Basically we would be paying tax on around 3.6 lpa that we would be earning during the entire year.
Regarding salary structure, I had spoken to a few employees of ICICI during the GD/PI and they had informed that ICICI also includes the loan benefit given to you in the CTC component.
So, for example, we are given a loan of 4.5 lacs @ 2.5% pa. And suppose the market rate is 10.5 % pa. Then the benefit that we are getting by a discount of 8% pa on 4.5 lacs per annum will get included as part of our CTC.
Considering the loan amount is not huge, this will only be a small part of the CTC, but still.
Basically we would be paying tax on around 3.6 lpa that we would be earning during the entire year.
Regarding salary structure, I had spoken to a few employees of ICICI during the GD/PI and they had informed that ICICI also includes the loan benefit given to you in the CTC component.
So, for example, we are given a loan of 4.5 lacs @ 2.5% pa. And suppose the market rate is 10.5 % pa. Then the benefit that we are getting by a discount of 8% pa on 4.5 lacs per annum will get included as part of our CTC.
Considering the loan amount is not huge, this will only be a small part of the CTC, but still.
You are right buddy... but we cant help it......
Got a call from HR routine but a fair disscussion ...
1)Regarding ctc he said can be more than 15 but not less than that...apart from that perks will be extra
2)4.5 includes every thing(logging tuition fee other facilities) excluding food
3)No collateral only signature of guaranteer for loan
4)they will be reimbursing the travel fare to the institute from our place,
details will be following in next set of documents when we accept the offer.
5)If you quit after 3 years as of now the remaining loan amount will have to be paid back @15%.Also they are thinking of a plan though not final to
make a provosion to repay the whole loan amount in 3 years it self.
6)Specialisation and final location (though mostly it will be a metro) will be under the discretion of ICICI completely
7)a niche programme, band(M2) given to us will be better than the band given to iim and isb recruits.
Was not clear on Job Description...which was dissappointing
9)Also we will a part of normal appraisal cycle as any other employee as soon as we join the organisation.
Overall i can say it was satisfactory...
All,
received a call from ICICI mumbai HR team Himal Rana
1st question Loan 60 months-
Answer-the loan is for 60 months, if you quit in between (anytime in between) then you will be charged at 15% PA for the loan amount from the date of inception of the loan till the time you quit i.e. from April 29th 2011 till the time you quit. if you quit and dont pay the amount (by the date specified by ICICI) then it will be 24%
Also the 15 % pa is fixed and will not change as per market
if you quit in between 3 years post mba then you dont have pay lloan amount only 20 lacs penalty
when i asked if bank would treat any special cases...case to case basis...etc then a reply was no the terms are terms...and we wouldnt know until the case comes in front of us.But in any scenario the terms are terms
breakup of CTC-
we cannot tell you now but will not include telephone bills etc and all that....there will not be any target based incentives.....usually it will be medical LTA other special allowances
the EMI's which they are not taking for 2 years....will be taken in first few salaries
Your yearly bonus will be a part of your salary...but you will get it only if you get the specific rating at the year end
Also there are considering either 75%-25% variable component or 70%-30% fixed variable structure
Specializations - will be decided only by bank ( based on your performance and experience)
Job location and internship-will be sole discretion of bank....anywhere in india...and anywhere means anywhere
Also he mentioned MGR grade ii is a nice profile even IIM and all that are recruited at this profile etc.etc etc please sign and send the documents for confirmation
No facility for married students- this is our call to take
I have submitted the offer acceptance letter and Terms & Conditions letter to NU and ICICI today.
