mehta who helped
as Faculty Banking and Ms. Megha Agarwal who provided the administrative support for
the writing of the study.
I will be failing in my duty, if I do not acknowledge the cooperation extended by the
respective Bank account holders for agreeing to be a part of this study. I am thankful to
all my friends who worked as investigators for their untiring and dedicated efforts during
the field survey.
I once again thank HDFC Bank for their trust reposed in me and providing this rare
opportunity to work on a productive exercise.
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Executive SummaryAccording to evolutionary theories introduced by Charles Darwin and Jean Baptiste
Lamarck, survival in a permanently modified environment takes place through adaptation.
The same is true today in the private banking industry. Whether it is through
circumstantial mutation, embodied by young start-ups, or through the transformation of
existing institutions, only the ones who are willing to accept change and adapt shall
prosper. This fundamental law of nature is more relevant than ever for the financial
services industry, and particularly for private banking. The private bank of the future will
have to pick a side. Either it attempts to resist change to protect its assets over the short
term or it embraces change to develop a sustainable model for profitability. The second
alternative is the only viable option. Banks must rethink their vision and the way they
operate. Existing models have been subject to unbearable levels of stress, putting at risk
the very survival of several of these institutions.
India has undergone a radical transformation into one of the world’s most dynamic
economies. The resultant being quantum increases in money available for spending, and
the country’s increased integration with the global economy. Entrepreneurship is clearly
the dominant source of domestic wealth, but fast growing service industries such as
technology and financial services have also captured middle-income group individuals
into high net worth individuals (HNI) bracket. What sets HNIs apart from other classes of
individuals in the country is the sheer value and size of the assets they own. Hence, it has
become essential to understand the regions where the HNI population is on the rise and
the specific characteristics of this segment so that appropriate investment products could
be designed to target them.
HDFC Bank, the leading Indian bank in the private sector, provides dedicated offerings
for the HNI segment. HDFC Bank has emerged as a forerunner in this segment with large
number of products, coupled with dedicated relationship manager, relationship pricing
across products and exclusive lifestyle benefits have made its HNI offering widely
popular.
The report analyses the Product Offerings by Top 5 Private Sector Banks & Basic
Services rendered to HNI’s.
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Table of Contents1. About the Organisation: HDFC Bank 5
1.1 Promoters 51.2 Capital Structure 51.3 Distribution Network 61.4 Mergers & Acquisition 61.5 Business Segment 71.6 Awards & Recognitions 9
2 Portfolio Management 132.1 Need for Portfolio and Portfolio Management 132.2 Objectives of Portfolio Management 14
3 Wealth Management 163.1. Features of Wealth Management 163.2. Process of Wealth Management 16
4 India and Wealth Management 184.1 Position of India in Wealth Management 184.2 Seeds of Luxury 194.3 Key Trends 204.4 What makes the HNI a class apart? 23
5 Indian Banks and Wealth Management Markets 246 HNW Offering Comparison 27
6.1. HDFC Bank Offering 276.2. HDFC Private Banking Group 326.3. HDFC Bank Customer Profiling 346.4. HDFC Bank Investment Strategy 386.5. ICICI Bank Offerings 386.6. Advantage of ICICI Bank over HDFC Bank 416.7. AXIS Bank Offerings 436.8. Advantage of AXIS Bank over HDFC Bank 436.9. Kotak Mahindra Bank Offerings 456.10 Advantage of Kotak Mahindra over HDFC Bank 456.11 YES Bank Offerings 466.12 Advantage of Yes Bank over HDFC Bank 46
7 Analysis of HDFC Bank HNW Offerings 477.1 SWOT Analysis 53
8 Recommendations 569 Methodology 5710 Bibliography 5811 About us: Banasthali University 59
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1. About the organisation: HDFC BankThe Housing Development Finance Corporation Limited (HDFC) was amongst the first
to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a
bank in the private sector, as part of RBI’s liberalisation of the Indian Banking Industry in
1994. The bank was incorporated in August 1994 in the name of ‘HDFC Bank Limited’,
with its registered office in Mumbai, India. HDFC Bank commenced operations as a
Scheduled Commercial Bank in January 1995.
HDFC Bank’s mission is to be a World Class Indian Bank. The objective is to build
sound customer franchises across distinct businesses so as to be the preferred provider of
banking services for target retail and wholesale customer segments, and to achieve
healthy growth in profitability, consistent with the bank’s risk appetite. The bank is
committed to maintain the highest level of ethical standards, professional integrity,
corporate governance and regulatory compliance. HDFC Bank’s business philosophy is
based on five core values: Operational Excellence, Customer Focus, Product Leadership,
People and Sustainability.
1.1 PromoterHDFC is India’s premier housing finance company and enjoys an impeccable track record
in India as well as in international markets. Since its inception in 1977, the Corporation
has maintained a consistent and healthy growth in its operations to remain the market
leader in mortgages. Its outstanding loan portfolio covers well over a million dwelling
units. HDFC has developed significant expertise in retail mortgage loans to different
market segments and also has a large corporate client base for its housing related credit
facilities. With its experience in the financial markets, strong market reputation, large
shareholder base and unique consumer franchise, HDFC was ideally positioned to
promote a bank in the Indian environment.
1.2 Capital StructureAs on 31st March, 2015 the authorized share capital of the Bank is Rs. 550 crore. The
paid-up share capital of the Bank as on the said date is Rs501,29,90,634/- ( 2506495317 )
equity shares of Rs. 2/- each). The HDFC Group holds 21.67 % of the Bank's equity and
about 18.87 % of the equity is held by the ADS / GDR Depositories (in respect of the
bank's American Depository Shares (ADS) and Global Depository Receipts (GDR)
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Issues). 32.57 % of the equity is held by Foreign Institutional Investors (FII's) and the
Bank has 4,41,457 shareholders.
The shares are listed on the Bombay Stock Exchange Limited and The National Stock
Exchange of India Limited. The Bank's American Depository Shares (ADS) are listed on
the New York Stock Exchange (NYSE) under the symbol 'HDB' and the Bank's Global
Depository Receipts (GDRs) are listed on Luxembourg Stock Exchange under ISIN No
US40415F2002.
1.3 Distribution Network
HDFC Bank is headquartered in Mumbai. As of March 31, 2015, the Bank’s distribution
network was at 4,014 branches in 2,464 cities. All branches are linked on an online real-
time basis. Customers across India are also serviced through multiple delivery channels
such as Phone Banking, Net Banking, Mobile Banking and SMS based banking. The
Bank’s expansion plans take into account the need to have a presence in all major
industrial and commercial centres, where its corporate customers are located, as well as
the need to build a strong retail customer base for both deposits and loan products. Being
a clearing / settlement bank to various leading stock exchanges, the Bank has branches in
centres where the NSE / BSE have a strong and active member base.
The Bank also has a network of 11,766atms across India. HDFC Bank’s ATM network
can be accessed by all domestic and international Visa / MasterCard, Visa Electron /
Maestro, Plus / Cirrus and American Express Credit / Charge cardholders.
1.4 Merger and AcquisitionOn May 23, 2008, the amalgamation of Centurion Bank of Punjab with HDFC Bank was
formally approved by Reserve Bank of India to complete the statutory and regulatory
approval process. As per the scheme of amalgamation, shareholders of CBOP received 1
share of HDFC Bank for every 29 shares of CBOP.
The amalgamation added significant value to HDFC Bank in terms of increased branch
network, geographic reach, and customer base, and a bigger pool of skilled manpower.
In a milestone transaction in the Indian banking industry, Times Bank Limited (another new
private sector bank promoted by Bennett, Coleman & Co. / Times Group) was merged with
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HDFC Bank Ltd., effective February 26, 2000. This was the first merger of two private banks in
the New Generation Private Sector Banks. As per the scheme of amalgamation approved by the
shareholders of both banks and the Reserve Bank of India, shareholders of Times Bank received
1 share of HDFC Bank for every 5.75 shares of Times Bank.
1.5 Business SegmentRetail Banking
The objective of the Retail Bank is to provide its target market customers a full range of
financial products and banking services, giving the customer a one-stop window for all
his/her banking requirements. The products are backed by world-class service and
delivered to customers through the growing branch network, as well as through
alternative delivery channels like ATMs, Phone Banking, net banking and Mobile
Banking.
The HDFC Bank Preferred program for high net worth individuals, the HDFC Bank Plus
and the Investment Advisory Services programs have been designed keeping in mind
needs of customers who seek distinct financial solutions, information and advice on
various investment avenues. The Bank also has a wide array of retail loan products
including Auto Loans, Loans against marketable securities, Personal Loans and Loans for
Two-wheelers. It is also a leading provider of Depository Participant (DP) services for
retail customers, providing customers the facility to hold their investments in electronic
form.
HDFC Bank was the first bank in India to launch an International Debit Card in
association with VISA (VISA Electron) and issues the MasterCard Maestro debit card as
well. The Bank launched its credit card business in late 2001. By March 2015, the bank
had a total card base (debit and credit cards) of over 25 million. The Bank is also one of
the leading players in the “merchant acquiring†business with over 235,000 Point-of-
sale (POS) terminals for debit / credit cards acceptance at merchant establishments. The
Bank is well positioned as a leader in various net based B2C opportunities including a
wide range of internet banking services for Fixed Deposits, Loans, Bill Payments, etc.
