I opened account with ICICI in 2006 and by mistake typed wrong password and to receive new internet banking password by post it took more than 3yrs and more than 20 calls with hrs of waiting on automatic msg. Recently I went to India and wanted to upgrade my withdrawal limit on my savings. The banker tal me into opening NRE-NRO and recurring FD. He told me I have to FD 50K each year and after 5yrs with compounding I will receive 5, 10, 000. I was very clear about taxes as well local status as I already had a problem with password issue for my saving account. He specifically told me its linked to my NRE account and my sister has power of authority on everything. later after returning back to canada I got an email from ICICI Pru Life about some Insurance policy with term 10yrs and there were mre than 3500 deductions from my 50K which suppose to be a FD in my NRE account.
Now, this insurance policy is linked to my savings account and there are about 10K deductions every year for policy Rs.500/month administration, 4%of funds value assignment and 1% of funds value commission for 10yrs. and I cannot get out of it until 7yrs. Soon after I received email I started caling ever department and writing emails but there is no use. Nobody is bother to solve my problem. Finally after 1 week of cals and emails now I have to send the signed documents to cancel the policy with in free look period by post which costed me$90 plus stamp charges and administrative charges of the policy even its not my mistake I have to bare these charges. After reading the reviews now I am not even sure that I am ever going to get my 50K back from ICICI. When I contacted the banker about the same he said that he told me all these details before itself even though he never mentioned terms like the term 10 yrs, Insurance policy, taxes, administrative charges. I repeatedly told to everyone about this issue and nobody cares so I have decided to close all my accounts with this bank. ICICI bank got no ethics, professionalism, the bankers themselves are cheaters and thieves! I also had accounts with SBH and bank of India but never had such problems.