# ICICI Private Banking: India's most international private bank

> ICICI Private Banking — India's second-largest private bank: the official grid from ₹5 crore TRV, own banks in the UK and Canada, GIFT City, DICGC/FSCS/CDIC protection.

Author: Adam Ihsan — Venture Partner (https://wiki.private.law/en/authors/adam)
Last modified: 2026-10-20T10:51:00.000Z
Canonical: https://wiki.private.law/en/icici-private-banking
Publisher: wiki.private.law (https://wiki.private.law)
Version: 6ec63a35528bb9bfb18bbb5e8fdf94adfd1719661dc4c4188d46e77856c41c4d
Cite as: ICICI Private Banking: India's most international private bank. wiki.private.law. https://wiki.private.law/en/icici-private-banking. Version 6ec63a35528bb9bfb18bbb5e8fdf94adfd1719661dc4c4188d46e77856c41c4d.
Topics: banking
Jurisdictions: india, uk, canada, singapore, hong-kong, uae, bahrain
Functional tags: private-banking
Product tags: bank, wealth-planning, investment, custody, lombard-credit, family-office
Semantic tags: private-banking, bank, wealth-planning, investment, custody, lombard-credit, family-office

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## Concept

**ICICI Bank Private Banking** is the private-banking arm of India's second-largest private-sector bank (BSE/NSE; NYSE ADRs: IBN) with a full international substrate for the diaspora: subsidiary banks in the UK and Canada, branches in Singapore, Hong Kong, Bahrain, Dubai (DIFC) and New York, plus a GIFT City unit. **Type**: a private bank inside a universal group; the MD & CEO is Sandeep Bakhshi (since 2018). ICICI's [annual report for 2023–2024](https://nsearchives.nseindia.com/annual_reports/AR_26260_ICICIBANK_2023_2024_26092024174020.pdf) listed Rajesh Iyer in its private-banking leadership. [LGT Wealth India's own communications in 2026](https://www.linkedin.com/posts/lgt-wealth-india_indiamarkets-investmentstrategy-cioinsights-activity-7443242942879772673-1cCU) identify him as its Chief Investment Officer and Managing Director.

## History and evolution

ICICI Bank was formed in 1994 out of ICICI Ltd (1955) and became the first Indian issuer on the NYSE (1999); the 2002 reverse merger created the universal bank. In March 2025 ICICI Securities was delisted (now wholly owned); in December 2025 ICICI Prudential AMC listed; in 2026 the AMC opened a DIFC branch. The overseas retail perimeter has shrunk in recent years: the Qatar, Sri Lanka and South Africa points and the Russian subsidiary are closed.

Group scale at 31 March 2026: assets of ~$250bn; CET1 ~16%. No separate private-banking assets line is published — the closest proxy is the wealth unit's client assets at ICICI Securities (₹3.2tn at FY2023, secondary).

> 🍓 Deposit protection by entity: India — DICGC ₹500,000 per depositor per bank; UK (ICICI Bank UK PLC) — FSCS £85,000; Canada (ICICI Bank Canada) — CDIC C$100,000; Singapore — SDIC S$100,000 on SGD deposits; the New York branch sits outside FDIC; DIFC — professional clients only, no retail scheme. Securities remain the client's property.

## Regulation

- **RBI** — ICICI Bank Limited (a domestic systemically important bank); **SEBI** — the group's investment lines;
- **PRA / FCA** — ICICI Bank UK PLC; **CDIC/OSFI** — ICICI Bank Canada;
- **MAS** — the Singapore branch; **HKMA** — Hong Kong; **DFSA** — the DIFC (Category 1, professional clients only); **IFSCA** — the GIFT City IBU.
## Source of funds and compliance

The standard applies: Aadhaar/PAN for residents, NRE/NRO logic under FEMA for NRIs, and at the UK subsidiary electronic identity verification plus evidence of [source of funds and source of wealth](https://wiki.private.law/source-of-funds). Dated RBI penalties: ₹97.8 lakh (April 2025, cyber-incident reporting/KYC) and ₹75 lakh (August 2025, collateral valuation and current accounts); these are administrative process sanctions, not a risk to client assets.

> 💡 Prepare the source-of-wealth file in advance: sale of a business, dividends, inheritance. The mechanics are covered in the guide on [documenting source of funds](https://wiki.private.law/source-of-funds).