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Wholesale Banking
The Bank's target market is primarily large, blue-chip manufacturing companies in the
Indian corporate sector and to a lesser extent, small & mid-sized corporates and agri-
based businesses. The bank is also a leading provider of structured solutions, which
combine cash management services with vendor and distributor finance for facilitating
superior supply chain management for its corporate customers. It is recognised as a
leading provider of cash management and transactional banking solutions to corporate
customers, mutual funds, stock exchange members and banks.
Treasury
Within this business, the bank has three main product areas - Foreign Exchange and
Derivatives, Local Currency Money Market & Debt Securities, and Equities. To comply
with statutory reserve requirements, the bank is required to hold 25% of its deposits in
government securities. The Treasury business is responsible for managing the returns and
market risk on this investment portfolio.
Page 8
1.6 Awards and Recognitions
2015 AIMA Managing
India Awards 2015
Business Leader of the Year – Aditya Puri
Barron's World's 30 Best CEOs- Mr Aditya Puri
Finance Asia poll on
Asia's Best
Companies 2015
- Best Managed Public Company - India'
-Best CEO- Aditya Puri
-Best Corporate Governance- Rank 3
-Best Investor Relations- Rank 3
J. P Morgan Quality
Recognition Award
-Best in class straight Through Processing Rates
2014 Euromoney HDFC Bank wins Best Private Banking Services for Super
affluent clients for 5 years in a row at Euromoney Awards
Euromoney Private
Banking and Wealth
Management Survey
2015
- Best Private Banking Services award for Net-worth-
specific services category for Super affluent clients (US$ 1
million to US$ 5 million).
- Best Private Banking Services award Asset Management
FE Best Bank Awards Best Bank in the New Private sector
- Winner - Profitability
- Winner – Efficiency
Business Today - KPMG
Study 2014
- Best Large Bank - Overall
- Best Large Bank - Growth
Businessworld-pwc
India Best Banks
Survey 2014
- Best Large Bank
- Fastest Growing Large Bank
Asiamoney FX Poll
2014
- Best Domestic Provider of FX options
- Best Domestic Provider of FX products & Services
- Best Domestic Provider of FX research & market coverage
- Best Domestic provider for FX Services
The Asian Banker Strongest Bank in India in the Asian Banker 500 (AB 500)
Strongest Bank by Balance Sheet Ranking 2014
Dun & Bradstreet -
Polaris Financial
Technology Banking
- Best Bank - Managing IT Risk (Large Banks)
- Best Bank - Mobile Banking (Large Banks)
- Best Bank - Best IT Team (Private Sector Banks)
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Awards 2014
Forbes Asia Fab 50 Companies List for the 8th year
Brandz TM Top 50
Most Valuable Indian
Brands study by
Millward Brown
India's Most Valuable Brand
Finance Asia Country
Awards 2014 and poll
on India's Top
Companies
- Best Bank - India
- Best CEO- Rank 1
- Best CSR - Rank 1
- Best CFO - Rank 2
Asiamoney -Best of Best Domestic Banks - India
Dun & Bradstreet -
Manappuram Finance
Limited Corporate
Award 2014
Best Corporate in Banking
2013 Asiamoney - Best Domestic Bank in India
- Best Local Cash Management Bank in India
- Aditya Puri - Best Executive in India
Institute for
Development and
Research in Banking
Technology Awards
- Best Bank - Managing IT Risk (Large Banks)
- Best Bank - Mobile Banking (Large Banks)
- Best Bank - Best IT Team (Private Sector Banks)
Businessworld Best Bank in India (Large Banks)
Business Standard Mr Aditya Puri - Banker of the Year 2013
Finance Asia Country
Awards for
Achievement
Best Bank - India
IBA Banking
Technology Awards
2012-13
- Best Technology Bank of the year - Winner
- Best Internet Bank - Winner
- Best Customer Management Initiative - Winner
- Best use of Mobility Technology in Banking
Page 10
Business Today-
KPMG Best Banks
Survey 2013
Best Bank 2013
Business India Best Bank 2013
Global Finance Survey
-World's Best Banks
2013
Best Bank in India
Outlook Money
Awards 2013
Best Bank in Large Banks Category
IBA Innovation
Awards
Most Innovative use of Technology
Dun & Bradstreet
Polaris Financial
Technology Banking
Award 2013
- Best Private Sector Bank Technology Adoption
- Best Private Sector Bank Retail
- Overall Best Private Sector Bank
Institutional Investor - Best Bank in Asia
- Mr. Aditya Puri - Best CEO
Forbes Asia Fab 50 Companies List for the 7th year
Sunday Standard Best
Banker Awards
- Best Private Sector Bank: Large
- Safest Bank: Large
- Mr. Aditya Puri: Top Achiever
UTI Mutual Fund
CNBC TV 18
Financial Advisory
Awards 2012
Best Performing Bank - Private
Asia Money 2013 - Best Domestic Bank in India
- Mr. Aditya Puri: Best Executive in India
MACCIA Awards
2013
Best in Financial Services: Bank Category
Dun & Bradstreet
Corporate Awards
2012
Best in Banking sector
NDTV Profit Business Winner in the banking category
Page 11
Leadership Awards
2012
NASSCOM CNBC–
TV18 IT Innovation
Award
Best IT Driven Innovation in Banking (COMMERCIAL)
The National Quality
Excellence Awards
Best Customer Service Result
FE Best Bank Awards - Best Bank: New Private sector
- Best in Strength & Soundness
- Mr. Aditya Puri: Best Banker
Skoch Financial
Inclusion Awards
2013
Organisation of the Year
Page 12
2. Portfolio management A portfolio refers to a collection of investment tools such as stocks, shares, mutual fund,
bonds, and cash and so on depending on the investors’ income, budget and convenient
time frame. The art of seeking the right investment policy for the individuals in term of
minimum risk and maximum return is called as portfolio management. Portfolio
management refers to managing an individual’s investments in the form of bonds, shares,
cash, mutual funds etc. so that he earns the maximum profits within the stipulated time
frame.
Portfolio management refers to managing money of an individual under the expert
guidance of portfolio managers. Portfolio management refers to the management or
administration of a portfolio of securities to protect and enhance the value of the
underlying investment. It is the management of various securities (shares, bonds etc.) and
other assets (e.g. Real estates), to meet specified investment goals for the benefit of the
investors. It helps to reduce risk without sacrificing returns. It involves a proper
investment decision with regards to what to buy and sell. It involves proper money
management. It is also known as investment management.
2.1 Need of portfolio and portfolio management The portfolio is needed for the selections of optimal, portfolio by rational risk adverse
investors i.e. by investors who attempt to maximize their expected return consistent with
individually acceptable portfolio risk. The portfolio is essential for portfolio construction.
The portfolio construction refers to the allocation of funds among a variety of financial
assets open for investments. Portfolio concerns itself with the principles governing such
allocation. The objective of the portfolio theory is to elaborate the principles in which the
risk can be minimized, subject to the desired level of return on the portfolio or maximize
the return, subject to the desired level of return on the portfolio or maximize the return,
subject to the constraints of a tolerable level of risks.
The need for portfolio management arises due to the objectives of the investors. The
emphasis of portfolio management varies from investors to investors. Some want income,
some capital gains and some combination of both. However, the portfolio analysis enables
the investors to identify the potential securities, which will maximize the following
objectives:
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1. Securities of principal
2. Stability of income
3. Capital growth
4. Marketability
5. Liquidity
6. Diversification.
Thus the basic need of portfolio is maximize yield and minimize yield and minimize the
risk. The other ancillary needs are as follows:
1. Providing regular or stable income.
2. Creating safety of investments and capital appreciation.
3. Providing marketability and liquidity.
4. Minimizing the tax liability
2.2 Objectives of Portfolio ManagementThe objective of portfolio management is to maximise the return and minimise the risk.
These objectives are-
1. Basic objectives
2. Subsidiary Objectives
1. Basic Objectives
The basic objectives of a portfolio management are further divided into two kind’s i.e.
(a) Maximize yield
(b) Minimise risk
The aim of the portfolio management is to enhance the return for the level of risk to the
portfolio owner. A desired return for a given risk level is being started. The level of risk
of a portfolio depends upon many factors.
The investor, who invests the savings in the financial assets, requires a regular return and
capital appreciation.
2. Subsidiary Objectives
The subsidiary objectives of a portfolio management are expecting a reasonable income,
appreciation of capital at the time of disposal, safety of the investment and liquidity etc.
The objective of investor is to get a reasonable return on his investment without any risk.
An investor desires regularity of income at a consistent rate. However, it may not always
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be possible to get such income. Every investor has to dispose his holding after a stipulated
period of time for a capital appreciation. Capital appreciation of a financial asset is highly
influence by a strong brand image, market leadership, guarantee sales, financial strength,
and large pool of reverses, retained earnings and accumulated profits of the company. The
idea of growth stocks is the right issue in the right industry, bought at the right time. A
portfolio management desires the safety of the investment. The portfolio objective is to
take the precautionary measures about the safety of the principal even by the
diversification process. The safety of the investment calls for careful review of economic
and industry trends. Liquidity of the investment is most important, which may not be
neglected by any investor/portfolio manager.
An investment is to be liquid, it must has “termination and marketable” facility any time.