All,
received a call from ICICI mumbai HR team Himal Rana
1st question Loan 60 months-
Answer-the loan is for 60 months, if you quit in between (anytime in between) then you will be charged at 15% PA for the loan amount from the date of inception of the loan till the time you quit i.e. from April 29th 2011 till the time you quit. if you quit and dont pay the amount (by the date specified by ICICI) then it will be 24%
Also the 15 % pa is fixed and will not change as per market
if you quit in between 3 years post mba then you dont have pay lloan amount only 20 lacs penalty
when i asked if bank would treat any special cases...case to case basis...etc then a reply was no the terms are terms...and we wouldnt know until the case comes in front of us.But in any scenario the terms are terms
breakup of CTC-
we cannot tell you now but will not include telephone bills etc and all that....there will not be any target based incentives.....usually it will be medical LTA other special allowances
the EMI's which they are not taking for 2 years....will be taken in first few salaries
Your yearly bonus will be a part of your salary...but you will get it only if you get the specific rating at the year end
Also there are considering either 75%-25% variable component or 70%-30% fixed variable structure
Specializations - will be decided only by bank ( based on your performance and experience)
Job location and internship-will be sole discretion of bank....anywhere in india...and anywhere means anywhere
Also he mentioned MGR grade ii is a nice profile even IIM and all that are recruited at this profile etc.etc etc please sign and send the documents for confirmation
No facility for married students- this is our call to take
Im not sure which is correct regarding the loan repayment period.cos when I talked with Mr.Amit from HR, he told me that loan repayment or the emi starts from the day we join ICICI as an employee.This actually contradicts Himal Rana's statement. newys.
And regarding M2 role given only to our program.this is not true.even IIM and ISB grads are recruited at M2 level if they have 4 yrs prior exp. But on avg an IIM grad has 2 yrs or less exp.so they are given M1 role.this is just to clarify.
Guys,
For those who havnt yet received the hard copy of the NIIT Admission letter pls check whether your address in the mail which they sent earlier is right. Cos mine was wrong (actually the name of my city was missing).I mailed them and got a call from the Admissions team,NIIT Univ asking me for the correct address. they have messed up big time with the addresses. Any ways for now you can send your confirmation by taking print out of the documents from the email, but it would be better to give them correct addresses again so that we receive all documents in future.Did any one receive hard copy of the terms and conditions from ICICI?
Dear Puys (Future Managers) 
:
I too got the call from Himal 3 hours back. All the questions were similar and same were the answers. Just to add in the above mentioned points that they are aware that the hard copy of the letter are not reaching on time so even the e-mail copy will do. Also confirmed again about the ctc (It will be definitely > 15 LPA... not less.) I had also asked about the location preferences he said there will be specialised branches where our 6-6 months internship will be held not in all branches of ICICI so you might get the preference if your city's branches fall under that category (special branches). But NO GUARANTEE as such. Which is fine I believe. This is applicable to post MBA too.
Overall it was a positive discussion and it seems good course/career ahead and I have finally decided to join this wonderful opportunity. I have resigned and will meet you all @ Neemrana. My Name is Siddharth.
Thanks and lets stay positive 
from this point onwards. I was also a bit skeptical at the start but once its decided lets stick to this.... come what may. Hoping a great career out of this opportunity.
Thanks much for updating everybody in this forum.
Regards,
Sidd...
puys,
They have not disclosed curriculum yet. The curriculum actually decides the path where you will be heading down the line. I am unable to understand why they are holding back on such a critical subject.
I just hope that they don't make curriculum too much specific to ICICI. If that happens it will be difficult for us during the next switch after 5 yrs.. moving across mite get difficult..
Hope they publish the curriculum ..
@Ashish: Dear, dont worry about the curriculum coz even if it is ICICI specific, it wont be different from the banking sector as such... So you will easily get job in another bank...
I have send the confirmation today to icici mumbai and niit delhi.....will they be sending us any mail regarding reciept of our confirmations?
Hi Friends
Really thanks to all for updating all the feedback on this forum...
I was out of delhi for my cousin's marriage....So missed lots of discussion..
Anyways, I also got the call, nothing extra to update....which is not in this forum. Will post my acceptance tomorrow.
Thanks
Im not sure which is correct regarding the loan repayment period.cos when I talked with Mr.Amit from HR, he told me that loan repayment or the emi starts from the day we join ICICI as an employee.This actually contradicts Himal Rana's statement. newys.
