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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The only way around is MAIL VK KAAMATH…
Then ur issues will be solved in 2days.
ALL THE BEST !!
Comment by Deeksha Goel — August 27, 2008 #
ICICI BANK SUCKS BIG TIME!!
AND SOMETHING CONCRETE SHOULD BE DONE SOON!!
This a complaint regarding your PATHETIC, DISORGANISED and IRRESPONSIBLE ways.
I am Deeksha Goel a resident on NOIDA. I have been your customer since last 12 years and last month i was offered a free CREDIT CARD from your side, because of my good account record.
I have filled in all the due applications and fulfilled all the due formalities on the 7th August 2008.
I am flying abroad for a year and for this i needed the card as soon as possible.
My Unique ID No . 4290032332807033
and File No. 80200281103
I have already written an email stating the urgency of my aplication dated 4 Aug2008. But still no acknowledgment has been sent to me.
I have had a word with Mr.Mohin on 20th Aug.2008 at 1500 hrs. And also with Mr. Amit, a customer care officer.
Both were totaly incompetant in answering my questions of even being polite to me.
They do not have any correct or full information about the customer and also they do not listen to their grievences.
Both these people told me that my application has been put on hold due to the fact that they have not been able to verify my office address.
And time and again i have clearified to the bank that i am a self employed interior designer. I do freelanceing.
But no heed has been given to this fact.
I am really appauled at your negligence and incompetence.
I am due to fly abroad on the 25th Aug 2008.
Kindly look into this matter ASAP.
Thanks and regards
Deeksha Goel
Comment by Deeksha Goel — August 20, 2008 #
It seems that complaints against ICICI are endless. I too had a problem but mine was nothing more than an address change. It took 56 e-mails and a final one to Mr. Kamath to solve it. I was e-mailing for 4 months with Mumbai centre but within 2 days of mailing Mr. Kamath it was done. I even got a visit to my home by a Bank official with an apology.
As many people have said, it’s a pure waste of time and money to try to solve anything on the phone to a call centre. You just need to percevere. Good luck.
Comment by NH Storbeck — August 19, 2008 #
Dear Anoop
as per my experience I raised case of Fraud assisted by ICICI personnel 2 times ( I had 2 Fraud cases done on my Car loan account and against my savig bank Account with this worst bank)
both of the time …..bank strategy is very commom,they donot care for custemer or their money they just care for their DSA (loan agents and save their self.
writing Nodal officer is must as a part of procedure but bank will not respond to it seriously, Nodal Officer for Mumbai is Harshil Mehta….needless to say he also pulls time to avoid case..Head service quality is the worst
you mentioned email adress of Kamat from head serv quality…I am sure as per my experience even you write 100 times to him he will not respond a single time nor you will see any action or progprogress in your case after writing to him,
Best way is formally write complaint to ICICI one time and follow up with Banking omburdsman…donot waste your time in follow up with banks any officer…instead put your energy to write and follow up all officer of banking omburdsman or RBI people.
after your case is solved do not forget to get a official letter from bank about resolution of case and their finding..
Bank always avoid and will take almost a year to give you this letter in Hard copy…but dont leave it
final advice donot deal with Bank anytime in your life
Regards
Rajesh
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 #
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 #
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 #
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 #
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 #
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 #
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?’
-
-
-
-
-
-
-
-
- Rajiv answers, ‘They’ll (recovery agents) find us!’
Comment by Ankur Raheja — August 6, 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 #
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 #
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 #
I narrate 3 instances:
We have a business current account with ICICI bank in Delhi.
We always used to deposit our VAT in near by SBI or PNB . Only for the last 3 instances we deposited through ICICI bank.
Recently we got online access to our account by department of VAT - Delhi. On clicking on one of the tabs one can get the entire history of erstwhile Sales Tax and now VAT payments made by us. It reflects all the payments made since our registration with the department in 1992 but not last 3 payments made from our account with ICICI Bank. Once is a chance, twice a co-incidence but thrice is definitely a pattern. God knows what happened to the money. Whether they actually transmitted it or siphoned it off.
Instance 2:
I opened my locked/unoccupied flat in delhi to find icici bank demat account statements. Some one had opend an ICICI direct account giving my address as his residence. He could trade in crores and if for any reason he would have got a notice from Income Tax , it would have been served at my address. Surely there should have been some sort of address verification by ICICI. There were credit card regret letters from other banks. Luckily the number given on the demat booklet was genuine. I tried calling up the fellow but he would cut me off. So on my 5th attempt after making sure it is the same fellow… I abused him like any thing. It was real shock and awe. Must be a man of some standing but receiving ma- behen gaali worked. He changed his address and since last 2 months I have not got any ICICI letter addressed to his name on that address.
3. ICICI bank patel Nagar in Delhi - A pathetic branch. Computer system is down / server is down more than 10 days in month.
This is one shitty bank if there was one. This is one bank which gives two hoots about RB I / SEBI / IRDA or the finance ministry itself.