## Who it serves

- **Indian residents**: officially — [private banking from a ₹5 crore relationship value (deposits + balances + funds + demat) or ₹50 lakh of deposits and balances](https://www.icicibank.com/personal-banking/accounts/savings-account/private-savings-account); the family format from ₹7.5 crore of family TRV;
- **NRIs**: an identical grid — ₹50 lakh of deposits or a ₹5 crore TRV counting demat and investments;
- **family offices** — the dedicated Global Private Banking & Family Office franchise;
- tiers below: Select and Wealth Management.
## Services

### Wealth management

- a dedicated relationship team, investment solutions validated by a Group Investment Council, a 3-in-1 account (stocks/funds/IPO);
- discretionary management via ICICI Prudential AMC (the domestic PMS leader) and ICICI Securities.
### Lending

- [loans against securities, time deposits and property](https://wiki.private.law/lombard-lending).
### The international perimeter

- NRE/NRO/FCNR accounts, Money2India remittances, GIFT City global accounts (8 currencies, no minimum balance);
- the invitation-only Emeralde Private metal card.
## Entities and booking centres

| Jurisdiction | Legal entity | Format and supervisor | Role for the client |
| --- | --- | --- | --- |
| India | ICICI Bank Limited | RBI/SEBI | domestic market: ~7,500 branches |
| UK | ICICI Bank UK PLC (+ a Germany branch) | subsidiary, PRA/FCA | diaspora and cross-border |
| Canada | ICICI Bank Canada | subsidiary, OSFI/CDIC | diaspora |
| Singapore / Hong Kong / Bahrain / Dubai | branches | MAS / HKMA / CBB / DFSA | NRI and international clients |
| US | New York branch | OCC (no FDIC) | corporate perimeter |
| India (GIFT City) | IFSC Banking Unit | IFSCA | offshore accounts in 8 currencies |

## Strengths

- a fully published threshold grid, identical for residents and NRIs;
- a rare international substrate: own banks in the UK and Canada, branches at key diaspora points;
- GIFT City as a legal offshore channel inside India;
- group capabilities: a listed AMC and PMS leadership.
## Where it does not fit

- clients outside the India logic and the diaspora;
- those wanting a published figure for the unit's assets — none is disclosed;
- fortunes below ₹5 crore TRV (below that, Wealth Management);
- clients sensitive to the 2025 RBI process penalties over KYC/reporting.
ICICI Private Banking is the most international of India's private banks: transparent thresholds, own banks abroad and the GIFT City channel; the unit's scale figure is not disclosed.

## Q/A

### Entry and geography

### What minimum capital does ICICI Private Banking require?

Officially: a ₹5 crore relationship value (deposits, balances, funds, demat) or ₹50 lakh of deposits and balances; the family format from ₹7.5 crore of family TRV. The NRI grid is identical. Outdated "₹1–2 crore" figures do not match the current published grid.

### How are Indians abroad served?

Through branches in Singapore, Hong Kong, Bahrain and Dubai, subsidiary banks in the UK and Canada and the GIFT City unit: NRE/NRO/FCNR accounts, Money2India remittances, offshore accounts in eight currencies with no minimum balance. The New York branch is corporate and outside FDIC.

### What does deposit insurance cover?

India — DICGC ₹500,000; UK — FSCS £85,000; Canada — CDIC C$100,000; Singapore — SDIC S$100,000 on SGD deposits. Securities and fund units remain the client's property.

### Structure

### What changed in the group in 2025–2026?

ICICI Securities was delisted and became wholly owned (March 2025); ICICI Prudential AMC listed (December 2025) and is preparing to absorb ICICI Securities' PMS business; the AMC opened a DIFC branch (2026). For private-banking clients this widens the product shelf.

### Who leads private banking?

ICICI's [annual report for 2023–2024](https://nsearchives.nseindia.com/annual_reports/AR_26260_ICICIBANK_2023_2024_26092024174020.pdf) listed Rajesh Iyer in its private-banking leadership. [LGT Wealth India's own communications in 2026](https://www.linkedin.com/posts/lgt-wealth-india_indiamarkets-investmentstrategy-cioinsights-activity-7443242942879772673-1cCU) identify him as its Chief Investment Officer and Managing Director.

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