I’ve used mouthshut.com to make my decisions since last few years and this is the time to pay back and help others.
I’ll tell you some experiences of mine related to account/loans/debit card etc from ICICI bank and my suggestions to you. To start with, I’ve SB account in ICICI bank since last few years mainly to invest in mutual funds.
Home loan:
An year back, I applied for home loan and the same day I read views in this forum on ICICI bank. Immediately, I decided to get out and fortunately the person who took my cheques and documents agreed to give them back. I took loan from Corporation bank at slightly higher interest rate. I’m glad that I escaped out of big trouble and very happy with the customer service of PSU bank. Guys, even if you spend some extra time in getting loans sanctioned by PSU banks, it is really really worth - it gives you unparalleled peace of mind later and a single paisa is also accountable. More interest rates in PSU banks? no way! ICICI is the first bank to raise interest rates whenever there’s an oppertunity. Though the PSU banks also raise interest rates, it is rather slow and defintely less than private banks. Anyone heard of goonda raj in PSU banks? Why do you still want to be in trouble when there are alternatives?
Debit card:
I got debit card with my account but was shocked when they charged annual fee within 2 months though they told me that it’s free for first year. I learnt that their year starts from august! Second year, I tried to cancel my card but they could just block it and assured that there won’t be any charges. Again, I was shocked to see being charged again. I was helpless as there was no doc proof for their assurance. Still I’m running around to get my card cancelled to avoid fees for the card which I never used.
MFs:
Their inv desk for MFs is very good and I use extensively. That’s the only reason I still have account with them. However, there were shocks there too! Whenever I issued ECS mandates, they used to charge Rs 55/- as signature verification. They reverted it back twice after lot of fire fighting and now they’ve charged it again. All this, even after they earn hefty commision from my investments. I’ve followed all their escalations channels upto CEO and now searching RBI rules to sue them. I’ve also stopped my plans to go for DP account with them. I’m also planning to close my SB account once all my MF SIP transactions are complete and move to a PSU bank that offers MF investments service.
Because of these, I check my account statements almost thrice a week to make sure that my money is safe and nothing charged as hidden charges.
Bye bye worries and ICICI bank! let me live happily with PSU banks where every hard earned rupee is safe! and you know? RTI act is also applicable to PSU banks which gives you extra power.