Title : Charges that will bleed you to death
Review : My Kodus to the guy who made their advertisements and Amitabhji for endorsing them - well it all ends there. I read an advertisement in the newspaper, called up their number and lo an executive came to my doorstep to complete the formalities of opening an account. Great - got the cheque book, go the pins and tins etc. Also came along their tariff of charges - but I was not worried as all my business is web based. I design embroidery and export it and get paid via wire transfers - who is worried about the cash withdrawal limits and denomination charges etc. This all changed when I got my first wire transfer - first it took 2-3 days more than the competiting bank. Then after pleading for umpteen number of times on their always engaged telephone lines. I finally got the Foreign Inward Currency Certificate - only to be charged Rs.1, 000 for it - yes that a thousand rupees in addition to the Rs.250 handling charges. Only when I complained and complained about this charges and bringing to the notice of the customer service that HDFC Bank provides all these at a paltry Rs.50 was I able to get Rs.750 back. Now it was only a question of waiting for 1 year to close my account with them to save Rs.500 which they charge for closing an account. Finally a year passed and I was happy to release my Rs.10, 000 stuck in my current account, which is the minimum required to avoid any quarterly charges. I called them up and only after 25th time get through only to learn - we will send someone to open and account - but you will have slog it to the nearest branch to close the account. Well, Rs.10, 000 still stuck in my current account, I rush to the nearest branch spending Rs.35 on the auto-rickshaw and get over my ordeal - ’You will have to give a reason and request in writing on your letterhead with the company stamp to close your account and Sir you will have to pay Rs.500 for closing the account. But I was informed there will be no charges after a year! Sorry Sir, you have wrong information came the curt reply. But it was your customer service which gave me this information - Sorry again, but this latest information that I have! I didn’t want to waste anymore time and money with this bank and incidentally I was carrying their cheque book to surrender - I wrote up a cash cheque and withdraw my money by just leaving about Rs.31. Sent them a letter the next to close my account. I was pleased with the thought that I have saved Rs.468 plus the Autoriskshaw fare. Well to my dismay the statements kept coming, showing Rs.31 as my balance and finally in April the statment showed a debit amount Rs531. I can’t even imagine the ordeal of the others who pay for everything they do by banking with ICICI.
Pros : None
Cons: Don’t even Fart - ICICI will have a charge for that as well