ICICI Bank Ltd.

ICICI Bank, India’s largest private sector bank has introduced an online flexible recurring deposit product. This new product will give its savings account customers the flexibility to choose when and how much to save to meet their goals. The new flexible recurring deposit will allow customers to save varying amounts of money at a time of their choice. The bank has developed this product in collaboration with the US-based Social Money.

The bank has posted a rise of 30.13% in its net profit at Rs 1956.11 crore for the quarter ended September 30, 2012 as compared to Rs 1503.19 crore for the same quarter in the previous year. Total income has increased by 21.95% at Rs 12069.30 crore for quarter under review as compared to Rs 9897.17 crore for the quarter ended September 30, 2011.