The document is a project report comparing mutual funds of HDFC and ICICI. It includes an introduction describing mutual funds, their history and types. It outlines the objectives of comparing the two companies' investment opportunities and ability to help investors make decisions. The report contains sections on literature review, research methodology, analysis, findings, and conclusions.

1. Aryabhatta Institute of Management COMPARATIVE ANALYSIS OF MUTUALFUND OF HDFC & ICICI SUBMITTED TO:-Mr. Kamaljeet SinghLech. Of Research Methodology SUBMITTED BY:- Miss. Parneet Kaur Roll. No. 95202239175 MBA<br />CERTIFICATE<br />This is to certify that Miss. Parneet Kaur has done the Minor Research Project entitled “Comparative analysis of mutual fund of HDFC & ICIC” under my supervision for the degree of Master of Business Administration. The work done by her is a sole effort and has not been submitted as or its part for any other degree.<br /> <br /> <br /> Mr. Kamaljeet Singh<br />(Lecturer)<br /> Arayabhatta Institute of Management<br /> <br /> (Barnala)<br /> <br /> <br />DECLARATION<br />I, PARNEET KAUR here-by declare that the project report “COMPARATIVE ANALYSIS OF MUTUAL FUND OF HDFC & ICICI” for the fulfillment of the requirement of my course from AIM is an original work of mine and the data provided in the study is authentic, to the best of my knowledge.<br />This study has not been submitted to any other Institution or University for award of any other degree.<br />HOWEVER, I ACCEPT THE SOLE RESPONSIBILITY OF ANY POSSIBLE ERROR OR OMISSION<br /> Parneet Kaur<br /> Roll.No.95202239175 <br /> It is a matter of Great Pleasure for me in submitting the project report on Comparative an Analysis of Mutual Fund of HDFC & ICICI For the fulfillment of the requirement of my course from AIM, Barnala.<br /> I am thankful to and owe a deep dept gratitude to all those who have helped me in preparing this report. Words seem to be inadequate to express my sincere thanks to Mr. Kamaljeet Singh for his valuable guidance, constructive4 criticism, untiring efforts and immense encouragement during the entire course of the study due to which my efforts have been rewarded.<br /> I am highly obliged to those who had helped me to procure primary data to complete my project. Also not to be forgotten are the Lecturers of MBA who contributed their ideas and suggestions.<br /> I want to thank all who have supported me and gave their timely guidance. Last but not least I am very grateful to all those who helped me in one-way or the other way at every stage of my work. <br /> <br /> <br /> <br /> Parneet Kaur<br />PREFACE<br />Many individuals own mutual funds today. Indeed, the mutual fund industry which reached $3.64 trillion in assets by 2009,comprises the bulk of many investors financial assets, whether for retirement or taxable savings purposes .To a large extent, mutual funds are the investment vehicle for the majority of house holds in the India.<br /> In the introductory chapter, I have consider the role of mutual fund in today’s investing environment, learn just how popular mutual funds have become and consider why investors have chosen to put so much money into funds. Clearly, mutual funds are a major financial asset for numerous investors, and in many ways they play the dominant role in today’s investing world for millions of house holds.<br /> I have also told about the basics of mutual funds, defining terms and discussing the mechanics about how funds work. I have also considered other alternatives .I have mainly focused up on the study that which company’s mutual investments are mostly preferable by investors. Today investors are becoming rational & they see all the parameters before investing .I had also reviewed the types of mutual funds, structure of mutual funds and their current scenario.<br /> The over all objective of my study on this project is to know which company provides better investment opportunities from HDFC & ICICI and make the investors to be able to take better decisions .Of course, as every study needs, I’d adopted an objective view of over all situation that examines both sides of the issue situated in HDFC &ICICI.<br /> <br />S.NO.ContentsPage No.1Introduction To Topic 72Introduction to Companies 113Review of literature144Need/Scope of Study1650bjective of the study166Research Methodology187Analysis 218Findings439Limitations4310 Recommendations4311Conclusion4412Bibliography4613Annexure48<br />Introduction to Topic<br /> <br />What is mean by mutual fund?