New full form of ICICI is : INTERNATIONAL CROOKS and INGENIOUS CRIMINALS of INDIA , actually very few people knew about that; but now you do too.
Comment by Udayan — July 25, 2008 #
I have to agree that ICICI bank is one of the worst banks in India. Unfortunately, we have business account with them and it is a pain to get the employees to do anything. Probably the most incompetent people in the industry.
I have a number of these unfortunate incidents to share, but let me start with the latest one. Our client in United States made a payment to us via SWIFT transfer. Normally such transfers take a maximum of 48 hours to reflect in the account. However, today is exactly one month from the date of the transfer but no money.
We even got the client to check on their end and their bank has confirmed that the SWIFT transfer went through. We have a copy of the SWIFT transfer receipt. We have been dealing with this client for a long time and their payments are never delayed. To the extent that we’ve received their next payment via the same route.
ICICI bank staff told us that the client has not made the payment and that we should get some proof from them without even checking at their end. Our client went out of the way and got a letter from their bank stating that the money has indeed been sent to us with all the relevant details and the same was submitted to ICICI bank. But to no vail, ICICI bank employees are still unwilling to move their arses to locate the payment saying that the issue has been escalated.
I can’t believe that a bank can be so incompetent that can’t do something that they are supposed to do in 2 days, in a month’s time.
Comment by Aseem Mehta — July 24, 2008 #
To,
The Head, Service Quality.
ICICI Bank Ltd, Mumbai
This refers to your letter dated July 21, 2008 (HL/MUM/07/14) in response to my acceptance of Banking Ombudsman’s award BO(M&G)/COMP956/ST/07-08, subsequent affirmation by Hon Dy Governor and Appellate Authority, RBI vide order CSD.BOS/5986/13.23.01/07-08.
1. Kindly note that the amount computed by you is not complying the BO’s award, which stated that ‘the net ROI applicable to borrower’s account should not higher than net ROI being offered to the customers linked to FRR’.
(1a) Arbitrary application of dates: ICICI had launched the FRR in Jan 2004 as per your letter to the BO (Rate change history of PLR&FRR…), whereas your computation sheet is incorrectly applying the FRR changes from Jan 2005.
(1b) Arbitrary application of net ROI: Floating Rate offered by ICICI on home loans was 11.25% in Sept 2007 (a copy of the letter was submitted to the BO’s office), while you have charged me an ROI of 12.5%, i.e. 1.25% higher net ROI. The re-computation is showing a reduction of only 0.5%, and not 1.25%.
(1c) Incorrect computation: The computation provided by you is incorrect. The actual difference was exceeding Rs. 70,800 by Oct 2007, where the loan account should have closed, no interest charged thereafter.
2. Ignoring penal interest provisions: ICICI has also not complied with the 2nd clause of the BO’s Award, which refers to reset cycles and other terms of the sanction letter. The sanction letter clearly refers the detailed terms and conditions including penal interest provisions in the Loan Agreement. ICICI should have also paid penal interest to me at 24% as per the loan agreement. The loan would have closed by Oct 2007, had ICICI applied correct net ROI.
3. Back dated cheque: You have sent a back-dated cheque of Rs. 27754 with a month’s validity from date of issue. The amount is also just a part of total amount payable. The standard cheque should be valid of 6 months.
Therefore, it is concluded that ICICI has applied arbitrary rate of interests and arbitrary dates while re-computing the net ROI, and provided a incorrect computation statement and a back dated cheque. Therefore, the BO’s Award has not been complied with.
I request you to kindly comply the BO’s award within the timelines provided by the BO and Appellate Authority and send the revised cheque ASAP
I have been complaining about ICICI’s deficient, unethical services for over 5 years now, and provided all the necessary documentation. My complaints were examined by RBI, and orders were issued for ICICI to refund my money. It is such a shame that despite RBI’s orders, ICICI continues to engage in such cheap practices.
It is time that the people and the regulators wake up, and stop the nonsense.
If the bank itself sets an example for cheating, monopolistic approaches, should the Bank expect people should not default on loans, or become cheats? Set an example yourself.
Thanking you,
- Parag
Parag Palsapure
B-702, Neel Paradise , Sector-9, Nerul, Navi Mumbai
Mobile: 9322662040
Cc: BO(M&G), Appellate Authority.
Comment by Parag Palsapure — July 23, 2008 #
Dear Non performing Head of SQ dep ICICI bank,
I hope you have my email directly to your department about serious issue I raised and as usual Banks irresponsible responce over it.
Guys,
my issue was with the nexus with bank employees of Kandivali branch one guy managed to get statement and ID verification letter duely stamped and signed by ICICI bank Kandivali branch
I raised this so customer care rep replied after his DEEP investigation that Nothing ws issued to third party.
I again raised it to higer level that is Head of SQ dep,and responsible officer there took 6 months and they really did investigation over this and found that Statement ws issued to third party because signature was matching.
