ICICI Bank – A bad experience for many
April 27th, 2005 at 10:16pm
I had only verbally heard about the bad experiences people are having with ICICI Bank, but this just proves it!
Came across this page (do read it! – opens in a new window) via madman’s page.
I have a account with ICICI bank because its our salary account, and we are kind of forced to use ICICI Bank. And since we have a salary account, we get a decent service. But yes, the credit card department, and the call centre sucks big time. That’s my personal experience.
They put you on hold for 5 to 10 mins. (just imagine listening to the same junk music/tone/adverts continuously), and then there is no guarantee that you will get to speak to someone or your problem would be solved. Infact, today I was put on hold for around 7 mins, and after that the call as abruptly disconnected!. Next time I call the call center, I get to speak to a totally new person, and start from scrap describing the problem. The people at the call center just promise to do things, and nothing actually happens. If it happens, then you are really your luck.
Hope K V Kamath reads this!.
My advice to all – Avoid ICICI as far as possible. Many people predict that the bank would collapse in a few years from now. Have a account with any nationalized bank.
Personally, I have an account with SBI and keep a minimum amount in ICICI.
Tags: bad service, bank, bank accounts, complaints, Credit cards, customer care, customer service, customers, escalation, ethics, goondas, icici, icici bank, icicibank, india, popular, private, problems, rowdy, service, unethical
Entry Filed under: Life, Useful Stuff
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Dear Mr Aseem Mehta and Mr Udayan,
Please write to us at headservicequality@icicibank.com with account and contact details. Please use subject line as ” Comments from Site”.
Sincerely,
Rakesh Sah
Office of Head Service Quality
ICICI Bank
Comment by ICICI Bank Service Team — July 25, 2008 #
A circular issued by RBI advising banks on July 23 about unsolicited credit cards states “unsolicited credit cards should not be issued and that in case an unsolicited card is issued and activated without the consent of the recipient and the latter is billed for the same, the card issuing bank shall not only reverse the charges forthwith, but also pay a penalty without demur (raising any objections) to the recipient amounting to twice the value of the charges reversed.” Rejoice!
What’s more, the person getting an unsolicited credit card could approach the Banking Ombudsman who would decide on the amount of compensation payable by the issuing bank to the one who receives such cards.
You can seek this compensation based on the amount of time you will lose in canceling such cards, money spent in doing the same, and for the mental harassment and anguish it will cause to you.
There’s even help if an unsolicited credit card has been misused by somebody else before reaching you.
Citing some instances the RBI has observed that the card issuing bank will be solely responsible for losses arising out of such misuse. The card receiver or the person in whose name such a card has been issued will bear no responsibility. Rejoice again.
But how the banks implement these orders from RBI is another question. “This could perhaps win RBI a host of credit card users but only if such advice is heeded by the issuing banks in letter as well as spirit,” says Niraj who’s a bit sceptical about how the credit card issuing banks will look at it.
“What happened to the RBI order restricting credit card companies from using high-handed tactics in recovering loans from defaulters?” he demands. “We still get to hear and read about such incidents still happening,” he adds showcasing his scepticism.
* Names changed to protect identity
Comment by pushpa — July 27, 2008 #
[...] own experience, and there are thousands of others you will find suffering. Just taking a glance at http://www.arjunprabhu.com/blog/archives/2005/04/27/icici-bank-a-bad-experience-for-many/ and http://www.mouthshut.com/product-reviews/ICICI_Bank-925004492.html will give you an idea of how [...]
Pingback by RBI Slaps ICICI Bank « Parag’s Weblog — August 4, 2008 #
ICICI Bank’s reputation… read on…
Rajiv and Mona are flying to Australia for a two-week vacation to celebrate their 40th anniversary. Suddenly, over the public address system, the Captain announces, ‘Ladies and Gentlemen, I am afraid I have some very bad news. Our engines have ceased functioning and we will attempt an emergency landing.
Luckily, I see an uncharted island below us and we should be able to land on the beach. However, the odds are that we may never be rescued and will have to live on the island for the rest of our lives!’
Thanks to the skill of the flight crew, the plane lands safely on the island. An hour later Rajiv turns to his wife and asks, ‘Mona, did we pay our Rs 5lakh deposit cheque yet to ICICI Bank?’
‘No, sweetheart,’ she responds.
Rajiv, still shaken from the crash landing, then asks, ‘Mona, did we pay our ICICI Bank Master card balance yet?’
‘Oh no! I’m sorry. I forgot to send the cheque,’ she says. ‘One last thing, Mona. Did you remember to send cheques for the ICICI auto loan to them too this month?’ he asks.
‘Oh, forgive me, Rajiv,’ begged Mona. ‘I didn’t send that one, either.’
Rajiv grabs her and gives her the biggest hug in 40 years. Mona pulls away and asks him, ‘So, why did you hug me?’
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- Rajiv answers, ‘They’ll (recovery agents) find us!’
Comment by Ankur Raheja — August 6, 2008 #
ICICI bank is herby the ‘worst bank ever’. Never open an account with them!!!!! I am having the worst customer service ever and they are money suckers. They dint even notify me about the min balance change and they claim they did. I am currently not in India to go to the branch and talk. But when i get there i will have to do that !! And to add upp they still suck my account every month !!!! :D sad state INDIA best private bank are like this. National banks are slow but are the best :D.