<br />Mutual funds are pools of money that are managed by an investment company. They offer investors a variety of goals, depending on the fund and its investment charter. Some funds, for example, seek to generate income on a regular basis. Others seek to preserve an investor's money. Still others seek to invest in companies that are growing at a rapid pace. Funds can impose a sales charge, or load, on investors when they buy or sell shares. Many funds these days are no load and impose no sales charge. Mutual funds are investment companies regulated by the Investment Company Act of 1940. Related: open-end fund, closed-end fund.<br />Concept of mutual funds<br />A mutual fund is a trust that pools the savings of a no. of investors, who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion to the number of units owned by them. Thus a mutual fund is the most suitable investment for the common man as it offers an opportunity to invest in diversified, professionally managed basket of securities at a relatively low cost.<br />Historical Aspect<br /> Mutual fund firstly was established in 1822 in the form of Society General De Belguique. It mainly gains the progress in Switzerland & little in franc and Germany in its initial days. The first investment trust “The foreign and colonial govt. trust” Was founded in London in 1868. <br />Indian Scenario of Mutual Fund<br />The origin of mutual fund industry in India is with the introduction of the concept of by UTI in the year 1963. Through the growth was slow, but it accelerated from the year 1987 when non-UTI players entered in industry. The mutual fund industry goes through four phases:-<br />First phase 1964-87 (Establishment of UTI).<br />Second phase 1987-93 (Entry of public sector funds).<br />Third phase 1993-2003 (Entry of a private sector funds).<br />Fourth phase since feb.2003 (Bifurcated of UTI).<br /> <br /> In the first phase, UTI was established in 1963 by an act of parliament. In 1978 it was delinked from RBI & the IDBI took over the control of UTI. In second phase, SBI entered as first non-UTI mutual fund provider then it was followed by can bank (Dec. 87). PNB (Aug 89) & LIC in 1989. In third phase, the private sector entered in it. The Erstwhile Kothari pioneer (now merged with Franklin Templeton) was first registered in July 1993 in mutual fund. In revised registration of SEBI I n 1993 the industry functions under SEBI. And the fourth phase had bitter experience for UTI. It was bifurcated into two separate entities. One is the specified under taking of UTI with AUM of 29,835cr. The second is UTI mutual fund ltd. Sponsored by SBI, PNB, BOB and LIC& it is registered with SEBI.<br /> <br /> Types of Mutual Fund<br />Sector schemesIndex schemesIndustry specific SpecificSpecial schemes Investment objective Structure Growth Income Balanced Money Market Open Ended Close Internal<br />Advantages of Mutual Funds<br /> <br />Diversification.<br />Professional Management.<br />Liquidity (mainly in case of opened mutual funds).<br />Regulatory.<br />Convenience.<br />Low cost.<br />Reduction of transaction cost.<br />Diverse returns.<br />Advantages to Industrial concern.<br />Tax relief.<br />Attract foreign Capital.<br />Reduction / Diversification of risk.<br />Drawbacks of Mutual fund<br />No guaranties.<br />Fees & Commission.<br />Taxes.<br />Management Risk.<br />Introduction to CompaniesHDFC Mutual Fund<br /> HDFC mutual fund was set up on June 30, 2000 with two sponsors namely Housing Development Finance Corporation ltd. and Standard Life Insurance ltd. HDFC mutual fund came into existence on 10 Dec. 1999 and got approval from the SEBI on 3rd July 2000.<br /> Housing Development Finance Corporation Limited, more popularly known as HDFC Bank Ltd, was established in the year 1994, as a part of the liberalization of the Indian Banking Industry by Reserve Bank of India (RBI). It was one of the first banks to receive an 'in principle' approval from RBI, for setting up a bank in the private sector. The bank was incorporated with the name 'HDFC Bank Limited', with its registered office in Mumbai. The following year, it started its operations as a Scheduled Commercial Bank. Today, the bank boasts of as many as 1412 branches and over 3275 ATMs across India.