I asked kind officer to give me responce in writing but they replied over the phone that they will not issue any letter in this regards and stopped attending my emails fo same
Again I raised it to Nodal Officer on next immediate day …Nodal officer did DEEP investigation and again HEad of SQ dep ( same dep I got reply admiting issuance of statement) replied to me that NOTHING was issued to anyone.
what kind of organisation this is
stop pretending that you care for customers..our national banks are 100 % safer compare to your great ICICI bank
Now again if you want to reply to any Blog comment over this website please make sure that you have face to come back again and write something on this website.
I am writing again to head of SQ dep to give me final investigation in writing but so far they have not replied to me and I am sure they will not
now the option for me is file a complaint with omburdsman and slap a legal notice to bank for all wrong thing bank did to me.
not for getting any compensation but to avoid misuse of the issued statement and ID verification letter to third party which Bank obviously donot care.
Hope I donot see any comment here by Head of SQ dep guys..
I advice everyone DONOT even think to choose ICICI bank for our hard earned money.
Regards
Rajesh
Comment by RAJESH THOSARE — July 18, 2008 #
To All those ICICI sympathisers or employees who keep writing about sending mail to head service quality !!!
Some tips to improve the image of your bank
————————————————————————
1. The head service quality and coo etc mail addresses are overloaded
2. If you wish to help the customers, please give your direct addresses IN ADDITION to the headservicequality address
3. The live help - chat site of ICICI is terribly slow and needs speeding up
4. an easier live help that works on ALL browsers / or other chat ids need be set up
5. Local help numbers should also be set up overseas - like in the far east, middle east and US A where ICICI is expanding
regards
Subu
Comment by Subu — July 18, 2008 #
I am trying to open a FD from internet banking. After taking transaction password, nothing happens.?????
Comment by Sourav — July 17, 2008 #
Dear Mr. Babu,
Please write to us at headservicequality@icicibank.com with account number and contact details. Please use subject line as ” Comments from Site”.
Thank you.
Sincerely,
Uma Lakhani
Office of Head Service Quality, ICICI Bank.
Comment by ICICI Bank Service Team — July 16, 2008 #
Hi Friends,
I write this comment to share my bad experience with ICICI netbanking service. ICICI bank netbanking provides one facility, prepaid mobile recharge service. They said, through this service we can recharge or topup our mobile, also within 15 minutes a confirmation will sent to our mobile. But i tried for several times, my mobile never get topup’d or recharged by using this service. Instead they debit the amount from my account. Also they said that in case of failure in recharge your amount will be refund within 4 days, i tried 5 or more times every time i tried my mobile was not topup’d even no failure message was sent to me, I have to wait for 4 days to get back my amount, Recently i tried twice (2 attempts) in the same day. both are failed and after 3days the amount for one attempt was refunded and dont know what happen to the second one, For that i sent mail to the customer care and waiting for reply. I dont know whats the purpose of this service, Really Very Bad Service
Comment by Vijay Babu — July 16, 2008 #
The ICICI bank service sucks and it’s gonna suck forever. The cause for it lies in the banks faulty sales & HR policies. My wife used to work for ICICIBank Retail Branch Banking and I have observed some peculiar things about the way this organisation functions.
1. The employees are made to work 10 hrs a week and 6 days per week. which makes it 60 hrs per week. Way above the stipulated weekly working hrs of 48 hrs/week.
2. The KRA of a branch operations’ personnel has 65% weightage on sales!!! and 10 - 15% on customer service and query handling(and no incentives on achieving the targets, when the sales guys are given incentives for doing the thing - i.e. sales - they are getting their salary for)
3. The sales target for each individual is appallingly high. No wonder the sales guys have to resort to miss-selling to customers to save their jobs every week.
4. There is a very high employee turnover rate (every year It recruits about 7000 new hires whereas the total employee strength is about 25000)
Given all the facts, it is mere foolishness on the part of the customer to expect any kind of service from “the” ICICI bank.
So guys if you have a salary account in the bank you guys are lucky, others i really pitty.
Ohh another fact…from July 1 2008, all the savings account holders will only get 2 booklets of 15 leafs each…extra booklets are gonna cost you Rs. 50 per booklet.
Soooooo….HAPPY (????) Banking with ICICI (Intrgrated Cheaters InCorporation of India)
Comment by Psychedelic — July 8, 2008 #
Dear Mr. Samuel,
We request you to write to headservicequality@icicibank.com with your account details. Please use subject line as ” Comments from Site”.
