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ICICI bank is the largest private sector bank in India and as for December 2005 has the largest market capitalization among all banks. Despite having so many resources, the customer support offered by ICICI bank, especially when there is a problem is extremely poor. This is our personal experience and also that of many of its customers - just go to Google and type " ICICI bank problems" you will come across horror stories from many customers. Problem faced by NRI ICICI bank account holder
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Unfortunately the media in India is very easily manipulated . ICICI Bank is a large advertiser in both the print media (newspapers, business magazines) and on television. So no newspapers or television channels (which are so eager to carry out "exposes" ) dare to publish the truth, as they will loose the advertising revenue. I am listing problems I have faced with ICICI bank. Please add details of your problem, it will at least inform customers. In case your problem is not solved after registering 10-20 complaints, you can send an email to satinder.kaur@icicibank.com
For a roaming current accounts (RCA), ICICI bank was sending a detailed breakup of the charges by email and then debiting the current account. However since October 2005, they started sending a physical statement of the RCA charges for each month (from July 2005 onwards) with a covering letter stating that it would cost Rs 25 to receive the statement. You could unsubscribe to the physical statement by submitting a form at the branch. Despite submitting the form at their Mulund Branch in October 2005,(for which I have an acknowledgment), my account has been debited for the physical statement. I had been assured by their customer support that I would not be charged.
After nearly 40 days, they are finally promising to resolve the issue and reverse the charges. But how will they compensate me for the time I have wasted in corresponding with them?
Correspondence with ICICI bank listed below.
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----- Original Message -----
From: <corporatecare@icicibank.com
Sent: Wednesday, January 04, 2006 3:27 PM
Subject: Re: Query ID : SR40950561
Dear Sir/Madam,
With reference to your query, we wish to inform you that Rs 55 levied to
your account in the month of September RCA Billing Statement has been
reversed on 31.12.2005 and Rs 55 levied in RCA account statement for
October 2005 will be reversed within 3-4 working days. Further to your
query, please note that we have forwarded your request for unsubcription
from RCA billing statement and the needful shall be done at the
earliest.
The details of the Query submitted by you are:
Company Name: ****
Query Description: Subject: Re: Query ID : SR40921580 Find enclosed
acknowledgement copy from Mulund branch. The RCA account statement for
October 2005 includes debits for 2 more physical statements which were
never received. Please clarify
Regards,
Corporate Care Desk,
ICICI Bank
----- Original Message -----
From: corporatecare@icicibank.com
Sent: Friday, November 25, 2005 3:15 PM
Subject: Re: Query ID : SR40786638
Dear Sir/Madam,
Thank you for routing your query through Corporate Care, ICICI Bank.
With reference to your query, we wish to inform you that we have already
informed the concerned department about your request for unsubscribing
the hard copy facility for the RCA Statement. Please note that the
statement charges will be levied only in the September 2005 Billing. The
charges have not yet been levied. Our central team will unsubscribe you
of the facility and you will not be charged for the statement charges.
Looking forward for your co-operation.
The details of the Query submitted by you are:
Company Name: ****
Query Description: Form submitted but still receiving physical advice
Sir I have submitted a form in your Mulund branch for unsubcribing to
the physical advice in October 2005 and have also got an acknowledgement
from you.. I am still receiving a copy of the physical advice for which
i will be charged. We have submitted a request to unsubscribe RCA charges
physical advice in october . We have still received a hard copy this
month with a letter informing charges PLEASE CLARIFY
Regards,
Corporate Care Desk,
ICICI Bank
ICICI Bank have again debited my account for the August and September statements despite sending them a scanned copy of the acknowledgement from ICICI bank, Mulund branch. They also asking the name of the person in the branch who has given the acknowledgement - as if anyone remember the name of the bank staff.
Like most private sector banks , ICICI minimum charges for low value transactions are very high. If I receive a Telegraphic Transfer of Rs 800 , ICICI bank will charge Rs 275 as bank charges. If someone deposits a local cheque of Rs 100 in my roaming current account, I have to pay nearly Rs 30 as ICICI bank charges + service tax . For manufacturers or traders, the amount may not be much since each transactions is in lakhs , but for a small service provider, paying 30% of income to bank, just for receiving payment is a big loss. Transaction charges are very high but private sector banks are only interested in paying their top management salaries in crores, they are not bothered about the small customer.
ICICI bank phone banking informs customers that TDS certificate will be sent by April 2006 for tax deducted in March 2006. For further clarifications, they insist that you visit the branch. Their Powai branch is very poorly connected, you have to walk for at least 20 minutes from the nearest main bus stop. When you go there and enquire , you are told to collect a token for just getting information . Even after an hour, your turn does not come with the token system , you enquire with the manager, he tells you that TDS certificates are still being despatched by courier . Why does ICICI bank not realise that their customers time is also valuable?
Note: after wasting several hours following up with ICICI bank, we finally received the TDS certificate by ordinary post in Mid June. Now will ensure that I keep my bank balance sufficiently low, so that I will never have to get a TDS certificate from them.
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