And regarding M2 role given only to our program.this is not true.even IIM and ISB grads are recruited at M2 level if they have 4 yrs prior exp. But on avg an IIM grad has 2 yrs or less exp.so they are given M1 role.this is just to clarify.
he clearly told me that for the two years we are doing MBA the interest will be charged at 2.5% and will be recovered in first few salaries....
Also anyone who is receiving the call can please check with them if the difference of the interest amount ( 15% PA at market rate -2.5% PA =12.5% PA) will be a part of our salaries
siddharth....hope u remember me..this is saurabh...we met at interview...
can i have ur number ..my number 9881301298...
[email protected]
was trying to figure out take home....thought of posting it as well ....
Yearly Monthly
basic 425000 35416.66667
hra 170000 14166.66667
sa 212500 17708.33333
ma 15000 1250
lta 85000 7083.333333
per bonus 450000 37500
loan diff 33000 2750
pf 102000 8500
Yearly Monthly
CTC INR 1,492,500.0 INR 75,625.00
Monthly Yearly Yearly Bonus
Take home INR 64,375.00 INR 772,500.00 225000
considering 30% variable and if you achieve 50% of the variable pay by year end
was trying to figure out take home....thought of posting it as well ....
Yearly Monthly
basic 425000 35416.66667
hra 170000 14166.66667
sa 212500 17708.33333
ma 15000 1250
lta 85000 7083.333333
per bonus 450000 37500
loan diff 33000 2750
pf 102000 8500
Yearly Monthly
CTC INR 1,492,500.0 INR 75,625.00
Monthly Yearly Yearly Bonus
Take home INR 64,375.00 INR 772,500.00 225000
considering 30% variable and if you achieve 50% of the variable pay by year end
thnx for the info.....
plz let us knw the source of this info?????...
siddharth....hope u remember me..this is saurabh...we met at interview...
can i have ur number ..my number 9881301298...
[email protected]
Dear Saurabh,
::Writing contact details (email & phone no) is against the forum rules....this act may result in deletion of this post from administrator Or the entire topic/post. Which will nullify the very purpose of this forum, to help future aspirants and us to keep updated.
Please update your contact details on post# 554, on page 56...there is a spreadsheet in which you can update all details.
Thanks, please dont feel offended.
thnx for the info.....
plz let us knw the source of this info?????...
These are genral assumptions with all the usual factors which are there in most of the companies Basic, HRA,LTA, Special Allowanace, performance bonus with 30% varible, loan amount difference ( i.e. 15% pa - 2.5% pa =12.5% pa which be a part of salary etc)...there can be more deductions but not less than these....also post this the tax will be applicable
Hello Guys,
I too had a discussion with Mr. Amit... In my case, I called him :)
Below are the points which were discussed:
1. Specialization : I asked that there are 6 specializations mentioned on the FAQ page. However, in terms & conditions, there are just 3 of them. To this, he told that most probably these 3 mentioned in T&C; would only be there. Still, the scope of other remains.... OPEN-ENDED reply
2. CTC break-up : Worst break-up could be 65-35 (firm-variable). Most probably, it could be 70-30 or even better than that (firm could be higher). He didnt give any specific reply about "loan benefit" component. But at the same time, he mentioned that always in general terms, the CTC means, the take home (firm) part & variable part....nothing other than that....
3. Location post-MBA : He mentioned that the locations could be anywhere. However, again, most probably it could one of the 11 metro/city locations. Did not specify the names of those 11 locations. There would not be any abroad posting for any of us.
4. According to him, ICICI takes around 160 guys from IIMs every year & hence, this batch of around 80 guys would be valuable for them as this is a flagship program for them & they want it to be successful
Hey rahul can you pass me the number because I havent got the call yet..wanted to ask few other questions like are they going to absorb everyone and give dem M2 grade and 15L package or selected few students depending upon prior exp and performance in degree and internship..This is because I spoke to one guy in icici he said M2 grade is difficult to get for people wid 4yrs exp as this is in my case.