Sincerely,
Rakesh Sah
Office of Head Service Quality
Comment by ICICI Bank Service Team — July 4, 2008 #
this mail is regarding poor services provided by your bank
myself James samuel
had sent a mail on 25 th may 2008 for the removal of my name from the CIBIL list though i was not responsible for such act then too i have done my outstanding payments.
though i have fufiled all the formailities from my side . yet you have not taken a single step to remove my name from the list .
also i have taken all possible efforts to request you to issue me a letter from your bank saying that there is no outstanding payments on my credit card .after taking such actions from my side you have been quite irresponsible and least bothered for my case and addition to it you have sent me a letter with a wrong credit card number printed on it .
after having completed this formality the next step taken by me was to send a another request for wrong letter sent by you . this step has been taken a long back , yet not responded to my request
Is this the way you follow up with your customers ? i wish this should not be repeated to any other customers .if such kind of actions continues then i think your bank would not sustain.
though being a loyal customer i made all the payments for not being responsible fo such forgery act … for this purpose atleast you should have taken my case into consideration i wish god that your bank should wind up as soon as possible
I am very guilty for selecting your bank
Comment by james samuel — July 4, 2008 #
I have noticed that many of the complaints regarding ICICI insurance are of insurance policy being issued over the telephone and credit card debited. We need to petition IRDA ( the body which regulates all insurance companies ) that there should be a complete ban on issue of policy over telephone by credit card issuing banks and insurance companies. Max they should be able to do is send an SMS and request an appointment to solicit the insurance. Cheque should be a must and for renewal the client may give written standing instructions to debit the account/ credit card if he/she thinks fit. For fraudulent issue of policy IRDA should penalize the insurance co. a minimum of Rs 10000/- or 10% of the policy amount which ever is greater. If IRDA goes after the insurance co. ‘hammer and tongs’ - banks will automatically fall in line. As it is IRDA can act against the insurance company and not banks. The amount collected can go in the investor education fund or some thing. The thing is, these sales persons or agents on telephone are given stiff targets and to meet them they stoop to any level to meet those targets. ICICI being one of the large insurance issuing companies is no doubt one of the biggest culprits.
So my appeal is to all you guys who are reading this is to write a letter or an email to IRDA and to request them to act and not be a silent spectator - after all they are a body created by the act of parliament for consumers benefit. IRDA are you listening.
Comment by Udayan — June 25, 2008 #
Dear Mr Rajesh, you need to register an FIR against those persons in ICICI bank Kandivali branch… but as you are in Thailand, so it doesn’t seem feasible for you to pursue the matter personally. And this only seems to be the reason, your name is used by the culprit to enter into fraudulant contracts.
I would suggest to start with, register a complain with Mumbai Cyber Crime Cell @ http://www.cybercellmumbai.com
Further, I would also like to a recent case of fraud that came to my notice last month. A new branch has been opened up at Lawrence Road, Delhi by the ICICI bank, this summer.
One representative of ICICI Bank, who was in ICICI Bank service for the last three years (now suspended), visited few of my neighbours. And took their cheque books away assuring them their account would be shifted from Ashok Vihar Branch to Lawrence Road branch…
Later he forged their signatures to withdraw money of Rs 11,000 and Rs 5,000 respectively from these two accounts. And it was really tough to get the money back…
Though, neighbours preferred not to Register an FIR as employee was suspended and their money was retuned by the branch manager, but after lot of effort…
BEWARE… never hand over your cheque book to any ICICI bank representative, rather open a new account and close the other one !!!
Comment by Ankur Raheja — June 24, 2008 #
Hello,
My self Rajesh Thosare I work in Thailand but i have accounts in india with ICICI bank.
My complaint about ICICI bank unsafe banking is as follows
In June 2007 I came to know from the other banks like Punjab national Bank,Kotak Mahindra bank,Citi bank Personal Loan
that one Fraudluent person is trying to acquire loans from these banks with my Name,with the cooperation from Punjab National bank I managed to stopp the loans for Punjab national bank and Kotak Mahindra bank (10 lks and 5 laks Resp)
the document I received from Punjab National bank which that Fraudluent person had submitted to apply for loan was containing following dowcuments related to ICICI bank complaint
1) ID verification letter stamped on photograph of Fraudluent person By ICICI bank.
2) Bank statements (3 months) issued to Fraudluent person.
All these above documents was issued by ICICI bank Kandivali branch without any information to me or my knowledge
after this I tried to speak to all possible related persons in ICICI bank but I never got any reply from them infact they all tried to delay and avoid the concern.
I send then Scan copies of documents by Email from my this Email id but all 5 times they denied receipt of email.
then I submitted the documents in ICICI bank Kalyan branch and got endorsement on paper signed by Branch Manager that documents was scanned and send to Customer care officer through ICICI bank’s networking
but still it was denied so in all total 3 times I send those documents to Customer care through ICICI bank Kalyan branch
After hard follow up I received call from Mr.Anil D’souza customer service manager and he asked me to submit the Loan application form which was applied to Punjab National bank.
I belived this was not needed to do any investigation about why the ID verification letter and statements was issued to any other person But Mr.Anil D’souza rudely threaten me that if I donot give those forms to bank then he will not investigate the case.
I asked him to give me in email that he need those forms to investigate this case,which he denied but still to move the investigation ahead I submitted those copies,
after about 3-4 months I received email from Anil D’souza that as per record no Statements was issued to any person ( no Mention about ID verification letter issuance).
