Do not use ICICI Bank for remitting large amount on money to India. They will hold your money to gain interest or currency benefit etc with giving random excuses.
I returned to India for Good(Jan 1st 2012) and got my NRO account converted to normal resident account after visiting the branch and submitting applications etc(on Jan 5th - 20th). The branch manager of Esplanade, Kolkata mentioned that there will be no issues in transferring money to normal savings account if I convert the account into normal.
I initiated a large amount(>120K USD) wire from my US local bank/brokerage account to ICICI resident savings account. After 2 days instead of ICICI the US local bank/brokerage company sent an email that ICICI has kept my amount on hold and contact them to move the money out!.
I called ICICI NRI services; the CS rep mentioned the amount is on hold for 30 days; you need to visit the branch and give an application that I have converted the account into resident account from NRO account. Not sure how I can convert the account status from NRO to resident account w/o ICICI local branch doing that. Anyways after going by logic the person agreed that I sent an email and they will do the needful in 24 hours. I sent the email with all the details except last 5 digits of account number(for security purpose).
After 24 hours NO response; I call again in US time, the CS Rep’ASWIN’ mentions the India office is closed and he cannot see the reason for hold. I asked to transfer to his supervisor(RAKESH); after 10 minutes on hold the supervisor is very busy and cannot take the call; however the CS rep committed that the money will be release within 48 hours.
Next day, I get a call from the local branch(ESPLANADE, KOLKATA) on I have to provide on writing that I my current status is returning Indian(that I already provided 3 weeks before and the account was converted from NRO to normal based on that). Upon talk with the branch manager, he is unable to justify the reason for holding the money. After submitting the written application; the branch manager mentioned that with in 24 hours the money will be released in my account.
After 24 hours I receive an email from ICICI Bank the below.:
Please provide us the complete beneficiary account number to assist you further.
On receipt of it we will do the needful.
We look forward to more opportunities to be of service to you.
Sincerely, Sangita Kurilcustomtakeouter Service OfficerICICI Bank Limited
The money is still not in my account. Definitely it was my mistake to use ICICI Bank; I am going to perform legal proceedings against ICICI Bank if the money is not in my account by Monday Jan 30th. Fact is I still did not receive the Debit Card and Check Book(almost 2 weeks going since the account is converted to normal).
Regardless, Monday(Jan 30th) I am going to initiate the processing of moving all my money from ICICI to HDFC or even SBI. Definitely, ICICI is the worst bank I have faced so far!
Update as of 4 PM IST Jan 30th 2012(for those who has expressed interest on following on this):- No money yet in my account. Initiated money transfer to HDFC Bank account.
Called the branch manager of Esplanade branch again today, one more promise: by EOD today Jan 30th 2012 the money will be transferred. Will update the post tomorrow on what happens by EOD today.
Even if it occurs today in this process I lost at least 100, 000 INR due to drop in currency - anyways I would feel lucky to get the rest of the money cleared sooner than later.
Btw; I received an email from nri @ icicibank . com below. Now my case is their top priority and they need another 3 working days to provide a status update!
I sincerely apologize for the delay in our response.
I understand your concern regarding status of funds and have a taken note of your request.
The Service Reference Number for it is SR21149xxxx.
I assure you, that your concern is of top priority for us. I shall respond to you with an update by February 3, 2012.
I appreciate and thank you for your patience in this regard.
I look forward to more opportunities to be of service to you.
Sincerely, Sangita Kurilcustomtakeouter Service OfficerICICI Bank Limited
Update 01/31:
Finally I received my money on Jan 30th; as expected the exchange rate given was 48.63(not sure when exactly the$ to Rs was below 49 in recent times), definitely it will be lowest for the entire period of hold.
Anyways; I feel relieved that got the money earlier w/o having to go through legal steps. The end of dealing with ICICI bank.
So, far the HDFC experience is pretty good; when I deposit a check on the same day they first credit the amount and settlement happens later.