Ppl,
I wrote a review on ICICI Bank just 5 months back recommending it to the users. But I am forced to take back my words after my experiences with them in the last four months or so. Some of the observations / incidents to prove it.
- *Grid Card*
Who designed it or Who wanted it? you never know. One fine morning I got a mail from ICICI bank saying my grid card has returned. Earlier my neighbour had informed me that there was a courier from ICICI and the courier person would not give to any other person than me. I then called up the customer care department who informed that my Grid Card will be sent to BTM branch in Bengalooru [did I get the spelling right?] after 7 days. This was in the first week of April 2007.
I visited the branch three times once in a week till the end of April and my grid card never came.
I shifted to chennai on April 28 and **informed BTM branch to send the card to my Branch in Chennai** where actually I hold the account.
Again after its been a month with no information, I called up the customer care where they said that the card has been destroyed due to security reasons and I can get an instant card. I went to the branch today and was redirected to another branch saying that they didnot have any stock.
In the other branch [West Mambalam] , the person was not available and I was told the card will cost me Rs.225/-.
I was surprised. First of all I didnot opt for the Card [I heard from the branch that the Grid card was optional]. Secondly when all my credit card bills of ICICI are sent to my official address, the card was sent to my residential address. And after seeing so many people with returned grid cards at BTM branch, I could not sustain the feeling that this initiative is aimed at getting a little more money in the disguise of security. Not sure whether I am harsh, but definitely I smelt something wrong today.
2.** Bank Charges*
This is the area where ICICI makes a huge money. Know what? I saw a customer being cheated with Rs.330/- right in front of my eyes. The charges were for depositing money in the bank. Goodness me, I couldn’t believe it. They say that if you pay in higher denomination notes, then the charges are little but if you pay in smaller denomination, then the charges are more. Have you ever heard of a bank charging commission for the amount you deposit in cash. I thought this was clear and clever cheating.
- *ATM Withdrawl & Debit card fee*
This is the area where they make smart money. I hold an HDFC bank account too. When I withdraw from non-HDFC bank A/c( also includes ICICI), I am either not charged or returned the charges within 2 days. ICICI is the only bank which takes atleast Rs.50/- for cash withdrawls on other banks.
And probably, ICICI will be only bank charging a fee for Debit Card. If you are forced to hold a salary account with them, you just have to pay this. God how smart they are in finding new ways to cheat?
*4. Insurance
*This is another area which gives them more money without much work. Firstly they will insure anything which they say is in the black list and if you insist, they then insure it at an extra premium. Going by the standards that atleast 70% of the insurance policies [eg Auto Insurance] go unclaimed, the money that goes into their treasury is huge. Very huge.
*5. Personal Loans*
I got my personal loans in very quick time(6 days) and was really happy with the service. But when I wanted to shift the ECS option from HDFC to ICICI, they say it will cost Rs.500/-. I am wondering why should it cost Rs.500/- for transferring it to their own branch?
Of late, in the mails that gets circulated in the corporate circles features the worst brand in India, ICICI finds a special mention and are not very far behind their **LEADERS **’AIR DECCAN’
And about customer care, I am sure not even 1% would recommend it. They are the leaders from bottom and promptly join their Stan Chart guys.
ICICI has got some Pros as well. They have a very good web interface which is far superior than HDFC etc. And some of their customer support in their branches are also good. But after you get into an account, almost everything comes from them with a price that burns your wallet