I asked him to give me this in writing inturn Anil D’souza didnot replied to this request on email and called my father and said that since I am writing and enquiring in Email he will answer only in Email.
which I feel is not a correct logic.
after hard follow up My case went to Head service quality dept,which also tried to delay the case as much as possible with reason that they cannot followup with my relative (my
father),so I had to Fly down to India for one day and meet your officer and explain once again and submit all documents once again,after that there was many emails asking extention
To complete investigation and finaly Mrs,Deepali Mahindrekar gave me email that statement was issued to third party since the signature was matching in bank’s record.
Once again here also no Mention about ID verification issued by bank to fraudluent person.
I aksed same to Mrs.Deepali to give me bank’s stand on this case in writing inturn
Mrs.Deepali called my Father Mr.SR Thosare who is following up this case and said that she has given Email saying above investigation and above that she will not give anything more.
Same way I emailed Mrs.Deepali several times mentioning following request
1) If Bank dont wish to issue me a letter about investigation then you deny it stating the same in email.
2) provide me an email id and contact numbers of your superiors.
I received emails from Mrs. Deepali but she tried to talk about other things explaining me
How bank has behaved responsibaly and professionaly BUT she didnot commented about my above requests single time.
Sir My case is an Fraud assisted by some persons in ICICI bank Kandivali branch
My questions are straight forward.
1) why bank issued statements and ID verification letter to third party-
Banks answer was Signature was matching
but signature is not matching at all (I have copies of that and I know my signature very well) eventhough as bank claims that signature was matching then what about PHOTOGRAPH?..it wsa not matching for sure !!
bank has issued an ID verification letter to Fraudluent person stamped on HIS photograph and verifying my account number and signature.
There was no answer form bank over this
2) Initial investigation from Anil D’souza stated that no statement was issued to anyone. final ivestigation stated that statemnt was issued.
as I know that to issue paper statement bank charges some fees and that is recorded in banks record, then as per final ivestigation that statement was issued in paper format then
why I was told initially that nothing was issued as its not in banks record.
This means first time Bank tried to avoid conflict by giving false answers to me and tried to avoid me
3) Bank was unable to detect this Fraud and after coming in notice an attemped fraud and bank was unable to secure my personal record then WHY no FIR was logged against Fraudluent person in this regard? (it was told to me By Anil D’souza that and FIR will be logged if I submit the loan application form filed by Fraudluent person supporting the statement and ID verification letter issued by ICICI bank.)
Bank has tried to avoid and delay the Investigation for almost a year now and there is no attempt from bank to take any preventive measurements to avoid missuse of ID verification
etter and statement issued to Fraudluent person.
There is no accountability on any person who had supported this Fraud inside ICICI bank.
The officer like Anil D’souza has no idea how to talk to customer with responsibilty and professionaly.
Mr.Anil D’souza asked me to submit the documents which was really not needed and above that
he clearly threaten me that he will not investigate this case if I dont submit it but same time he was not ready to give me email about his requirement to investigate this case,
this means he was not acting professionaly and responsibaly.
NOW the orignal of Statements and ID verification letter issued to Fraudluent person by ICICI bank kandivali branch is still with Fraudluent person and he is absconding now days
also in parallel he is trying to use these documents as much as possible,I have stopped loans attempts he tried with different banks after I came to know about his attempts.
but in case he succeeds in acuiring loans I think ICICI bank will be equally responsible for that as bank has issued those false documents and there was no preventive measurements taken
by bank to stop misuse of those documents.
I have tried alot to email Mrs.Deepali to get email from Bank about my requests mentioned above but as per her email THIS MATTER IS CLOSED from Bank’s side and she is not replying to any of my email’s now.
I
I am a victum of Banks unsafe banking 2 (two) times and in each case I have noted that there is no care for customer and bank takes Fraud very lightly infact it supports the Fraud…
I have faced this before also with ICICI bank in my car loan case but this time it is very serious matter but still bank is acting very lightly and unprofessionally.
I have logged FIR aginst the Frauluent person but this case was not mentioned in FIR as this came to my notice very late after I had logged FIR.so currently there is NO FIR in this regards and bank also has not registered any either.
I have emailed before Mrs.chanda kochar,kv kamath,Mr.vaghul to inteven in this matter but no reply from their side.
ANYONE CAN GUIDE ME HOW DO I PROCEED NOW IN THIS ISSUE,AS BANK HAS STOPPED COMMUNICATING WITH ME
THANK YOU IN ADVANCE TO READ MY STORY
AND PLEASE BE AWAY FROM ICICI BANK AS FAR AS POSSIBLE
IT IS AN UNSAFE BANK
Thanks
Rajesh
Comment by RAJESH THOSARE — June 24, 2008 #
Date:17/06/2008 URL: http://www.thehindu.com/2008/06/17/stories/2008061757620400.htm
——————————————————————————–
Back
New Delhi
ICICI Bank asked to pay compensation to customer
NEW DELHI: A consumer forum has asked ICICI Bank to compensate a customer for withdrawing money from his credit card account and issuing a medical policy without his consent.
