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
Related Posts
- Don’t want ICICI folks to call you ?
- Sad day…
- got a reply from gmail team
- Budget – Pay tax to withdraw your own money!
- Upgraded WordPress
983 Comments »
RSS feed for comments on this post. TrackBack URI
Pages: « 1 … 87 88 89 90 91 [92] 93 94 95 96 97 … 99 » Show All
Pages: « 1 … 87 88 89 90 91 [92] 93 94 95 96 97 … 99 » Show All
This is the story of daylight robbery by the bank on the part of ICICI.
I had taken a home loan from icici. the bank. For some reason, i wanted to close my loan account after five years of taking loan. To my astonishment i came to know that i had been charged with late payment fees, check bouncing charges etc on 5 occasions amounting to Rs. 1600. I was damn sure that i had always kept the amount required in my SB A/c for the collection by icici. No one, either at the local branch office or the call centre personnel could give satisfactory explanation as to why the charges were levied. I sent an email to the bank officials in this regard. The bank sent a reply stating that as per their records, it was alright. I had had enough of this by now. I along with all the documents in support of my claim approached the local branch and threatened them with legal action if they failed to redress my grievance within 15 days. Finally they waived off the charges. I actually wanted an apology from them but i had had enough of the constant follow-up with them. Hence i quit. I still have all the documents to show to any body who is interested have a look.
Had i not fought for the cause till the end, i would have lost Rs. 1600 of my hard earned money. No one Knows how much money of the customers have been guzzled by icici this way.
I want to state another point in (dis)respect(sic) of icici
Whenever RBI raises interest rates(By raising CRR or whatever in their parlance) , THE icici promptly raises its PLR for the existing customers. That is OK. However, when the RBI reduces interest rates, The ICICi does not pass this on to the existing customers. Instead, its keeps its PLR (for existing customers) high and floats an offer which goes like this ” If 0.5% or so of the outstanding amount is paid, the bank will give a rebate of 1.5% or so on the interest rate. This is also OK. But neither will the bank educate its customers regarding this nor will it give publicity to such offers.
In one instance, I part paid Rs. 25,000 in order to reduce my EMI burden. The bank officials accepted it. At the same time, another customer inquired about this offer. In the beginning they tried to evade his query but on his insisting, they gave in and came out with the offer. Had I known it before, I would have reduced my EMI burden to the same extent by paying just Rs. 3000 instead of a whopping Rs. 25,000
Fed up with such kind of numerous incidents (I am running out of patience to type all those incidents) I transferred my loan to a Nationalised bank. Now, whenever I go to this bank regarding my loan, I have a person to talk to who knows everything about my loan unlike icici front office or call centre employees. This nationalised bank is giving personal touch to the transactions.
I am happy now that the nightmare called icici no more haunts me.
Comment by B.R.Sheshgiri — October 27, 2008 #
In the last few years, the easily available credit cards and loans in the
market have superbly enabled us to increase our purchasing power way beyond
what our salaries ever could.
I can now buy just about anything on EMI by availing of these loans and
credit cards – be it a car, a house, expensive jewellery or a branded watch
that costs almost more than 10 times my salary! What bliss…. and all
because of the availability of credit at this age. Its a lifestyle I
so enjoy, but one which I know I must curb at some point. I have been
telling myself that I should stop spending too much on my card because the
bills at the end of the month tend to bother me. This heavily
credit-dependent lifestyle makes me feel good and experience things I
couldn’t
otherwise, but it also stresses me out every now and then. I tell myself and
I want to stop but I can’t seem to! It’s almost like an addiction now. It’s
frustrating every now and then.
Anyway, logic not prevailing, I have been continuing the same lifestyle. I
don’t think I will ever be able to stop it completely but regulating the
habit is something I am looking at now. I have begun to search for some way
in which I could possible get some professional guidance on “how
much” of this indulgence was ok for me at each point. To what extent could I
indulge and still manage to pay my bills and EMIs? To what extent can I
afford to live on credit and yet not be stressed about the bills?! How many
loans can I take and still manage to pay off the EMI’s comfortably every
month so that I am not in a situation where I have no money in the last week
of every month!?? For how many months of
the year can I afford to continue paying the minimum on my credit card?