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3. Wealth ManagementWealth is basically a person’s net worth. Wealth can be explained as assets minus
liabilities. Wealth Management is a discipline that incorporates financial planning,
Investment portfolio management and a number of financial services. It is a professional
service it can also encompass all parts of a person’s financial life. Investors must have
already accumulated a proper amount of wealth for wealth management strategies to be
efficient and effective. Is can be provided by large company entities, independent
financial advisers or multi-licensed portfolio managers. Their services are designed to
focus on high-net worth customers. Wealth Managers use their experience is estate
planning, financial planning, retirement, Estate planning, tax planning, debt management
and cash flow. It is based on the long term relationship with the customer. It results in
deeper customer relationship which leads to increased profitability and more client
referrals. Wealth management offers wealth managers the opportunity to cross-sell a huge
range of services and products to each customer as appropriate. Wealth management is an
emerging sector.
3.1. Features of Wealth Management Allows customer to review risk profiles.
Track holdings against model portfolios from returns.
Captures Customer’s details and risk profile.
On approval by client they execute financial plans.
Based on the advanced algorithms they provide tax coverage, education and
insurance.
Interfaces with banks, portfolio management system, price vendors and other
agencies.
Provides dynamic search.
Document Management.
Dynamic user access control.
3.2. Process of Wealth ManagementStep 1: Finding Facts
Step 2: Investment Strategies
Step 3: Allocation of Assets
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Step 4: Structuring Accounts
Step 5: Structuring Implementations
Step 6: Communications
Step 7: Annual review & Monitoring
Step 8: Refine Strategy
First step to be considered is to create a profile of customer in which personal details,
current financial situation and family circumstances. In personal details they involve
income, savings, investments, retirement, tax status, family. In the second step investment
objectives and risk tolerance is to be undertaken. Then assets are allocated and it’s all
about getting the balance right. After this the wealth management needs to consider the
account structure that best suits the client. To be highly communicative is quiet necessary
because it is an important aspect of client-wealth manager relationship. They organize
regular face-to-face meetings. Then after monitoring, it is essential to refine the strategies.
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4. India and Wealth Management
Key Facts
High Gross Domestic
Savings
India’s gross domestic savings (GDS) as a per cent og GDP has
remained above 30 per cent since 2004 and stood at 30.8 per cent in
FY12. RBI estimates domestic savings to reach 39 per cent of the
GDP at the end of 12th Five Year loan(FY13-FY17)
India’s HNWI
population to double by
2020
HNWI population in India is expected to double and total holdings by
HNWI is estimated to reach USD3 trillion in 2020 which presents
considerable growth opportunities for wealth management
Phenomenal Growth in
NBFC Finance
NBFCs managed credit grew at a CAGR of 35 per cent over FY07-
FY12. Retail credit registered 36 per cent growth in FY12
Robust Mutual Fund
Growth
Mutual Fund industry AUM recorded a CAGR of 16.8 per cent over
FY07-FY13. India is considered one of the preferred investment
destinations globally.
4.1 Position of India in Wealth ManagementThe phenomenal growth in the number of the super-rich has laid the foundation for an
unprecedented expansion of the wealth management industry in India. Inevitably, it is
also driving the entry and growth of luxury brands that cater exclusively to the tastes of
the ultra-high net worth individuals (UHNIs).
For both wealth managers and luxury brand companies, one major hurdle to their
effective functioning and growth is the almost remarkable dearth of information on the
earning, spending and investing trends of the ultra-wealthy.
In this report, by Kotak and CRISIL the first of what will be an annual edition, they have
laid the broad framework and detailed the methodology to define who an ultra HNI is.
Considering the attention that they have been getting in recent times, it was also quite
tempting to focus on what their numbers are and who has how much wealth.
Instead, the spotlight in this inaugural year is on behavioural aspects, such as what drives
these individuals, what their priorities or motives are when it comes to spending or
investing, and whether there is any homogeneity in their actions as a class.
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The conclusions are extremely revealing, and a lot of meaningful insights, some even
positively surprising, have emerged from the analysis. We believe that the takeaways
gleaned from this report will be invaluable for people who manage the wealth of the ultra-
rich, and will help niche companies operating in the segment to come up with more
innovative marketing or distribution strategies for their products.
The report was based on two main strands of research.
1) A series of interviews were conducted with senior personnel at major global luxury
brands, art gallery owners, product dealers and industry body representatives.
2) They commissioned a market survey of 150+ ultra HNIs, with conversations lasting up
to one hour. The respondents were spread across the three major metros, namely Mumbai,
Delhi and Bengaluru, as well as Hyderabad, Ahmedabad, Chennai, Pune, and Kolkata
(referred to as other cities in this report). A majority of the respondents (77 per cent) were
from the three major metros. The survey took place between December 2010 and
February 2011.
4.2 Seeds of Luxury RevolutionIn slightly under two decades, India has undergone a radical transformation from being a
largely agrarian economy with a modest growth rate into one of the world’s most dynamic
economies. Its GDP has grown at an average of over 8 per cent per annum over the past
three years and is estimated to have grown by 8.6 per cent in the most recent fiscal year,
making the country the second-fastest-growing economy in the world, next only to China.
Propelled by this economic boom, there has been an unprecedented level of wealth
creation. Average income levels have raised manifold and many individuals have
suddenly become millionaires. The resultant quantum increase in money available for
spending, and the country’s increased integration with the global economy have widened
the population’s exposure to major global luxury brands and triggered a luxury revolution.
Entrepreneurship is clearly the dominant source of domestic wealth, but fast-growing
service industries such as technology and financial services have also catapulted many
hitherto middle-income group individuals into the ultra-high net worth individual (ultra
HNI) bracket.
CRISIL Research has defined an ultra-high net worth household (ultra HNH) as one
having a minimum average net worth of ` 250 million, which, as per our proprietary tool
Page 19
‘IDeA’ (Income and Demographics Analysis), gets mapped to a minimum income of ` 35-
40 million.
The total net worth of Indian ultra HNHs is expected to reach ` 235 trillion in 2015-16
from an estimated ` 45 trillion in 2010-11.
At present, there are no validated estimates of the number of ultra HNHs in the country.
Kotak Wealth and CRISIL Research estimate that there are around 62,000 ultra HNHs in
India as of 2010-11, with a minimum net worth of ` 250 million. This number represents a
meagre 0.03 per cent of the total households in India, but is poised to more than triple to
219,000 households by 2015-16.
That sets ultra HNIs apart from other classes of individuals in the country is the sheer
value and size of the assets they own. The dramatic increase in personal wealth has also
brought about a change in attitudes towards spending; public displays of opulence, which
would have been unthinkable a few years ago, are now not uncommon.
Although this is creating exciting new opportunities for wealth managers and luxury
brands, their ability to perform effectively is being hindered by the absence of adequate
information on ultra HNIs, in terms of their attitudes to investing and spending.
4.3 Key TrendsThey found that today’s ultra HNI is not, in general, a reclusive individual. On the
contrary, he is more likely to be a constant feature on television channels or on Page 3 of
newspapers, and is comfortable in (some might even say seeks) the limelight. They are
the cream of society, know that they are, and seek to maintain a lifestyle in keeping with
their social standing. Consequently, they are highly brand conscious, and in some cases,
have strong brand loyalties. In many cases, therefore, price is not the only consideration
guiding a purchase. In absolute terms, they are very heavy spenders, be it on high quality
homes, food, clothing, or the luxuries of life in entertainment, education, and travel and
family vacations. They are also finding new ways to splurge, such as on buying art and
artefacts, yachts, and islands, or even on underwater weddings, chartering aircraft to go on
holidays or watch sports, entertainment events, and partying.
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Contrary to the belief in some quarters that they are highly individualistic, our survey
revealed strong family bonds and dependence, when it comes to decision-making on
spending or investments.
The spending on, and choice of big ticket items such as holiday packages, luxury watches,
diamonds and jewellery, household electronics (which include premium mobiles and
high-end cameras), and home décor is carried out in consultation with the family. The
family plays an important role in, for instance, identifying a holiday location, or choosing
a home theatre brand. Appeal and price are, therefore, important considerations in planned
purchases.
It is only on items such as apparel, accessories, or liquor that an ultra HNI’s personal
predilections and impulses come into play. Impulse purchases are usually done at the
airport (duty-free shops) or while travelling, and purchases are made largely on how eye-
catching the product is, in addition to the brand, the newness of the product and
exclusivity. The need for the product is not a factor in impulse purchases; but having cash
in hand is.
Likewise, while making investments, ultra HNIs take advice from family, close friends,
trusted advisors and professionals such as chartered accountants and lawyers. Legacy for
the spouse and children, social security and regular income are important factors that
guide their investments. Possibly because of this, they are willing to take far lesser risk on
their investments compared with what they are willing to take in their business.
Most ultra HNIs are distinguished individuals in social networks of power and influence.
Their long-standing network of elite contacts gives them differentiated access to business
opportunities, and they try to put it to good use to further expand their wealth.
Interestingly, today’s ultra HNIs would typically include business people who own
enterprises with a turnover of ` 750 million or above, corporate executives, established
professionals, politicians, traders, builders and agricultural landowners, unlike before
Independence when they were more likely to be the upper classes or the nobility. Based
on the results of the survey, Kotak Wealth and CRISIL Research have classified India’s
ultra HNIs into three groups:
• Inheritors
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• Self-made
• Professionals
Inheritors are born with a silver spoon, and have inherited high net worth; Self-made are
first generation entrepreneurs whose success in business turned them wealthy; and
Professionals are qualified, highly skilled professionals who gained wealth because the
companies that employed them grew big. The wealth dynamics and behavioural traits of
each of these groups are unique, and wealth managers and luxury brands will face diverse
challenges in their dealings with them.
