ICICI Bank 2015 Annual Report Download - page 222
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Schedules
forming part of the Consolidated Accounts (Contd.)
220 Annual Report 2014-2015
Consolidated Financial Statements
Provident Fund (PF)
As there is no liability towards interest rate guarantee on exempt provident fund on the basis of actuarial valuation, the
Group has not made any provision for the year ended March 31, 2015 (March 31, 2014: ` 3.5 million).
` in million
Particulars Year ended
March 31, 2015
Year ended
March 31, 2014
Opening obligations 18,356.2 16,136.8
Service cost 1,046.1 1,126.5
Interest cost 1,615.3 1,284.7
Actuarial (gain)/loss 325.7 (9.9)
Employees contribution 2,058.2 1,923.9
Obligations transferred from/to other companies 71.6 32.8
Benefits paid (2,789.4) (2,138.6)
Obligations at end of the year 20,683.7 18,356.2
Opening plan assets 18,352.7 16,136.8
Expected return on plan assets 1,597.5 1,407.6
Actuarial gain/(loss) 347.0 (136.3)
Employer contributions 1,046.1 1,126.5
Employees contributions 2,058.2 1,923.9
Assets transfer from/to other companies 71.6 32.8
Benefits paid (2,789.4) (2,138.6)
Closing plan assets 20,683.7 18,352.7
Plan assets at the end of the year 20,683.7 18,352.7
Present value of the defined benefit obligations at the end of the year (20,683.7) (18,356.2)
Asset/(liability) – (3.5)
Cost for the year
Service cost 1,046.1 1,126.5
Interest cost 1,615.3 1,284.7
Expected return on plan assets (1,597.5) (1,407.6)
Actuarial (gain)/loss (21.3) 126.4
Net cost 1,042.6 1,130.0
Actual return on plan assets 1,944.5 1,271.3
Expected employer's contribution next year 1,117.1 1,201.6
Investment details of plan assets
Government of India securities 40.52% 39.76%
Corporate Bonds 53.06% 51.21%
Special deposit scheme 2.59% 2.91%
Others 3.83% 6.12%
Assumptions
Discount rate 7.80%-7.95% 8.70%-9.30%
Expected rate of return on assets 8.12%-9.00% 8.25%-9.04%
Discount rate for the remaining term to maturity of investments 7.80%-7.97% 8.92%-9.12%
Average historic yield on the investment 8.19%-9.00% 8.25%-8.90%
Guaranteed rate of return 8.75% 8.75%