Would any of you be aware of any such service that I can avail of? Who do I
approach for such advice? Would be great if you could write in and advise me
people!
Comment by Maverick — November 9, 2008 #
Complain About MISPLACEMENT OF ORIGINAL DEEDS OF MY DWELLING HOUSE AT MYSORE ICIC HOME LOAN BRANCH With Respect, I would like complain and would like to take strict action for your Homeloan service provided at your Mysore Karnataka Sir, I HAD AVAILED HOUSING LOAN VIDE APPLICATION NO 7776608554 LAN ‘ LBMYS00001465557 OF RS 5,30, 000/- ON DECEMBER 2006. AS PER LOAN AGREEMENT I HAD REMITTED RS 4860/- PER MONTH AS EMI FOR THE ABOVE LOAN. AT THE RATE OF 9% TOTAL TERMS WERE 228 MONTHS. AS PER THE RECENT LETTER THE TERMS GOES TO 471 MONTHS. DUE TO THIS I WANT TO TAKE OVER MY HOUSING LOAN TO NATIONALIZED BANK. PRIOR TO THIS, I MADE AN REQUEST TO SEND THE XEROX COPIES OF THE ORIGINAL DEEDS. AS PER THE REQUEST THE BRANCH OFFICIAL HAD SEND THE COPIES OF THE ORIGINAL DEEDS WHICH IS NOT SUBMITTED EARLIER BY ME WHILE AVAILING LOAN. THE ZEROX COPIES OF THE DEEDS ARE ONLY A CERTIFIED COPIES THAT TO OBTAINED IN THE NAME OF ONE MR B K MOHAN ADVOCATE MYSORE. SO I INSIST THE BRANCH OFFICIALS TO SEND THE ZEROX COPIES OF THE ORIGINAL DEEDS WHICH WERE SUBMITTED BY ME TO TAKE OVER THE LOAN FROM I C I C I TO ANY NATIONALIZED BANK AT MYSORE. IN THIS REGARD I HAD MADE SEVERAL PHONE CALL AND ALL OF THEM SAY THAT WE WILL RETREIVE THE ORGINAL DEEDS VERY SOON SO I REQUEST YOU THAT PLEASE LOOK INTO THE MATTER AVAIL COPIES OF THE ORIGINAL DEEDS WHICH WERE SUBMITTED BY ME.
Thanking you sir,
venugopalml@gmail.com
Comment by venugopal M L — November 14, 2008 #
ICICI is the worst. May they rest in hell.
Comment by Mehta — November 14, 2008 #
When members post their detailed querries you see an ICICI employee asking us to write to this e mail address or that e mail address
Why don’t they answer the question here to repose faith in the 1000s of readers here ??
…againg…do NOT ask me to write to head service (without?) quality ……
regards
Comment by Subu — November 15, 2008 #
If you hear today’s action from Mumbai, it was told that Terrorists were carrying Credit Cards of Banks like ICICI Bank, CitiBank, HSBC, etc.
This again brings out the working of the Bank and non-compliance with RBI’s KYC policy…
Though to a normal customer, ICICI Bank harasses in the name of KYC policy but on what basis a terrorist was issued a credit card, can any ICICI bank official put a little light on it here. And mind the previous comment by Mr Subu, reply here only, let everybody know the truth.
Maybe these private banks are so greedy to earn from Interest income that it doesn’t matter, whom a credit card is being issued. It is not denying the fact, that unnecessary charges are levied on credit card statement.
Just last month, I was charged over Rs 400 for not making the payment, but after telephonic conversation that the same was reversed, as I had infact dropped in the cheque I also provided the cheque number.
And to my surprize after 3 weeks of last date, the same cheque has reached ICICI Bank and my statement now shows a Credit balance, OR maybe it was never lost but in a bid to charge me for late payment such tactics have been deployed.
As these things can never be checked, as you cannot prove that you had dropped the cheque in time, if it is lost by ICICI Bank staff intentionally ot unintentionally !!!