Comment by varun — August 12, 2008 #
Dear Customer (Varun),
ICICI Bank has increased the minimum quarterly average balance (QAB) that needs to be maintained in the savings account from Rs.5,000 to Rs.10,000. This will be in effect only from July 1, 2008, we have given as much as 90 days notice to our customers. This increase in QAB is the first since 1998. While we had held on to the QAB of Rs.5,000 for almost ten years, we had all the while steadily enhanced our value proposition to our customers manifold. To cite only a few examples:
We expanded our branch network to 1,350 and ATM network to 3,850, thus bringing ourselves within even easier reach of our customers.
We have extended our extra banking hours (8 a.m. to 8 p.m.) to more branches.
We have increased both the breadth and depth of our range of products and services.
We have extended electronic banking to Mobile Banking.
We have increased the number of service offerings available on the interactive voice response (IVR) system of our 24-hour Customer Care.
It is our commitment that we will continue in the same vein, launching more first-to-market initiatives and enhancing customer-convenience. Revision of the QAB is a step towards helping us to keep that commitment and make your banking experience delightful.
This increase in QAB is not applicable across the board to all savings account holders. No Frills Accounts, Salary Accounts and Senior Citizens Accounts customers are not affected. The revision applies to less than 15% of our total number of savings accounts and currently only 6-7% maintain a QAB of less than Rs.10,000.
If this revised minimum QAB does not suit customers, they are welcome to visit their branch and select the savings account type that they prefer.
Sincerely,
Uma Lakhani
Office of Head Service Quality
ICICI Bank.
Comment by ICICI Bank Service Team — August 14, 2008 #
Hi,
ICICI bank has raised the minimum account balance requirement (average quaterly balance) for savings accounts from Rs. 5000.00 to Rs. 10000.00 (from 1st July 2008, though they have not communicated the same to any body), I came to know of the same when I visited their branch couple of days back (this seems to be another way of this fraud bank to loot money from unsuspecting depositors). So, be aware and take corrective actions (best is to close the accounts enmasse and not keep any relations with ICICI bank in future).
Regards
Amit
Comment by Amit — August 17, 2008 #
My wife opened a FD with ICICI B2 banking for 590 days. Instead of offering 10% which is the current rate, they offered 6.75%. Thye said it was technical error and would be corrected in a week. Nothing happened in a week. Now bank is not letting us break the FD – again technical error.
ICICI B2 is a nightmare. It is like throwing your hard earned money in a deep bottomless pit
Comment by sourav — August 18, 2008 #
Dear Saurav
Its’ sad that you realised very late how worst ICICI bank is.
one thing I would suggest is pull the bank hard in consumer court,They have to pay you for “Their TECHNICAL ERROR”.
our money is hard earned,bank is responsible for paying interest as per the RBI guidelines..
donot loose your grip.
write directly to Banking Omburdsman,its an Online complaint registration now and they do respond very efficiently.
all the best and hopw you dont even think of dealing with ICICI bank again in life
Comment by RAJESH THOSARE — August 18, 2008 #
Anoop
How to tackle ICICI
Hi,
It is true ICICI has worst customer services in India. It is better to expose ICICI in front of public using these forums and other sources. You may start writing complaints to following ICICI contacts as well as put RBI and other authorities in cc. This will put pressure on them. It is also better to bring the facts to media. In many cases it is better to lodge a FIR against ICICI staff and head of ICICI- Mr. kamath.
Don’t count on info. provided by ICICI staff on such forums!!! You may also find thousand of ICICI victims by just searching(ICICI sucks) on Google search engine.
You may contact Suman Das, Head customer service or/and following other email id’s.
suman.das@icicibank.com
coo@icicibank.com
kamath.kv@icicibank.com (K.V. Kamath – Head of ICICI)
You may ask RBI intervention as follows. Here is link for filing complaint in banking obudsman.
http://www.icicibank.com/pfsuser/customer/Banking_Ombudsman_Scheme.pdf
But make sure that you have escalated to Nodal officer before filing complaint in banking ombudsman. Also here is contact details of RBI officer for further assistance for Mumbai Region.
Shri N Sadasivan
C/o Reserve Bank of India
Garment House, Ground Floor
Dr. Annie Besant Road, Worli
Mumbai – 400 018
Tel. No.:022 – 2492 4607/2496 0893
Fax No.:022 – 2496 0912
Email: bomumbai@rbi.org.in
You may also contact media as per information below in regard to issues raised in past including yours.
bleditor@thehindu.co.in
thehindu@vsnl.com
etonlineeditor@indiatimes.co.in
letters@business-standard.com
feedback@moneycontrol.com
editor@expressindia.com
editor@ibnlive.com
ttedit@abpmail.com
db.dutta@deccanherald.co.in
vp@deccanherald.co.in
Just FYI, the two best private banks emerged are HDFC & Standard Charetered. SBI is in one of the best public sector banks.
Regards,
Anoop Gupta
Comment by pushpa — August 18, 2008 #