“The bank argued that the policy was issued to complainant on telephonic instructions. But it could not file any such record where daily telephonic messages are stored. The forum holds that it had issued the medical policy without consent, authorisation and knowledge of the complainant,” forum president A. K. Jain said.
The forum asked the bank to pay Rs.10,000 as compensation to Delhi resident Sunil Kumar Sinha besides Rs.3,000 as cost of litigation.
The panel, comprising S. C. Jain and M. Siddiqui as members, also directed the bank to credit a sum of Rs.5,204 to Mr. Sinha’s account, noting that the amount was withdrawn without any authorisation from him.
“Without consent”
In his complaint before the forum, Mr. Sinha, who possessed a credit card of ICICI Bank, said that ICICI Lombard General Insurance had issued a medical policy in his and his family members’ names without any consent or authorisation.
He submitted that when he protested against the withdrawal of Rs.9,000 from his account, the company refunded him Rs.7,000 but held back Rs.2,000 as service charge. Mr. Sinha, who also held a salary account with ICICI Bank, further alleged that the company had withdrawn Rs.5,204 from his account without any notice, causing him “great mental and physical harassment”.
The insurance company, however, pleaded that it had issued the medical policy following a telephonic request from Mr. Sinha and denied any deficiency in service, saying that the money was withdrawn in accordance with the terms. - PTI
© Copyright 2000 - 2008 The Hindu
Comment by pushpa — June 17, 2008 #
basically Indian banks services SUCKS big time. Foreign banks are inaccessible (purposefully they aim the creamy layer - minimum Rs.1 lac balance) and RBI is just sleeping tight over all this. our FM is interested in nothing else but retain his Kursi and let the common man suffer.
i personally have had some of these “bad” experiences with these so called Banks but the latest instance is refusal of banks to issue a demand draft of rs.5000/- because you do not have an account with them!!!!! (imagine my servants’ plight who barely earns rs.3000/- pm from doing household work needs to open an account!)
Comment by hdesai — June 13, 2008 #
[...] ICICI Bank – A Bad Experience for many [...]
Pingback by The ICICI Bank Relationship — Evolution and Fall « Views and Reviews — June 6, 2008 #
Also read the related stories in TIMES OF INDIA as follows:
Bank fined for credit card rejection
9 Feb 2008, 0427 hrs IST , TNN
NEW DELHI: Faulting the ICICI Bank for denying a credit card to a practising advocate in the Capital on the ground that the profession fell in the ‘negative profile’ the Delhi State Consumer Disputes Redressal Commission, has slapped a fine of Rs 10 lakh on the bank.
The commission in a recent order slammed, what it termed “cavalier conduct and unpardonable negligence” on behalf of the bank and said this merited a “punitive damage of Rs 10 lakh… for not extending financial facility or even credit card on the premise that ‘Designation’ of an advocate has a negative profile.”
The commission awarded the complainant Nivedita Sharma, a compensation of Rs 50,000 for the mental torture she had to face.
According to the complanaint, she was offered a credit card by the customer care executive of the ICICI bank and once she agreed to take the card, she was made to fill an application form and provide adequate papers including income tax returns which made her eligible for the credit facility. However, her application was rejected and returned with a note stating, “Designation — negative profile.”
Pulling up the bank, the commission, in its order hit out at this practice and said that the complainant was asked to apply but when the column regarding her profession caught the eye of the bank official, he “rejected it with one stroke of a pen, “Designation — negative profile” throwing the RBI guidelines and other relevant, rational criterion to the wind without batting an eye-lid and little realizing the irreparable damage it would inflict upon the complainant and the practitioners of legal profession by demeaning it.”
The bank contended that it was not their policy to refuse credit cards to lawyers and denial was case specific.
It maintained that there were conditions which must be fulfilled by the applicant and that the legal fraternity has never been denied any facility. “There is no negative marking at least for lawyers,” the bank said.
The commission however, took into consideration the word, ‘Designation’ used in the note by the bank. “The word ‘designation’ has mainly two components. First, it flows from the profession of a person like advocates, engineers.Other source of ‘designation’ is an office held by a person either in private organization or in the government organization.
No profession except impermissible by law is a negative profile,” the commission said, adding it amounted to ‘corporate authoritarianism.’
Courtesy_
Times of India
Posted by Selvam at 9:48 AM
Comment by pushpa — June 6, 2008 #
I have also very bad experience with ICICI Prudential Life Insurance Co.Ltd. They are International Cheater nof ICICI . You can note down within one or two years they are going to collapse
Comment by Kamlesh Wadhwa — June 6, 2008 #
@ Balachandran…. According to you all those who comment here are fools and you balacharan seems to be the smart one. Go and poke your nose in some place else. ICICI is a fucking lousy bank…. whole world knows hat. You have been lucky.. count your blessings. Or are you a two-bit ICICI bank manager commenting in here… who knows.