<br />Products and Schemes of HDFC mutual fund <br />Equity funds.<br />Balanced funds.<br />Debt funds.<br />Liquid funds. <br /> Prudential ICICI Mutual Fund <br /> The mutual fund of ICICI is a joint venture with Prudential PLC. Of America, one of the largest life insurance companies in the USA. Prudential ICICI mutual fund was set up on 13th of Oct. 1993 with two sponsors. <br /> ICICI Bank started as a wholly owned subsidiary of ICICI Limited, an Indian financial institution, in 1994. Four years later, when the company offered ICICI Bank's shares to the public, ICICI's shareholding was reduced to 46%. In the year 2000, ICICI Bank offered made an equity offering in the form of ADRs on the New York Stock Exchange (NYSE), thereby becoming the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. In the next year, it acquired the Bank of Madura Limited in an all-stock amalgamation. Later in the year and the next fiscal year, the bank made secondary market sales to institutional investors <br /> <br /> Products and Schemes of HDFC mutual fund <br />Equity funds.<br />Balanced funds.<br />Debt funds.<br />Liquid funds.<br />Children’s gift fund <br /> Other Players in Mutual Fund <br />Bank of Baroda mutual fund (BOB MF) 30OCT. 1992.<br />Benchmark mutual funds (June 12, 2001).<br />Birla Sun life MF (1871).<br />Chola mutual fund (3 Jan. 1997).<br />Can bank mutual fund (Dec. 19, 1987).<br />LIC mutual fund (19th June, 1989).<br />Reliance mutual fund (30June, 1995).<br />Sahara mutual fund (18 July, 1996).<br />GIC (General Insurance Corporation of India). Etc. <br />Review of Literature<br />COMPANY PROFILE<br />ICICI Bank is India's second-largest bank with total assets of about Rs. 1<br />trillion and a network of about 540 branches and offices and over 1,000<br />ATMs. ICICI Bank offers a wide range of banking products and financial<br />services to corporate and retail customers through a variety of delivery<br />channels and through its specialized subsidiaries and affiliates in the areas<br />of investment banking, life and non-Banking , venture capital, asset<br />management and information technology. ICICI Bank's equity shares are<br />listed in India on stock exchanges at Chennai, Muzaffarnagar, Kolkata and<br />Vadodara, the Stock Exchange, Mumbai and the National Stock Exchange<br />of India Limited and its American Depositary Receipts (ADRs) are listed on<br />the New York Stock Exchange (NYSE).<br />HDFC Bank’s exposure to market risk a function of its trading and asset<br />and liability management activities and its role as a financial intermediary<br />in customer-related transactions. HDFC had tried its best in mutual fund sector. It has grown up its market share in a meanwhile time. The objective of market risk management is to minimize the impact of losses due to market risks on earning and equity capital.<br /> <br /> Source:- www.sribd.com<br /> www.artclenich.com<br />Need of studyScope of studyObjectives of study<br />Need of the study <br />The need of study arises for learning the variables available that distinguish the mutual fund of two companies.<br />To know the risk & return associated with mutual fund.<br />To chose best company for mutual investment between HDFC & ICICI.<br />To project mutual fund as the ‘productive avenue for investing activities.<br />Scope of the study<br />To make people aware about concept of mutual fund.<br />To provide information regarding advantages and demerits of mutual fund.<br />To advice where to invest or not to invest.<br />To provide information regarding types of mutual fund which is beneficial for whom.<br />Objectives <br />.<br />To analysis which provides better returns from HDFC &ICICI.<br />To analyze the concept and parameters of mutual fund.<br />To know how many people are satisfied by their investment (in HDFC or ICICI). <br />To know people behavior regarding risk factor involved in mutual fund. <br />.<br /> Research Methodology<br />Research refers to search for knowledge. One can also define research as a scientific and systematic search for pertinent information on a specific topic. It is an art of scientific investigation.