I am faced with either of the two choices, Go to ICICI or some of the nationalised banks. This is because, other banks like IDBI, HDFC, GTB do not have the coverage for ATMs or branches.
I would like to give a summary of my experience and let the readers decide on whether this bank is awesome or awful.
Positive Points:
Compared to Nationalised banks, I get an account number valid all over india. Meaning the account can be operated through any branch in major cities. This is a killer feature. I remember how I will leave the minimum balance and lose the passbook or never visit the city in a reasonable amount of time.
ATMs : Lets face it, The feeling that you have to depend on the cashier bapus for getting your money in many banks is something best avoided. Atleast, the ATM network has penetrated to such an extent that I am not usually more than 10 minutes by bike in major cities.
Internet Banking: Machines usually (99%) offer better customer service ythan a person. Dependence on machine for various activities like Fund Transfer, Cheque book Requests etc are serviced much faster.
Money2India: Usually takes 4 days for the money to be transferred from US/Europe to your account in India. But we do not need the elaborate process - Just giving the Swift code and account number you get the funds transferred in 4 days. No big deal.
So far so good. You need to follow the above rules by the book - A slight mistake can lead to hardships as TiM says, you may look for buying shoes 2 sizes smaller.
Negative Points:
ATM: Once, I was slow counting the money that Card is withdrawn into the machine - good safety precaution. For getting this card back, I visited their office thrice and phoned them some 3/4 times to fix up appointments etc. Real pain.
Internet: You lose password and they send you the revised password only to your registered address. If you are abroad, you are done for. Forget using infinity till you return to your home. Major pain for globe trotters.
ATMs: They disburse cash in 500 Rs note only. At many places like MTNL counters etc you need to sign the 500 Rs note and many places 500 Re note is flatly refused to be accepted. ATMs do not have any provision for choosing denominations unlike foreign countries.
People: They can sometimes put you off. Who are they? Guys who resigned PSU banks and join ICICI for more pay. What will that guys do. I have interacted with almost 15 officers and almost 8 of them will make your life miserable while the other 7 were quite helpful. When you want to exchange the 500 Re note doled out by ATM machines in the counter, you will be asked all questions like the immigration fellow in US. Why do you need to change 500 Re notes, where did you take the notes, 500 Re notes are indeed legal tender need not be changed to 100 Re notes (As if I didn’t knew before). Less the interaction with people, more enjoyable the banking.
Money2India - The bank clerk in foreign bank typed my account number wrong (extra zero) and sent the money. The ICICI idiots in forex, received the money and since account number did not match made a pay order to my name and put it in their drawer. That way, their day book tallied and no one is to blame. Foreign bank says money sent. ICICI says did not receive the funds for my account. I had to spend as much in international phone calls to trace the money.
All in all consumers in india are not given much choice. As long as we avoid contact with people and stick to the rules, things are fine.