Comment by Udayan — June 6, 2008 #
all these comments are utter foolishness………Its is one of the top most bankers in the world providing A class customer services…………I had not any bad experiences with ICICI.Hope no such issues happen.Some mistakes may occur….in all Banks……….
Comment by BALACHANDRAN — June 5, 2008 #
Dear Customer (Sandeep),
Please write to us at headservicequality@icicibank.com with contact details. Please use subject line as ” Comments from Site”.
Thank you.
Sincerely,
Harshil Mehta
Head Service Quality and Nodal Officer
Comment by ICICI Bank Service Team — June 2, 2008 #
file a consumer court case against the bank for mental harassment and losses.I can assure you will definitely win as recently in a similar type of case against I SEE iSEE bank consumer court has imposed massive fine on the bank for criminal negligence and mental harassment.
Comment by pushpa — June 2, 2008 #
After repaying the home loan to ICICI, I am being informed by ICICI bank that my property papers were mutilated duiring floods in mumbai. what should I do now? I want to sell this property.
Comment by Sandeep — May 31, 2008 #
Since many here seem to have problems with ICICI, could people share their good experiences with banks here
Which banks are better ?
Comment by Subu — May 25, 2008 #
ICICI direct trading site stops when ur scrip starts falling and starts again after bottom reached or when in profit they dont allow u to sell and allow u to sell only when scrip falls and u go into a loss customer support sucks they just reply we apologize and this wont happen again but the same thing has been going on for last 3 years is it possible IcicI is making money by such methods or any of thier employees as such a site only stops when u start goin into loss cannot happen every week for 3 years Since ICICI Isa big org How Can I seek compensation They have have destroyed my portfolio
Comment by sach — May 25, 2008 #
[...] April 3 2007 - and apparently taken note of).But that’s just one of a looooooooooong list. A thread on Arjun Prabhu’s blog started 2 years ago which still gets customers venting their ire (ICICI seems to be monitoring this [...]
Pingback by » ‘Hum hain na..’ yeah right! Youth Curry - Insight on Indian Youth — May 24, 2008 #
Fed up with unwarraned calls from ICICI Call Centre.
I have heard many cases of torture of ICICI muscle man by way of using abusing language or making a innocent customer disturb by making un necceary calls at mobile. I am customer of ICICI bank vide loan account no LBJAL00000729937. I have taken loan in 2004 for custruction of house. Since then i have paid nearly Rs 5.0 Lac as interest and Rs 0.84 lac as principal amount. Thanks to hefty increase of home loan interest rate by ICICI. I have never been a defaulter and have paid all the EMIs in time by keeping a decent track profile. And i have also been paying out standing amount due to increase in EMI from time to time. I have recently made part payment on vide receipt No 6554683, dated : 21.05.08 despite of all this, I hav received a call from ICICI Bank Call Centre from Delhi from phone no +91 11 45571400 at 11.00 hrs at my cell No , the Executive from ICICI has used filthy language, I told him that i have recently made part payment to my outstanding amount and balance payment will be made by 15 june and requested him not to disturb again and again. Then he challenged me that he would continue to disturb me in future also. You might have gone through the cases where due to this kind of threats people have given up their life. Will you kindly take up the case with concerned authorities I don’t know to whom should i raise this matter to led a peaful life ?
Rajesh Jatana
Kapurthala (punjab)
Comment by Rajesh Jatana — May 24, 2008 #
In response to ICICDirect.com…
I have recently opened account with Religare, it provides online terminal (software based) at reasonable cost… similar to what is available with Brokers. And I dont think it can hang up…
And even commission is just .30, lower than ICICDirect.com
Comment by Ankur Raheja — May 13, 2008 #
I am a user of ICICIdirect .com . a day trader . But seems will have to leave this trade courtesy icici . Whenever there is a crash or a sharp move their site goes bust . And oen cant place orders .
I have tried bringing this to the notice of NSE but to no avail no response yet . Lets see if I am lucky to get a hearing .
Comment by Rahul Thadani — May 13, 2008 #
If any one has observed that ICICI harasses ordinary customers in the name of KYC policy, i.e. KNOW YOUR CUSTOMER ! (I have experienced it and even served them with legal notice on Ashok Vihar, Delhi Branch)
But on the other hand… read the news here @ TOI… wherein ICICI Bank hlped Nigerian frauds to open a Bank account with them so that it can be used for cyber crime… http://timesofindia.indiatimes.com/Delhi/3_Nigerians_held_in_Net_fraud_scam/articleshow/2957852.cms
Comment by Ankur Raheja — May 8, 2008 #
Hi,
It seems ICICI online banking is not working today.
I and my friends have tried many times but still we all are not able to use the online banking service.
If we as a customer do not maintain required balance, then the bank is prompt enough to levy charges, now can the bank be charged with a fine as I am not getting the required services.