Most people agree that barring unforeseen circumstances, the long term India growth
story is intact. As noted earlier, this will result in a significant increase in the number of
ultra HNIs in the country. For wealth managers and luxury brands, this will mean an
appreciable increase in their addressable market. This will necessitate not only an increase
in the type and nature of products that they offer to this segment, but also greater
awareness about behavioural trends with regards to spending and investment by ultra
HNIs. This will allow wealth managers and luxury brands to evolve more innovative
marketing strategies and target their products in better, more effective ways.
It is also evident that the segment of high net worth individuals will spawn the next wave
of ultra HNIs. Wealth managers and luxury brands who are able to engage this segment
productively and establish profitable (in every sense of the term) long-term relationships
will find that they will have a first mover advantage when these people transition from
being high net worth individuals into ultra HNIs. This will entail development of a greater
range of products, consistently high standards of quality of service and, critically, the
right pricing. Here, to avoid familiar pitfalls, some of the new luxury entrants would do
well to analyse the experience of multinational companies in India. Some of the
multinational companies that forayed into India have become successful because they
jettisoned pre-conceived notions and strategies that worked elsewhere and adopted
techniques that took into account the local ethos, culture, and tastes to build lasting brand
loyalties.
Page 22
4.4 What makes the HNI’s a class apart?
Page 23
Value and size of assets
Social visibility and hierarchy
The power they yield
Networks of influence
Scale and visibility of spends
5. Indian Banks and Wealth Management MarketWhile the percentage of wealthy individuals in India is very small compared to
developed markets, forecasted growth figures point toward a very high potential for
asset accumulation over the foreseeable future. India has a large young affluent segment,
coupled with the increase in wealth of global Indians, the Indian government’s push to
curb illicit leaks and more tightly regulate market and an increasing share of the
organized market players form the key ingredients of a high-growth wealth management
market.
Overall HNWI liquid assets (when measures as a percentage of Indian GDP) are
increasing at a healthy pace, indicating the expansion of investable wealth in the
economy.
The outlook looks bright for banks to venture into wealth management business. The
wealth management market in India was earlier dominated by unorganised players,
whose share was 1.5 times that of the organised market (financial institutions, banks,
etc.). However, a structural change is taking place and organized players are drawing
clients away from the unorganised layers.
Wealth management is a way of looking at customers and how you can provide
service to customers. It’s all about approaching it in a holistic manner.
This gives a good opportunity for Indian banks. In fact, some leading public and private
sector banks are already lining up to enter the wealth management market, looking to tap
the huge base of customers (across income groups) that they already have for their
banking operations. However, for all the banks lining up for a pie of the fast growing
wealth management industry in India, it is important for them to understand that the
success mantras required here will be vastly different from what they’ve employed all
these years in their bread-and-butter business of banking.
Wealth management is a knowledge business and deals with customers who have
specified short and long-term investment performance is one of their key expectations.
So it is a critical for banks looking to enter this field to understand not just their clients;
risk disposition, wealth base and funds flow requirements, but also their investment
Page 24
requirements, and then they arrive at a structured plan tailored to the clients’ needs.
Apart from growing the net worth, banks also need to address unique challenges in
dealing with HNWIs. As established players in the market would vouch for managing an
HNWi relationship requires a different orientation & positioning from standard retail
banking. Such a relationship is primarily driven by personalization, readiness of
information, and high degree of confidentiality, and is based on a long-term relationship
with a customer.
Also, each HNWI is unique, and thus requires specialized products, services and
treatment. This would require banks to use tailor-made wealth management solutions,
which have various aspects of the wealth management integrated together
Banking
Brokerage
Financial planning
Estate management
Taxation
Risk management
Reporting
The challenges all institutions will face in developing viable wealth management
offerings can be grouped into three areas, namely-
a) Customer strategy
b) Operational effectiveness
c) Organisational design and technology strategy.
While retail banks will face some of the same core challenges as other players, the following
challenges are particularly pertinent to banks:
Business Customer &
Strategy
Operational Design Operational
Effectiveness
Technology strategy
Identifying attractive
and lucrative
customers from
banking services to
more lucrative wealth
Transition from a
product centric to a
customer centric
organisation
Building or partnering to
offer more complete
assets management,
retirement and estate
planning and protection
capabilities
Improving customer
relationship management
implementation to enable
the identification of
potential wealth
management clients and
Page 25
provide an integrated
view of customer
information across all
product groups
Overcoming negative
image in advisory
capabilities and ability
to provide best of
breed investment
products
Integrating different
components offering
to provide a single
point
Leveraging physical
footprint
Using technology as a
platform for serving the
main affluent
Assessing the viability
of providing a wealth
management offering
to the mass affluent
Creating an
environment that is
focused on
customer service
Ensure more rigorous
adoption of “know your
customer rules”
Improving information
and data exchange to
share information
Integrating legacy and
new system
The affinities found between the capabilities of each individual company and the needs
of various customer segments suggest one of three strategic alternatives: remaining a
traditional wealth manager provider, becoming an expanded wealth management
provider or refocusing to become a best of breed product manufacturer.
6. HNW Offerings Comparison
Page 26
6.1. HDFC Bank OfferingsHDFC Bank offers customized solutions for banking and investment needs. Its offers
three different premium banking programs to suit every lifestyle.
1) Imperia Banking
Dedicated Imperia Client Relationship Manager
Exclusive Imperia Phone banking service
Relationship Pricing across products
Exclusive lifestyle benefits on super premium credit cards
2) Preferred Banking
Dedicated Relationship Manager
Comprehensive Business banking solutions
Relationship pricing across products
Exclusive lifestyle privileges with a wide range of premium credit cards
3) Classic banking
Dedicated Personal Banker
Relationship Pricing across products
Benefits for family members
Exclusivity with Classic branded Debit cards, Cheque book etc.
Key Features
Feature Imperia Preferred Classic
Min
Balance
Requirem
ent
Average Monthly
Balance of Rs.30
Lakhs across all
Savings and Fixed
Deposit accounts.
OR
Average Quarterly
Balance of Rs.10
Lakhs in your
Savings account.
OR
Average Monthly
Balance of Rs 15 lac
across all savings
accounts and FD
Accounts (min 6 months
tenure)
OR
Avg quarterly Balance
of Rs 2 lac in Savings
Account
OR
Min Average
Quarterly Balance
of Rs. 1 lac in
savings bank
account
OR
Min average
monthly balance of
Rs. 5 lac in a
combination of
savings bank
Page 27
Average Quarterly
Balance of Rs.15
Lakhs in your Current
account
Avq Quaterly Balance
of Rs % lac in Current
Account
account and term
deposit
Credit
Card
Free Premium
Credit Card
a) Fuel
surcharge
waiver
b) Reward
points earned
against
purchases
that can be
redeemed for
airline ticket
booking
c) Shopping
voucher
`
Free Premium Credit
Cards with several
benefits
Platinum Plus Credit
Card
Special price at Rs.
999
OR
Gold Credit Card
1 free add-on card
2nd and 3rd add on
cards will be Rs.
250 extra
Or
MyCity Benefits
Cards
a) Petrol
surcharge
Rs.99
b) Shopping
benefits
Rs.99
c) Petrol and
shopping Rs.
196
Debit
Cards
Free Imperia
Platinum Chip Debit
Card
a) Spending
limit 1.25 lac
per day
Withdrawal limit
from ATM 1 lac per
Free HDFC Bank
Preferred Platinum
Debit Card
a) Spending limit
1.25 lac per
day;
Withdrawal
limit for ATM
Free Gold easy Shop
Debit Card
a) Spending
limit of Rs.