<br />Research Methodology:-<br /> It is the way to systematically solve a problem. The methodology adopted in this study is explained below:-<br />Research Design<br /> Problem Defining:<br /> In a competitive situation with multiple mutual funds operating in Indian market, it is necessary to know about the performance of different mutual funds as the performance of mutual fund decides about the future of Mutual Fund Company. In this study my focus is upon performance of investors regarding HDFC &ICICI. This is my problem to be studied for research.<br />Literature Survey: <br /> I have used newspapers, magazines related to business & finance & apart from websites.<br />Type of research: <br /> The research is qualitative & descriptive in nature. Qualitative research is that talk about the quality of the subject to be researched and Descriptive research is one that describes things as exists in present.<br />Data collection Design: <br /> <br />Sources of data = <br />Primary Sources – I have used questionnaire as primary source for collecting data for my study.<br />Secondary sources – I had collected my secondary data from websites & journals. <br /> <br />Sampling =<br /> It represents whole population. It is the processes of choosing a sample from whole population .I have choose a sample of high class & middle class people who have invested in mutual funds as a sample.<br />Tools =<br /> I have used some charts (Pie chart, column chart, cylinder chart, cone chart) and hypothesis tests (chi-square one sample T- test etc.) <br /> <br />Sampling Size =<br /> It represents that how many candidates you’ve chosen to be filled up your questionnaire or candidates upon whom you can study. I had chosen sample of 100 candidates.<br />Sampling Techniques =<br />Deliberate &<br />Convenience Sampling.<br /> <br />Data Interpretation = <br /> Data interpretation is that in which we analysis the whole collected data & tries to give it in simple words to be understandable.<br />Analysis<br />1. Do you invest in mutual fund?<br /> <br /> .<br />YES100NO0<br />Interpretation:-<br />All the candidates who are asked to fill the questionnaire have invested in mutual fund.<br />2. With which company do you have invested in mutual funds?<br /> <br /> <br />HDFC 65ICICI 35Reliance 0SBI 0LIC 0Kotak Mahindra 0Others 0<br />Interpretation:<br />Out of 100 candidates up to 65have invested in mutual fund with HDFC & 35 have invested with ICICI. There is no investor who have invested in mutual fund with any another company.<br />VAR00001Observed NExpected NResidualHDFC6550.015.0ICICI3550.0-15.0Total100<br />Test StatisticsVAR00001Chi-Square9.000adf1Asymp. Sig..003a. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 50.0.<br /> <br /> <br />3. What is your age?<br /> <br />.<br />15-25 825-35 1235-45 60More than 45 20<br /> <br />Interpretation:<br />60 investors are of age between 35-45. 20 are of age more than 45. 12 are of between of 25-35. 8 are of 15-25. This data shows that many investors are of middle age & there are less investors of young age in mutual fund. <br />One-Sample StatisticsNMeanStd. DeviationStd. Error MeanVAR000011002.9200.80000.08000<br />One-Sample TestTest Value = 0 tdfSig. (2-tailed)Mean Difference95% Confidence Interval of the DifferenceLowerUpperVAR0000136.50099.0002.920002.76133.0787<br /> <br />4. What is your income? (Yearly based)<br /> <br /> 1 lakh 0 2-4 lakh 10 4-5 lakh 20 More than 5 70<br /> <br />Interpretation:<br /> Up to 70 investors have income more than 5 lakh. 20 have between 4-5 lakh.10 investors have income between 2-4 lakh & there is no investor who have income up to 1akh. <br />VAR00001Observed NExpected NResidual1 lakh825.0-17.02-4 lakh1225.0-13.04-5 lakh6025.035.0more than 52025.0-5.0Total100<br />Test StatisticsVAR00001Chi-Square68.320adf3Asymp. Sig..000a. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 25.0.<br />5. From where you come to know about this company’s mutual fund schemes?<br /> <br />Family & relatives 35Friends & peers 40Company employee 15Others 10<br />Interpretation:<br />Many investors (up to 40) have been come to know about the company to be invested by their friends & peers.35 have been known by their family & relatives .15have been come to know by company employees & 10 by others. This means many have come to know by their friends & peers. <br /> <br /> <br />VAR00001Observed NExpected NResidualFamily & relatives3525.010.0friends & peers4025.015.0Company employee1525.0-10.0Others1025.0-15.0Total100<br />VAR00001Observed NExpected NResidualFamily & relatives3525.010.0friends & peers4025.015.0Company employee1525.0-10.0Others1025.0-15.0Total100<br />6. What is the time duration of your investment?