Thanks
Ajay
Comment by Ajay Godbole — May 5, 2008 #
I have had a very bad experience with ICICI bank home finance. I had made a part payment for my home loan 2 months ago wherein I instructed them to reduce my tenure. Just recently i checked my amortization schedule and it is showing that my EMI has been decreased and tenure increased for no reason. I made a call to the call center. The answer I got was the most unsatisfactory. They said that based upon a survey of customers they have decided that they will reduce the emi and increase the tenure. Also, it is sole discretion of ICICI bank to decide on the EMI amount. I was asked to visit a nearest ICICI home loan branch and talk on this matter.
Well, I evaluated the emi difference and the only thing i could understand was the fact that ICICI bank is simply looting its customers behind the polished looks is poses. By increasing the tenure obviously ICICI bank wants to shell out the interest component for a long time. Moreover, it you plan to increase your emi anytime, you will have to go through a very long route. And on top of that at the end it’s upon the bank to decide whether it should allow you to pay the higher EMI.
Trust me, you will be really overwhelmed with the fast processing and customer friendliness. But think twice before taking any kind of loan from ICICI bank.
For heads up: Please understand ICICI bank is charging the maximum Rate of interest as compared to other banks. It might
show you a very lucrative offer at the beginning, but the rate of interest changes all of a sudden and there is no one to answer.
Folks before taking any loan do your home work on all the intricacies. I am still regretting my lack of knowledge.
Comment by Tamali — April 29, 2008 #
Another sucker service is ICICIDIREC SHARE TRADING SERVICES. Will always fail in times of critical market turn of evens. This is being done with willful and malafide intention so that online customers are kept out of the market before they reap all the fruits and the price will be jacked before we can go for it. It is very particular on the IPO LISTING DAY of many stocks like Mudra, Power grid and Religare. They just do not list the stock atleast for two hours from the time of listing and you can get in for trading only after two hours of market op-ening by which time the price would have rocketed. The elite customers get preference and till they get the mileage they keep the server and trading account with out the new listing entity. Shame on their unprofessional way of working.
Comment by pitquote — April 27, 2008 #
A copy of letter send to by branch manager
Dear Sirs / Madam,
I’m working as an Engineer with a reputed organization in Bangalore. I have my salary account with ICICI bank Koramangala branch for the past 1 year.
On 17/3/2008 after withdrawing money from ATM at Infosys building, Bhanarghatta road, I forgot to take my debit card from ATM.
When I realized I missed my card, I contacted the customer care center and asked them to block my card. They created a request for me (sr63392278). They told they have received my card and will be sending me the same card with in 5 working days. This is where my struggle with ICICI starts. ICICI has started to send me on a wild goose chase.
As this is my salary account I depend on it a lot, after not receiving the card after 5 working days, I called customer care center. They told that the courier has returned and they send my card to the BTM branch, which is near to where I have lost the card. Next day itself I went to the BTM branch and enquired about the same. The lady there told me that the have no idea about where my card is and that they have not yet received it. NO ONE from the courier called me to say they couldn’t locate me or something and the ICICI folks didn’t get back to me. I placed a second request.
I called customer care again and this time a new person asked me to raise a new request to change my address details and to resend it to my base branch. I gave the request (Sr63508439) to resend the card he told me that it will be send to my base branch, Koramangala Branch.
After one week I went to Kormangala branch and enquired about my card. They told they have not received my card and asked me to raise another request. I called the call center again and I get to speak to a totally new person, and start from scrap describing the problem. He told me that he will raise a new service request and asked me its better to go for a new card. If I could go for a new card, why should I have bothered to go to all these branches and waste my time??
Finally on 19/04/2008, I gave a third request (Sr6339169) to send the card to IndiraNagar branch.
On 22/04/2008, I went to IndiraNagar branch and enquired about my card. The guy there told me that they have not yet received my card and that it would have probably gone to my base branch. That makes it a full circle. After I mentioned my whole ordeal to him, he asked me to wait for 2 more days and come back and see the progress.
On 23/04/2008, I got a call from customer care telling that the card has long being received by a person named TK Babu on 23/03/2008(Almost one month back) and requested me to apply for a new card. I have no idea who this TK Babu is. Who authorized ICICI bank to give my debit card to an unknown person? Will ICICI bank take the responsibility if some one misused my card?
I am struggling to get my debit card back for almost one month now. We are kind of forced to use ICICI Bank. And given the first chance, I will move my account out of ICICI bank. I think they are very much interested in offering me a new card.
The call center guys are not ready to give me the dispatch details for the courier services? The bank is not giving me clarity and only harassing me by not letting to operate me my account.
Is ICICI bank a better option to bank with?
Thanking you for all the bad experiences,
Comment by Nidhish — April 23, 2008 #
Dear Customer (Mahesh),
Please write to us at headservicequality@icicibank.com with account details and contact number.
Thank you.
Sincerely,
Harshil Mehta
Head Service Quality and Nodal Officer
Comment by ICICI Bank Service Team — April 21, 2008 #