50000 at
merchant
establishmen
ts and
Page 28
day
b) Chip
Technology-
more secure
c) Annual fee-
nil
d) 0 surcharge
at petrol
pump
e) 1% cash
back-all
purchases
f) Personal
Accident
Insurance
Cover upto
10 lac
1 lac per day
b) Cash Back
c) Petrol
Surcharge
Waiver
d) 0 lost card
liability
ATM’s
b) Annual Fee-
Nil
Trading a) Preferential
pricing for 3-
in-1
Securities
Trading
Account
b) Maintenance
charge for
demat
account- nil
a) Preferen
tial
pricing
for 3-in-
1
Securiti
es
Trading
Account
b) preferen
tial
pricing
for
Demat
account
a) Preferential
pricing for 3-
in-1
Securities
Trading
Account
b) Preferential
pricing for
Demat
Account
1st year folio
maintenance charges
waived off. From 2nd
year onwards
reduced by Rs. 250
Loans a) Lowe
r
c) Lower
interest
a) Lowe
r
Page 29
intere
st
rate
b) Faste
r
deliv
ery
with
lesser
docu
ment
ation
s
rate
d) Faster
delivery
with
lesser
docume
ntations
intere
st
rate
b) Faste
r
deliv
ery
with
lesser
docu
ment
ation
s
Forex
remittance
s
a) No charges
b) No charges
for
Travellers
cheque
Forex
Rates
Improvement over
day’s card rate
Improvement over
day’s card rate
Improvement over
day’s card rate
Fprex
Card
Free forexplus card
a) Cash
withdrawal
at any
VISA/master
Card ATMs
b) Available in
USD, Yen,
Pound, Euro,
Aus Dollar,
Singapore
Dollar, Can
Dollar
c) Personal
Page 30
accident
insurance
cover of Rs.2
Lac
d) Loss of
checked
baggage
cover of Rs
20,000
Gold bar Preferential pricing
for HDFC Mudra
Pure Gold Bars
Best buy price
Phone
banking
Dedicated for
Imperia
Free
Combined
Monthly
Statement
Of all accounts Of all accounts Of all accounts
Cheque
Book
Payable at Par. any
HDFC branch
Payable at Par. any
HDFC branch
Payable at Par. any
HDFC branch. No
usage charge upto
1 lac
Net
banking
Free on computer
and mobile
Free Free
Mobile
Banking
Free Free Free
Insta Alert Free, Mobile/Email Free, Mobile/Email Free,
Mobile/Email
Bill Pay Free. All utility bills Free. All utility bills Free. All utility
bills
Self/3rd
Party
Cash
Deposit at
non-home
Free unlimited Free unlimited Free upto Rs. 1 lac
Page 31
branch
ATM cash
with-
drawal
Free unlimited times
at other banks’
ATM
Free unlimited times at
other banks’ ATM
Free unlimited
times at other
banks’ ATM
Locker a) exclusive imperia
locker at any HDFC
branch
b) No rental fee
a) avail locker at
priority basis at any
HDFC branch
b) 50% waiver on
locker fee
a) avail locker at
priority basis at
any HDFC branch
b) 50% waiver on
locker fee
Standing
instruction
Free. Payment will
happen
automatically every
month.
Free. Payment will
happen automatically
every month.
Min
balance
non
maintenan
ce
No charges No charges No charges
DD/
Managers
cheque
Free issuance.
Payable at par any
HDFC branch
Free issuance of
upto Rs. 50,000
per day
Fund
transfer
No charge
Stop
payment
No charges
DD/
cheque
cancellati
on
No charges
Duplicate
Statement
No charges
6.2 HDFC Private Banking Group
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HDFC bank premium wealth management services are accompanied by imperia banking
programme. Its motto “we understand your world” reflects its belief in personalised
client experiences. It aim to successfully adapt to ever evolving economic landscape
while providing customised solution to create and manage wealth for the client.
Private banking division is an award winning service offering arrange of financial
investment advisory services.
Euro money India polls 2014 – best private bank in the super affluent category
Best performing bank – private – UTI mutual fund CNBC TV 18 Financial
advisory awards 2012
PBG’s core business objective is to ensure clients’ financial well-being. To
protect our customers’ interests, it ensures the following:
Commitment to a fundamental-based ethical approach supported by in-
house research expertise that is free of preconceived notions
Conservatism woven into all of the group’s product offerings. These are
based on the philosophy of a clear open architecture behind every asset
allocation at the core if every product portfolio, and a sharp focus on a
research-based approach in product selection
Implementing only tried and trusted investment strategies across all
portfolio segments
A multi-segment advisory approach where eacg segment meets its
specific advisory objectives
Expertise in evolving a product spectrum in the market, which stems
from the knowledge that as valuations mature, the asset categories must
themselves evolve
Customer-focused advisory business protecting client’s intrest at every
stage through tracking, auditing and validation procedures at customer
level. This is supported by tools to control execution and products to
support the customer’s needs.
Approach
A. Profiling: before investing, a significant step is to ascertain the investor’s
profile and risk tolerance. Financial planning needs to be undertaken
according to each individual’s financial goals. Once the goals and risk
profile of the investor are understood, a plan is designed to optimize the
Page 33
investment requirements. Since the investor’s profile is likely to change
with time, this process is followed on constant basis.
Following is ascertained form the investor while creating his risk profile:
i. Age of the investor
ii. Income and expenditure to calculate average savings.
iii. Need-long term or short term
iv. How much risk is willing to take on capital
Risk Appetite classes (the equity %age could change based on discussion with
Customers)
Risk Class of
investor
Equity %age
Low Conservative 20
Medium Moderate 40
High Aggressive 60
v. Duration of hold
vi. When investment depreciates, whether he will hold or sell.
vii. Liquidity required.
B. Asset Allocation: asset allocation is the strategy used to determine the proportion
of investments made in each asset class that solely depends on the risk appetire of
an individual. Assets allocation helps in reducing the overall risk of portfolio as all
assets perform differently at a given point of tim. A comprehensive view of
client’s portfolio across all assets categories helps to advise the client better and
offer him a consolidated wealth solution.
C. Portfolio Analysis & Financial Planning: portfolios are monitored on a
continuous basis to evaluate their suitability in light of market dynamics. PBG
seeks o maintain a portfolio positioned to delover in agreement with the client’s
agreed investment strategy. A detailed plan is drawn out to meet his long and
short-term financial goals across multiple asset classes.
D. Portfolio Review & Tracking: the portfolio is tracked on an ongoing basis to
monitor returns, cash flows and asset allocation. Performance evaluation is done
through an ongoing monitoring system of controls. It constantly provides advice on
appropriate rebalancing of the client’s portfolio on the basis of performance of each
Page 34
asset category and analysis of future expectations. All portfolios are approved by the
research desk on an ongoing basis.
6.3. HDFC Bank Customer Profiling
Based on the financial needs of an average life cycle has been divided into 4 stages of
Financial Planning as given below:
Upto 30 year of age
30-45 years of age
45-60 years of age
Over 60 years
Upto 30 years of age
General Profile:
Junior or Mid-level employment
Have had an average work life of 5-8 years
Unmarried or recently married
Nuclear family/ joint family
Propensity to spend/overspend
Recommended Investment style
Should be an aggressive investor
Should focus on long term capital growth rather than short term capital
preservation
Have a long term investment horizon, as a balance of productive working life is
high
Can invest is high risk, high gain products
Recommended distribution of assets:
90% investment in equity
10 % investment in debt
Should start SIP or recurring deposits through auto debit facilities to ensure
disciplined and compulsory savings.
Should start planning for or at least start thinking about retirement.
If salaried, approximately 24% of basic necessarily investment in PF and can be
supplemented with NSC & PPF.
If self-employed/ professional, should start a PPF/Pension plan investment to
provide for retrials.
Page 35
Investment part of the surplus marked for equity investment, in equity oriented
funds like:
Diversified equity funds (60%)
Sector funds (10%)
Tax saving funds (20%)
30-45 years of age
General profile
Married, usually with children
Middle to senior level employees
Have an average work life of 10-15 years
Surplus funds are limited
Lifestyle expenses go up
Recommended investment style:
Can take medium to high risk
Should continue to focus on capital growth
Investment horizon is still more than 5 yrs
Follow thumb rule of 100 less client’s age in years as a percentage of savings to
be invested in equity.
Recommended distribution of assets
Upto 60% of surplus funds can be invested in equities
15% of surplus funds in liquid funds
25% in Bonds/ PPF/ NSC
Diversified equity funds, more tilted towards large caps for capital growth for
retirement or seed money for home loan.
Build up a direct equity
Invest in children specific mutual funds to provide for children’s higher
education needs
Keep adding to short term floating rate funds and bank FD’s for emergency fund
Get medical insurance for customer’s dependent parents
Get household contents insured
Get a life insurance against the home loan
Get an accident insurance against any disabilities
45-60 years of age
Page 36
General profile:
Usually at the peak of career
Grown up children
May have an inherited portfolio of investments from parents
Surplus fund higher than in previous life stage
High outgo on household expenses
Children’s expenses still high
Sensitized to medical and retirement needs
Recommended Investment Style
Greater vulnerability to risk hence focus on moderate balanced growth
Shift focus from capital growth to capital preservation
Investment time horizon comes down
Upto 40% of surplus funds in equity
Upto 60% of surplus funds in debt
Recommended distribution of assets
Prepay or finish all loans by 55 years of age
Investment in debt should be around NSC & Bonds
Phase out high risk sector funds gradually. Keep investment in well-diversified
large cap funds
Consolidate direct equity portfolio, gradually move part of it to high dividend
yield stocks.
Over 60 years of age
General profile
Retired/ working part time
Living in self-owned house
Income from existing investments, usually the only source of regular income.
Surplus funds usually not available for additional investments
Capital preservation is the primary need
Lifestyle expenses go down
Recommended investment style
Low risk profile
Income generation & consumption phase of investment
Investment horizon low
Page 37
5% to 10% equity exposure recommended
Recommended distribution of assets
Investment in Monthly Income Plans (MIP) and balanced equity funds
Senior citizen savings scheme
FD’s with monthly scheme
Avail all possible tax breaks available to senior citizens
6.4 HDFC Bank Investment Strategy
Aggressive Moderate Conservative
Direct Equity/ Equity
Funds
60% 45% 30%
Debt Funds 25% 45% 60%
Alternative investment 10% 5% 5%
Gold 5% 55 5%
Depending upon client risk profile and investment horizon, one can look at the
following options:
0 to 60 days- Liquid Funds
60 days to 4 months- ultra short term funds
6 months to 12 months- short term income funds & arbitrage funds
Beyond 12 months- Income fund and fixed maturity plans for conservative
investors
Above 15 months- monthly income plans/ asset allocation funds
For a horizon of more than 12 months, aggressive investors should look at actively
managed income funds.