<br /> <br /> 0-1 year 15 1-2 year 35 2-4year 30 more than 4 20<br />Interpretation:<br />15 investors have time of investment less than one year. 20 have time duration of their investment between of 1-2 year. 30 have between 2-4 year & 35 have more than 4 years.<br />So, we can say that 35 investors have more experience than others.<br />VAR00001Observed NExpected NResidual0-1 year1525.0-10.01-2 year3525.010.02-4 year3025.05.0more than 42025.0-5.0Total100<br />Test StatisticsVAR00001Chi-Square10.000adf3Asymp. Sig..019a. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 25.0.<br />7. Are you satisfied by service of the company’s employees / people’s behavior?<br /> Highly satisfied 15 Satisfied 35 Neutral 30 Dissatisfied 15 Highly Dissatisfied 5<br /> <br />Interpretation:<br /> Out of 100 investors 15 are highly satisfied. 35 are satisfied. 30 are neutral towards employee behavior of a company. 15 are dissatisfied. 5 are highly dissatisfied. We say that many people are satisfied by employee behavior. <br />VAR00002Observed NExpected NResidualhighly satisfied1520.0-5.0satisfied3520.015.0neutral3020.010.0dissatisfied1520.0-5.0highly dissatisfied520.0-15.0Total100<br />Test StatisticsVAR00002Chi-Square30.000adf4Asymp. Sig..000a. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 20.0.<br />8. What is your risk profile?<br />Innovator 20 Moderate 65Risk adverse 15<br />Interpretation:<br /> 20% investors are innovator means they like to take risk for more returns. 15% are moderate towards risk means they are indifferent towards risk. 65% are risk adverse means they mainly try to avoid risk. <br />VAR00002Observed NExpected NResidualinnovator2033.3-13.3moderate6533.331.7risk adverse1533.3-18.3Total100<br />Test StatisticsVAR00002Chi-Square45.500adf2Asymp. Sig..000a. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 33.3.<br />9. What you feel about the company norms, documentation & formalities?<br /> Highly Satisfied 15 Satisfied 25 Neutral 40 Dissatisfied 15 Highly dissatisfied 5<br /> <br /> 15%25%40%15%5% Highly Satisfied Satisfied Neutral Dissatisfied HighlyDissatisfied <br />Interpretation:<br />15% investors are highly satisfied by company’s documentation policy (filling up the forms etc.). 25% are satisfied, 40% never cares about it or are moderate towards it , 15% are dissatisfied by it & 5% are highly dissatisfied. <br />VAR00002Observed NExpected NResidualhighly satisfied1520.0-5.0satisfied2520.05.0neutral4020.020.0dissatisfied1520.0-5.0highly dissatisfied520.0-15.0Total100<br />Test StatisticsVAR00002Chi-Square35.000adf4Asymp. Sig..000a. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 20.0.<br />10. What you say which provides better returns?<br /> <br /> HDFC 68 ICICI 32<br /> <br /> <br /> <br />Interpretation:<br />According to collected data 68 investors thinks that HDFC provides better returns where as 32 to think that ICICI provides better returns.<br /> <br />VAR00001Observed NExpected NResidualHDFC6850.018.0ICICI3250.0-18.0Total100<br />Test StatisticsVAR00001Chi-Square12.960adf1Asymp. Sig..000a. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 50.0.<br />11. Would you like to exchange your investment with one another between <br /> HDFC & ICICI?<br /> <br /> <br /> Yes 15 No 85<br /> <br />Interpretation:<br />15 investors said that they would like to change their investment with each another between HDFC & ICICI. But 85 investors say that they are ok with their companies and they wouldn’t like to exchange their investment.<br />VAR00001Observed NExpected NResidualYes1550.0-35.0No8550.035.0Total100<br />Test StatisticsVAR00001Chi-Square49.000adf1Asymp. Sig..000a. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 50.0.<br />FindingsLimitationsRecommendationsConclusion<br />Findings: - In my research I have founded following things:-<br />Investors have more faith HDFC’s mutual fund.<br />As the age increases investors are much satisfied, see more risk & become more risk adverse.<br />Old people &Widows prefer lower risk.<br />Investors are not highly satisfied by company rules & employee behavior.<br />Investors think that HDFC provides better returns than ICICI.<br />Limitations: - There are some limitations of my study, those are as <br /> Following:-<br /> <br />Sample limitation: - which sample is taken by me is very small in size to Compare mutual fund of two companies.