Hi,
The true character of any organization is only visible over a period of time which will have both the good times and the bad times. As a new customer, I was indeed impressed by the quick service and the low rate of interest being offered by the ICICI Bank. I opted for a home loan of Sub 20 lakhs @7.5 floating rate of interest in 2003. As the times changed from good to bad, ICICI bank never missed an opportunity to the raise the interest rates.
As of now it stands at 13.5% for me. But I never complained as it was logical for the bank to raise the interest rates in times of high inflation. But it was realling shocking that ICICI refused to lower the interest rates when RBI reduced the benchmark rates. This is downright robbery. They have changed the definition of floating rate of interest to "ONLY FORWARD MOVING FLOATING RATE OF INTEREST".
I think there might be couple of reasons for this ie
a)Sub Prime Crisis :
They have suffered enormous losses due to mismanagement in the sub prime crisis and are looking for ways to come out of it at the cost of existing customers.
b)Delay in announcing Interest Cuts :
It is a rule that whenever interest rates are revised, they are applicable from the next quarter. Hence despite most of the banks annoucing the revision of interest rates in december. they might announce the same in January so that it is only applicable from April.
I think its time now for the consumers to fight back. Some of my suggestions would be :
a) Keep calling up thier call centre atleast once a day and register your complaint.
b) Write to Media houses and ask them to highlight this issue.
c) Write to RBI regarding this issue.
d) Discourage your friends from any kind of relationship with aICICI Bank. This is the most important tool in our hands
e) And most importantly Close all your relationships with ICICI Bank for ex Bank Accounts, Credit cards, Demat Accounts, Salary Accounts etc.
I have partially practised the last Step. For a Car Loan, I went to a Nationalised Bank rather than going to ICICI.
Regards