6.5 ICICI Bank OfferingsICICI bank offers following HNW Offerings:
1) Privilege Banking
o Dedicate Service Area: for a faster and differentiated banking experience,
the Privilege Banking Dedicated Service Area is present at ICICI Bank
branches across India. Preferred recognition at Enquiry desks ensures that
the customer enjoys faster access to out expert Privilege bankers for all
Page 38
his banking needs from deposits, loans, cards to investment and
insurance.
o Priority Service: reduction in customer’s waiting time with prompt
resolutions of range of services requests over the counter. Priority SMS
updates on the status of service requests.
o Special Privileges: Privilege Banking customers enjoy relationship
privileges across ICICI Bank Products and services including deposits,
loans, cards, forex and locker facilities. Exclusive benefits and special
offers are provided in the form or Privilege Delights on travel, retail,
dining etc.
2) Wealth Banking
o Experts for Every Need : access to dedicated relationship Manager,
Dedicated Customer Service Manager, Team of Financial Experts,
Dedicated Business Banking Advisor and ICICI Group Expertise.
o Exclusive Priority Service : Access to Wealth Management Branches and
Lounges, Priority processing of service requests and Exclusive 24-hour
Customer Care Helpdesk.
o Customised Investment Planning : Create, review and rebalance the
client’s investment plan to meet his needs. This is a dynamic, 5 stage
process, where the Relationship Manager and a team of experts will work
closely with the client to customise his investment.
Step 1: Understanding the customer’s risk Profile.
Step 2: Assets Allocation.
Step 3: Investment Advisory.
Step 4: Review of his investments.
Step 5: Matching his changing needs.
o Special Privileges : Special privileges like charges waivers, personalised
international Debit Card and Family Wealth Account and provided. ICICI
Bank offers exclusive investment seminars, lifestyle events and special
offers on lifestyle brands.
Features Wealth Banking Titanium Privilege
Banking
Eligibility Deposits and Investment Monthly average balance
Page 39
Value of Rs. 25 Lac (MAB) of 1.25 Lacs
Non Maintenance Charges Nil Nil if FD of min 6.25 lacs
maintained Rs.50,000 =<
MAB < Rs. 1,25,000 –
Rs.50 per month
Relationship Manager Dedicated Relationship
Manager to interface with
bank.
Dedicated Customer
service Manager at branch
to give priority service.
Team of financial experts
to manage wealth
Dedicated Personal
Banker
Priority Banking Dedicated wealth banking
lounges Dedicated
Processing Centres
Exclusive 24 hour
Customer Care
Priority processing at all
ICICI bank branches and
through customer care.
Debit Card Personalized international
Debit Card
Higher withdrawal limit of
Rs. 1 lac
Titanium Debit Card with
a higher withdrawal limit
of Rs. 1 lac Sopping Limit
of Rs. 1.5 lac
ATM Access Free ATM access of any
bank any number of times
Free ATM access of any
bank any number of times
Cheques Free usage of payable at
par multi-city cheque book
Free usage of payable at
par multi-city cheque book
Account Statement Free combined monthly
statement of all accounts
Free on monthly basis
Anywhere/ Anytime
banking
Free internet
Banking/Mobile Banking
Free internet Banking/
mobile banking
`DD/PO charges Full Waiver Full Waiver
Lockers 40% discount on locker
fee.Extended banking
40% discount on locker
fee.
Page 40
hours to access lockers.
Gold Preferential rate on
purchase of ICICI pure
Gold.
Preferential rate on
purchase of ICICI pure
Gold.
Lockers Auto and home loans at
preferential rates
Reduced documentation
with home loan tenure upto
20 lacs
40% discount on locker
fee
Lifestyle privileges Invitations for exclusive
investment seminars and
panel discussions, movies,
plays, classical music
concerts etc.
Forex card Free forex card with 17
foreign currencies
Reports Research Reports from
Global Research Desk
covering market analysis,
mutual funds etc.
6.6 Advantage of ICICI Bank over HDFC Bank1) Provision for e-Locker facility: ICICI e-Locker is an online document storage
facility to store all the valuable documents of the customer at one central secure
location. The customer could access all his documents anytime conveniently
such as birth or marriage certificate, passbook statement, life insurance policy,
PAN card copy or any other important document.
2) Banking through Social Networking: ICICI Bank’s Facebook Pockets is a smart
way to manage all the accounts from the Facebook. The customer could send
money to his friends without knowing the account details. It allows creating
group and sharing the expenses within the group. Other facilities include
recharging of mobile and booking movie tickets instantly. Hence, customercan
do banking on Facebook while interacting with friends.
Page 41
3) Better Financial Management: ICICI Bank provides secure personal finance
management tool in the form of My Money this can be used to get linked to non
ICICI Bank account along with the customer’s ICICI Bank account. It is an ideal
tool for tracking the customer’s expenses, viewing other bank account statements
and managing accounts across banks through the comfort of one single window.
This tool can also help re plan the expenditure, categorise all the expenses and
create the personalised budget.
4) Improved Analytics: ICICI Bank provides a holistic and graphical representation
of all the investments and the account details of the client by providing a facility
to link the accounts in other banks with the customer’s account at ICICI Bank.
This allows the bank to present a better analytics using graphical tools using the
past history and future prospects of investments. Thus a complete picture is
presented instead of several different reports from different banks. The request
for this can be made online and the details will be made online at the details will
be available to the customer over his personal mail.
5) Increased Presence: ICICI Bank has a wide publicity network that includes
newspaper, TV channels, social media etc. the focus is to increase the visibility
of the products. ICICI Bank also comes up with simplified names of various
offerings so that the customer could easily relate to them. HDFC on the other
hand believes in word-of-mouth publicity.
Page 42
6.7 Axis Bank OfferingsAxis Bank is the third largest private sector bank, provides customised solutions in the
form of its Premium Banking offerings. These are offered in two different segments:
1) Axis Priority
o Preferential Treatment
o Premium Meeting Rooms
o Lifestyle Privileges
o Entertainment Benefits
o Beyond Banking Services
2) Burgundy by Axis Bank
o Relationship Management
o Wealth Management
o Personal Banking
o Power-packed Cards
o Business Solutions
o Lending Solutions
o eDGE Loyalty Rewards
6.8 Advantage of AIXS Bank over HDFC Bank
1) Home Banking: Axis Bank provides home facility o9f cask pickup and cheque
pickup. Cash pickup facility is provided with some cash limit. The DD drop
facility is also provided where the customer declares the cheque number over
phone against which DD is created and provided to him at home. The cheque of
the requisite amount is collected in lieu of the DD given to him. This way it is
very convenient and saves the time of the customer to visit the branch for these
things.
2) Better Mobile Banking Applications: Axis Bank has launched a new mobile
banking application that provides a high level of personalised mobile banking
experience. Yhe user can customise the look and feel of the App, select menu
items for the dashboard, set his favourite transactions and upload photos for
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beneficiaries and accounts from the phone or Facebook. The most important of
all, it also helps in locating the nearest branch and ATM’s.
3) Improved Debit Cards: Axis Bank provides an international debit card with an
improved withdrawal limit or Rs.2 lakhs and improved shopping limit of Rs.4
Lakhs. It is accompanied by reward points that are provided on every transaction.
This limit is considerably higher than its competitor banks- HDFC, ICICI,
KOTAK MAHINDRA and YES. The debit card also provides personal accident
insurance cover of upto 10 Lakhs and unlimited fuel surcharges.
4) Exclusive Access to Airport Lounges: Complementary access to airport lounges
is provided both within and outside India. Also priority pass is provided for
access to over 500 VIP Lounges at airports in 90 countries and 275 cities
worldwide. It also provides unlimited Clipper lounge access at selected domestic
& international airports in India. It also provides other assistance like language
assistance for foreign travellers, simplified process at custom & immigration and
fast track exit from the airport.
5) Premium Meeting Rooms: Axis Bank provides access to exclusive premium
meeting rooms in 16 cities where the customer could conduct their own private
business meetings. The meeting rooms could be booked online anytime.
6) Gold Mohur: Axis Bank brings Gold Mohurs in the purest form. They are made
in Switzerland and carry Assay certification of being 25 carat, 99.99% pure.
They come in a specialised packaging that is tamper proof so that its purity is
preserved.
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6.9 Kotak Mahindra Bank Offerings Kotak Mahindra Bank is the fourth largest private sector bank in India. It offers the
PRIVY LEAGUE product range for its HNW Segment.
Privy League
o Product Suite
o Financial Planning
o Privy Insight
o Privileges
6.10 Advantage of Kotak Mahindra Bank over HDFC Bank
1) Faster Processing of Data: Kotak Mahindra Bank is the pioneer in implementing
a data warehousing solution for banking in India. The enterprise-wide data
warehouse at Kotak Mahindra Bank is powered by Sybase IQ, a highly
optimised business intelligence, analytics and data warehousing solution for
delivering dramatically faster results at a lower cost. It compresses data by over
60% and allows for simultaneous loading and querying.
2) Faster Processing of Data: Kotak Mahindra Bank is the pioneer in implementing
a data warehousing solution for banking in India. The enterprise-wide data
warehouse at Kotak Mahindra Bank is powered by Sybase IQ, a highly
optimised business intelligence, analytics and data warehousing solution for
delivering dramatically faster results at a lower cost. It compresses data by over
60% and allows for simultaneous loading and querying.