<br />Reliability: - The data collected by me is not much reliable because many investors chosen by me have invested in HDFC. <br />Parameters: - All the parameters have not been taken.<br />Time limitation: - I had the shortage of time because of that I was not able to do my study in a good manner. <br />Awareness: - Investors chosen for study are not fully aware of all the terms and conditions related to mutual fund .So, it is very difficult to construct right information from them. <br />Recommendations / Suggestions: - In my study I have found some limitations. For that I can suggest both companies following suggestions or areas of improvement:-<br />ICICI bank should try to provide better returns to its investors as compare to HDFC.<br />Both companies should try to invest in better securities for better profits.<br />Both companies should try to satisfy their customer by better customer service or by improving customer relationship management.<br /> Companies should try to make people initiative towards risk.<br />Investors should be made fully aware of the concept of mutual fund & all the terms and conditions. <br />It should more emphasize in advertising, as it is the most<br /> Powerful tool to position ant brand in the mindsets of customers<br /> <br /> <br /> <br />Conclusion: - To conclude we can say that mutual fund is a very much profitable tool for investment because of its low cost of acquiring fund, tax benefit, and diversification of profits & reduction of risk. Many investors who have invested in mutual fund have invested with HDFC and them also thinks that it provides better returns than ICICI .There is also an affect of age on mutual fund investors like; old people & widows want regular returns than capital appreciation. Companies can adopt new techniques to attract more & more investors. In my study I was suppose to do comparative analyses the mutual fund of HDFC &ICICI and I had found that people consider HDFC better than ICICI. But ICICI have also respondents and it can increase its investors by improving itself in some terms. <br />To conclude we can say mutual fund is a best investment vehicle for old & widow, as well as to those who want regular returns on their investment.<br />Mutual fund is also better and preferable for those who want their capital appreciation.<br />Both the companies are doing considerable achievements in mutual fund industry.<br />There are also so many competitors involved those affects on both companies. <br /> <br />Bibliography<br />Bibliography:-<br />Books:-<br /> C.R.Kothari, Research Methodology. New Delhi, Vikas Publishing house Pvt.Ltd.2007.<br /> ICICI and HDFC Brochure . <br />Websites:-<br /> www.wiki.answers.com<br /> www.scribd.com<br /> www.hdfc.com<br /> www.icici.com<br /> www.google.com<br />AnnexureAnnexure<br />Name ________________________ Age _________<br />Adress_____________________________________<br />Pin ___________ Sex _________ Phone _________<br />1. Do you invest in mutual fund?<br /> <br /> Yes No .<br />2. With which company do you have invested in mutual funds?<br /> <br /> HDFC ICICI <br /> <br /> Reliance LIC<br /> SBI Kotak Mahindra <br /> <br /> Others <br />Please specify<br />3. What is your age?<br /> <br />25-35<br /> 35-45 above 45.<br />4. What is your income? (Yearly based)<br /> 1 lakh 2 - 4lakh<br /> 4-5 lakhmore than 5<br />5. From where you come to know about this company’s mutual fund schemes?<br /> <br /> Family members & relatives <br /> <br /> Friends & peers <br /> <br /> Company’emplooyes <br /> <br /> Others <br /> Please specify.<br />6. What is the time duration of your investment?<br /> <br /> 0-1 year 1-2 year <br /> <br /> 2-4year more than 4.<br />7. Are you satisfied by service of the company’s employees / people’s behavior?<br /> Highly satisfied <br /> <br /> Satisfied <br /> Neutral<br /> Dissatisfied<br /> <br /> Highly dissatisfied.<br />8. What is your risk profile?<br /> Innovator <br /> <br /> Moderator<br /> Risk adverse<br />9. What you feel about the company norms, documentation & formalities?<br /> Highly satisfied <br /> Satisfied <br /> Neutral<br /> Dissatisfied<br /> Highly dissatisfied<br />10. What you say which provides better returns?<br /> HDFC ICICI<br />11. Would you like to exchange your investment with one another between HDFC & ICICI?<br /> <br /> YES NO<br />