You are absolutely correct! They are the biggest frauds in India rather than any other underworld guys.
My experience
Case 1
I use their credit card regularly and do prompt repayment within the billing period. Suddenly on the month of June 2008 they charged Rs 100 fine and I ignored the statement for 2 reasons first as I paid my full amount of previous months purchase in cash and secondly didn’t do any purchase for that month. The next month I got the next statement saying I have to pay a fine of Rs 440 plus Rs 110 adding up to Rs 550 as I didn’t pay any money towards my credit card as per the previous bill . I tried the customer care no several times but I couldnt talk to any body as It takes nearly half day to clear all the steps and the queue. I went to the branch but they again guided me with customer care no.
Later I some how managed to contact the collection manager for credit cards and asked what was the problem then she explained me that from the month of June they have implemented a new charge of Rs 100 on every cash payment towards credit card and since I didn’t pay that amount they charged penalty. Further she gave me an advice to contact their customer care asking for a reversal of these entries. I paid the entire amount of 550 along with another Rs. 100 fine as I paid in cash and cleared all my debts and later I contacted customer care but till today the amount is not reversed despite of their promises.
Case 2
On this April 18 my father in law expired and I had to arrange money in emergency for his funeral. I was on the belief that I can use my credit card to withdraw cash as I have a cash limit of 15000 and purchase limit of 35000. I went to Indian bank ATM to withdraw the cash but I got an error message. Then I tried in ICICI ATM itself which was quite far but still I got the same error message. I went in to the branch as expected they asked me to contact the customer care. After a very long process I got an executive on line who told me I can’t withdraw cash. I asked him the reason for which he told me he can’t reveal it! I was stunned. If I can’t use the card for emergency purpose then what is the use of that card itself?
Later I understood that due to the default in my payment for the month I explained ahead they withheld my cash withdrawal facility. I was a prompt customer who used to repay the amount in time towards credit card till the above explained incident. And still I am a prompt customer but due to their own mistake they made me a defaulter and they denied me money. I hate them
Next headache is their SB A/c which I will explain in my next comment.