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6.11. YES Bank OfferingsYES Bank is India’s fifth largest and fastest growing bank in the private sector.it has the
following privileges of customised Premium Banking solutions:
YES FIRST
o Superlative Product Proposition
o Exclusive Service Experience
o Wealth Management Expertise
o Lifestyle Privileges
6.12 Advantage of YES Bank over HDFC Bank
1) Extended Time for Locker accessing locker: YES Bank gives extended working
hours to access lockers for privilege customers beyond banking hours upto 6 PM.
This particularly helps working people to address to their banking needs post
working hours. The customer satisfaction level improves and customer can
access the lockers conveniently.
2) High ROI on Savings Bank Account: YES Bank is the only bank in the market
that is offering a ROI of 7% on Savings Bank account-higher than its
competitors ICICI, HDFC, KOTAK MAHINDRA and AXIS Bank. This Rate Of
Interest attracts more customers towards the bank. This preferential treatment
improves customer satisfaction level.
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7. Analysis of HDFC Bank HNW Offerings
Criteria HDFC ICICI AXIS KOTAK MAHINDRA
YES
No. of Portfolio’s
Three-Classic; Preferred; Imperia
Two- Gold Privilege; Titanium Privilege
Two-Priority; Burgundy
One-Privy; One-YES FIRST;
Eligibility Classic-AMB of 5 lakh Rupees in savings A/c & Term Deposits;Preferred-AMB of 15 Lakh Rupees across all Accounts;Imperia-AMB of 30 Lakh Rupees across all Savings A/c & FD’s
Gold Privilege-AMB of 50 Thousand Rupees;Titanium Privilege-AMB of 1.25 Lakh Rupees;
Priority-AMB of 2 Lakh Rupees; for semi-HNI segment –salaried/ Businessmen;Burgundy-AMB of 10 Lakh Rupees; for premium clients/Professionals/business group owners/corporates;
Privy-AMB of 5 Lakh Rupees;
AQB of 5 lakhs;
Lifestyle Privileges
Classic-Family Protection; plan to secure long term financial goals;
Travel/Dining/Retail discount privileges; range of health and medical insurance policies;third party insurance products
Priority-Free Access to VIP Lounge @ airports; 25% cash back on movie ticket bookings ( including
Free access to VIP Lounge @ airports;Zero Balance Accounts to all family members; Black cards and
Access to Domestic airport lounges- Clipper & Plaza Lounges; Invitation to exclusive
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payment of premium as per customer’s choice;Preferred-Premium credit cards; accelerated reward points; multiple payment channels; tax efficient investment avenues; Preferred EasyShop Platinum Debit Cards with 1 Lakh limit @ atm withdrawal & 2.75 lakh @ merchant Establishments/dayImperia-Premium Debit Cards- accelerated reward points, multiple payment channels,
covering health and life, home and travels;
online bookings) with Priority Platinum Debit Card; Priority Platinum Debit card-Shopping up to Rs 1.5 lakhs in a single day; High ATM cash withdrawal limit of up to Rs.1 lakh in a single day; Unlimited ATM transactions at any other bank ATMs.; Financial Health check-latest CIBIL score report through Axis Bank; The Visa Travel Assist program offering-Language assistance for foreign travellers; Simplified process at customs & immigration; Fast-track exit from the airport;Burgundy- access to Axis Bank Premium Lounges for business meetings; Family banking benefits - Up to 4 family members can become members of
cheque books for preferential treatments; Travel Information & Assistance; Business Service- rent a laptop computer and A/V equipment, making arrangements for conference services or even a last minute request for an emergency translation service; Entertainment Planning-booking of movie tickets; Country & City Information- global time zones, to holidays and festivals, locations of great museums and music and entertainment events;
events; Invitation to exclusive events; tie-up with International SOS, all YES FIRST Business customers are provided a dedicated international toll free number- Car Rental, Limousine Referral and Reservation AssistanceHotel Referral and Reservation AssistanceTravel Referral and Reservation AssistanceSpecial Events and Performance AssistanceRestaurant Referrals and Reservations Movie TicketsFlower & Gift Delivery; Travel Assistance-Visa requirement information Inoculation requirements for overseas travel; Automobile Assistance- Emergency towing assistance,
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fuel surcharge waivers;Imperia Platinum Chip Debit Card-enhanced security, enhanced limits, cash back, ATM withdrawal limit of Rs.1 Lac at ATMs and Rs. 2.75 Lakhs at Merchant Establishments & Online
Burgundy; advanced Speed Banking with Axis Mobile and Axis Internet; Personal Accident Insurance cover of Rs. 15 Lakh and combined lost card liability and purchase protection cover of Rs. 6 Lakh; Complimentary movie tickets through booking at BookMyShow.com; Fuel surcharge waiver at all fuel stations in India;
Roadside repair assistance; Home Assistance- Electrical and gadget repair serviceHome movers assistancePest Control services; Complimentary access to Golf Courses & Golf Lessons;
Product Advancements
Classic-Third Party Cash Transfer limit- 1 Lakh;Demand Draft limit-1 1 Lakh per day free; All debit cards free; Locker charges waived @ 25%;Free
Pre-qualified loans; Preferential interest rates; Preferential pricing on purchase of gold; Pre-qualified loans; Preferential interest rates and/or processing fees on Loan products; Discounts on Locker facility and preferential allotment; Preferential pricing on purchase of gold, sale/purchase of forex; Unlimited free access to any
Preferential rates on a host of products and services-Premium current accounts; Home Loans, Personal Loans and other loan products; Lockers; Forex, Remittances and Travel Cards; AxisDirect- Online Trading platform Demat Services;Burgundy- Burgundy Savings Account with a dedicated
Cash Delivery and Deposit Facilities; Real Estate Fund; Structured Products; Structured Products; Preferential rates; Online Fund Transfer options; Online payment of bills; ActivMoney; pre-approval facility- pre-approved sanction for home loan;
Priority processing of service requests (enquiry/transactions) at branch counters & through PhoneBanking; Preferential pricing on other asset/liability relationships & Trade Forex transactions Convenience banking through our Doorstep
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transactions @ non-HDFC bank atm’s;Prefrential Rates of FOREX; waiver on Demat Accounts; Payable-@-par Classic Cheque Book; no service charges for not meeting min. average/quarterly balance requirement in savings a/c; monthly StatementPreferred-Comprehensive Business banking solutions; premium credit cards; comprehensive family needs; Preferential pricing on a variety of products; waiver on host of services; no
bank’s ATM throughout the country; Waiver of Anywhere Banking charges across all ICICI Bank Branches; Complete waiver on DD/PO charges; 40% discount on annual fee for Safe Deposits Lockers; Online appointment service for convenience and flexibility; Wide range of product to choose from products; Guidance throughout the process making home buying hassle free; Doorstep service; Simplified Documentation; Sanction approval without having selected a property; Flexible repayment options;
Relationship Manager backed by a team of product specialists and domain experts; Burgundy World Debit Card, with higher transaction and withdrawal limits at merchant outlets and ATMs; Multicurrency Forex card with preferential currency conversion rates and 24x7 support; Preferential rates on other products of the bank including 25% discount on annual locker fees; Unlimited free cash withdrawal transactions at ATMs in India as well as abroad; Personal Accidental Death Insurance Cover of 15 lakh; customised business solutions;
Customized Financial Planning- Based on financial objectives and risk profile; Knowledge-based seminars and workshops on Tax Advisory, Investments; premium cars test-drives and lifestyle product launches; Global Platinum Debit and ATM Card with a flexi limit facility;
Services; Free YES FIRST Business World debit card with daily ATM & POS limits of INR 2 Lakhs each; Free Payable At Par Cheque BookFree self/third party fund transfer; Free NEFT/RTGS payments & Collections;Free unlimited DD issuance at YES BANK locations through branch/NetBanking; Free unlimited cheque collection at YES BANK & Correspondent bank locations; Customized cash deposit limit to match your business needs; Free cheque pick-up facility once a day; Free cash Pick up/delivery facility; Get preferential pricing (up to 0.25% waiver on applicable ROI) across a wide range of
Page 50
charges on balance enquiry & cash withdrawal @ non- HDFC atm; locker charges waived @ 50%; Personal Accidental Death Insurance cover of up to 10 lakhs; Imperia-Exclusive Imperia Phone Banking Service: The Imperia Phone Banking service -balance enquiry, loan-related queries, bill payment; Business solutions like Loan Against Property/ Rent Receivables, Working Capital, Cash Management Services, E-net, Trade Services, Merchant Point of Sale Terminals, Internet Payment Gateway and Corporate Salary Accounts;Distribution of Financial Products-Equity, Mutual Funds,
financial products like Loan against Gold, Personal Loan, Loan Against Securities, Loan Against Property, Car Loan; Gold Savings account with ZERO Average Quarterly Balance requirement and waiver on Annual Service Charges for:Demand Draft / Manager's Cheques; Stop Payment on Cheques Cheque Return / CollectionsDuplicate StatementsCertificate of BalanceFIRCRecovery of old records;
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Debt Mutual Funds, Insurance, etc. to service investment needs;
Relationship Managers
Classic-Personal BankerPreferred-Relationship ManagerImperia-Imperia Client Relationship Manager
Dedicated Relationship Manager
Priority-Relationship ManagerBurgundy-Burgundy Relationship Manager
Dedicated Relationship Manager
Service Area
Dedicated Service Lounge for Preferred & Imperia Clients;
Dedicated Service area for privilege clients;
Premium Meeting Rooms available to Priority Customers;
Exclusive YES FIRST Business lounges;
ROI 4% interest on Savings account on a daily end of day balance;
7% interest on savings a/c balance;
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7.1 SWOT Analysis
Strengths1) Great Brand Image: HDFC Bank is the first bank in private sector to ba
awarded banking license in the year 1994. The bank is promoted by the
Housing Finance Corporation, a premier housing finance company of India
set up in 1977. A pioneer and leader in housing finance in India, since
inception, HDFC has assisted more than 4.7 million customers to own a
home of their own. Over and above, HDFC Bank does not believe in
advertising unlike its competitors ICICI, Axis, Kotak Mahindra and Yes
Banks. It believes in word-of-mouth publicity.