Comment by Ankur Raheja — November 28, 2008 #
3rd December 2008
To
Shri K.V. Kamath
Managing Director and CEO
ICICI Bank
ICICI Towers, C-15, G Block,
Bandra Kurla Complex
Subject: Serious compliant of malpractice in charging of interest
I have taken a housing loan from ICICI bank, the details of which are as under:
1. Loan Account No. : LBNAG 00000353457
2. Name : Julia Mohapatra
3. Date of Birth : 06/02/1969
4. Current EMI : Rs.10, 000/-
5. Original Loan Amount : Rs.415, 000/-
6. Current Outstanding Amount : Rs 353, 912/-
7. Current Rate of Interest Charged : 15.75 %
The above home loan was ‘in principle’ sanctioned to me vide ICICI Home Finance Loan No. 0181510 dated 12th September 2002. The loan tenure was 180 months. The rate of interest chargeable as on that date was 9.75 per cent. Since the rate of interest was adjustable, it was 0.5 percent less than the ICICI home prime lending rate of 10.25 percent. On this basis the EMI was fixed at 4588/- per month which has been regularly paid by me.
However, recently i.e. on 27/9/2008, I ascertained from your Bank that I am being charged an interest rate of 15.75 percent on my Home Loan. As a result, my entire EMI was going towards repayment of interest and the principal was not being reduced. Inspite of all my efforts to obtain a clarification on the basis of the rate of interest being charged from me, I have been stonewalled and ICICI Bank neither through its Call Centres nor the Branch office at Pune are willing to reply.
In view of this I am constrained to request you to kindly intervene and direct your officers to clarify/intimate the following:
(i) The rate of interest being charged to me from 24/9/2002 till date along with details of date-wise change in the interest rate charged on home loans.
(ii) The ICICI Home Prime Lending Rate (HPLR) for the period from 2002 till date indicating the date of each change in ICICI home prime lending rate. The basis on which ICICI arrives at its HPLR may also be intimated.
(iii) Clarification on why intimation regarding change in interest rate was not given to me from time to time.
(iv) Clarification regarding why intimation of necessity of increasing my EMI so that the term of repayment would remain 180 months was not given to me.
(v) I am now informed that the prepayment fees will be charged at the rate of 2.25 percent whereas the loan agreement vide Schedule B Para E(h) specifies the full prepayment fees at the rate of 2 percent. Kindly clarify the reason for change in a condition on the basis of which the Home Loan Agreement was signed by me.
Yours Faithfully,
Comment by Julia Mohapatra — December 5, 2008 #
Once again I am in correspondence with the NRI department in Mumbai. Last year I needed to write 56 emails to them to get my correspondence address sorted out, the final one to Mr. Kamath who got this sorted in one day.
Last month I mailed them to give me a value on my Fixed Deposit, which is not due to expire until later this year, if I were to close it now. All I get back from the so called NRI Managers is a statement saying that they are unable to give me a value and refer me to a link which lists penalty clauses. Even when asked “WHY” they can’t give me a value, the question is ignored.
Surely, if I were to go into my local Branch and ask them to close my FD they would work out without delay how much would be left of my FD after penalty and Tax.
Almost every instruction and or question to the bank is fraught with difficulty.
Even recently I was invited to apply for new GRID ATM/DEBIT card. After some days the new PIN arrived by post but when the card failed to arrive, I mailed Mumbai who replied that it had been returned, undelivered and that I should confirm my correspondence address. My reply was that because I have received the PIN, they are in possession of all my contact details.
I recommend anyone to think seriously before entering into any business relationship with ICICI Bank, it creates a lot of unnecessary tension and work.
Comment by Norbert H Storbeck — January 1, 2009 #
Beware of these crooks…bunch of crooks running a fraud organisation called ICICI bank….
I had a similar exp of home loan interest rates getting increased without informing me…This led to an increase in the EMI which was going to pay only the interest….
please avoid this bank and go for any other bank….
Comment by software — January 14, 2009 #
Dear Customer,
Please write to us at headservicequality@icicibank.com with your loan account number and contact details. Please use subject line as ” Comments from Site”.
Sincerely,
K Raghavender
Office of Head Service Quality
ICICI Bank.
Comment by ICICI Bank Service Team — January 14, 2009 #