2) Widest Product Range: HDFC Bank has the widest range of products design
to meet the requirements of different categories of individuals. Nine of the
competitor banks have this sort of product range. The products are designed
to cater to different segments. HDFC products are customised with different
features. The product range helps it to meet the distinct needs pf HNW
segment easily.
Market leaders in the range of Credit Cards.
Widest range of Current Accounts to meet the needs of business men
Carries with the legacy of HDFC Ltd. And comes with attractive interest
rates and flexible loan repayment options.
Ahead of its competitors in forex services having multi-currency forex cards
Entire range of investment products like mutual funds, savings bonds,
equities etc.
3) Support of various Companies: HDFC Bank is promoted by HDFC Ltd. that
is one of the oldest companies in the home loan segment. Besides this, it has
a large number of sister concerns with HDFC brand that caters to different
products:
HDFC Securities: Online Trading Platform For Equities And Derrivatives
HDFC Mutual Funds: All Kinds Of Mutual Funds, Bonds And Government
Securities
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HDFC Realty: Investment In Properties
HDFC Life: Life Insurance
HDFC Ergo: General Insurance
HDFC Pension: Retirement Planning Advisory
4) Highly Process Orientation: HDFC Bank is highly process oriented bank. It
follows same set of rules and procedures for common as well as HNW
individuals. This is a strong value preposition and it will not bend rules even
for large client engagements. Other private banks could compromise for large
clients. Non-compromising nature of bank creates faith in customers who
bank with it
Weakness
1) Lack of similar preferential treatment everywhere: HDFC Bank branches
identify their respective preferred customers well and try to provide priority
service when these customers visit the branch. But when a customer, who is
on a personal or business visit to a place, walks in to a nearby branch for
some urgent issue, he is not provided the similar treatment as when he visits
his home branch. Other banks identify the customer at the welcome desk and
process their tasks on priority.
2) Lack of appropriate selling strategy for products: HDFC Bank has no doubt
the widest range of products among competitive banks, but it lacks selling
strategy to communicate them to target customers. The offerings could be
explained in simpler terms through examples, flowcharts, and graphs that
would be more comforting for an individual to understand. The bank does
not identify and list down all the facilities that it provides to a specific
segment, across all products.
Opportunities
1) Global Expansion: HDFC Bank could increase its global presence in the HNW
Offerings through merger and acquisitions. It has strong financial assets and
largest bank in India by market capitalization so it has the potential of M&A.
This way it could serve the NRI segment better by provision of similar service in
countries outside India.
2) Targeting Young Affluent Segment: Indian young affluent populations on rise.
The bank has the potential to tap the needs of segment by carefully aligning and
improving its lifestyle privileges. The youth is more technology savvy and
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understands the financial management in a better way. So, improving on
technology and adopting aggressive investment strategies could attract this
segment.
3) Huge Talent Pool: with the increase in population of HNW segement, several
good b-schools train the management students in wealth management area.
Hence, the bank could tap these resources to expand its operations and appoint
wealth and relationship managers at sew places. It could easily invest in
infrastructure due to its strong financial position.
Threats
1) Very High Competition: HDFC Bank is facing tough competition from
competitor banks in HNW offerings. Other banks are offering similar products
and services and similar range of investment products. ICICI Bank also has the
backing of similar number of companies as HDFC Bank. Hence, service is the
key to differentiate apart from product innovations.
2) Increase in Foreign Banks and NBFC: Post de-regulation measures taken by
RBI, a lot of foreign banks have entered the Indian market. These banks provide
huge potential in countries outside India and target the NRI segment. Their USP
is international processes that are credited widely. Their services are limited to
metros but are expanding in phased manner. Similarly, a lot NBFC such as
Motilal Oswal, Religare, Sherkhan etc. are trying to capture the HNW segment
with a range of investment offerings.
3) Modernisation of Government Banks: the government bank such as SBI, BoB
etc. are trying to revamp their product portfolio and coming up with new
products and better infrastructure to target the HNW segment. Traditionally,
Indian population has a better trust than on government banks and because they
are coming up with host of new features, the switching of customers to private
bank is impacted.
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8. Recommendations1) Similar Good Quality Preferential Service: There is no doubt that products drive
profits and HDFC Bank has all the products in its portfolio for all categories of
individuals. The bank should try to develop a guideline for all relationship
manager and wealth management advisors on compulsory client contact and
home visit.
2) Simplified product explanation: HDFC Bank along with its subsidiaries such as
HDFC Life, HDFC Securities etc. has a wide range of products. Each product is
very carefully designed with specific features keeping in mind the needs of target
segment for which they are designed. HDFC Bank does not believe in
advertising its products so its web site is rich source of information where user
can get all relevant details on the products. There should be a simplified
explanation of every product with a pictorial representation if feasible. The
webpage should be designed such that, in the beginning, it should allow user to
select the segment among options such as normal, HNW or UHNW segment.
Once the segment is selected, the customer should then be allowed to choose
categories to which he belongs. Thereafter it should list all product categories
that are designed specifically for him.
3) User Friendly Interface: In the age of internet, online banking has become very
popular. It is very convenient and saves a lot of time. The customer can access
his accounts and do transactions via net banking or mobile banking. Hence the
user interface of the net banking page and mobile banking-app has to be very
good and self-explanatory. There should be a online video to help users to
understand the various links and their purpose. The page should be designed
something similar to Facebook allowing user to customise his page as per his
needs. He could edit his profile or change his picture, add pictures for his
beneficiaries. Also, as per user profile, the page should display exclusive lifestyle
privileges and other gift rewards.
4) Right strategy for right people: HDFC Bank should strategically align its
products as per customer needs. India’s young affluent population is on rise and
the bank should tap this segment lifestyle privileges and other rewards and offers
as per the needs of this segment so that the relationship manager can demonstrate
and help the customer understand the exclusive benefits that are in the package
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that is selected as per the user profile of the customer. Thus, a bundled HNW
offering for each segment is required.
Methodology
Combination of quantitative and qualitative methods was used in this study. A
quantitative survey was carried out amongst the bank account holders who are
beneficiaries of retail banking, using face to face structured interview.
The interview involved the use of predetermined questions. It followed a rigid procedure
asking questions in a form and order previously laid out. In view of descriptive study
structured interview being more economical, providing a safe basis for generalisation
and required relatively lesser skill on the part of the interviewer was choosen.
For a holistic assessment purpose in depth interview were carried out amongst the
Branch Managers, Relationship Managers, and Welcome Desk.
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9. Bibliography1. http://www.icicibank.com/privilege-banking/index.page–ICICI bank offerings
2. http://privyleague.kotak.com/index.htm - Kotak Mahindra Bank offerings
3. http://www.yesbank.in/branch-banking/yes-first.html - Yes Bank Offerings
4. http://www.hdfcbank.com/personal/HNW_Banking/hnw_banking?id=gts8minz
– HDFC Bank Offerings
5. http://www.axisbank.com/personal/experience-privilege.aspx - Axis Bank
Offerings
6. http://wealthmanagement.kotak.com/topindia/download.html -Position of Wealth
Management in India
7. http://www.investopedia.com/terms/p/portfoliomanagement.asp - Portfolio
Management
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10. About us
SBI School of Commerce and Banking, Banasthali University
Smt. Arundhati Bhattacharya, (the then Dy. M.D. and Corporate team Development
Officer of SBI), visited University Campus. She appreciated the missionary work of
women’s education carried by Banasthali since 1935 and advised the students to work
hard, leverage the facilities at Banasthali and make stride in the wonderful world of
banking. Banasthali University has launched Bachelor of Commerce (B.Com.)
Programme from academic session 2013-14. State Bank of India, has donated a generous
philanthropic grant for construction of the school to be named as ‘SBI School of
Commerce and Banking’.
Globally, women have performed exceedingly well in field of commerce. The SBI-SCB
shall have the strong support from WISDOM, the B-School of University in designing
innovative programmes, arranging faculty, conducting research and more importantly
preparing the students in acquiring required skill-set to be a successful commerce &
banking professional.
Https://www.facebook.com/pages/SBI-School-of-Commerce-Banking-at-Banasthali-
University/1498558570390191
Dhriti Upadhyaya
5th semester B.Com student in SBI School of Commerce and Banking, Banasthali
University, Banasthali, Rajasthan. I am required to do about 5 weeks of financial analysis
based project training, towards partial fulfilment of my course.
Page 59
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