Private Banks in India — Banking for the Booty
Sometime back we have been discussing the essence of Small Savings and also the need to patronize Nationalized Banks. For the interested readers, please check out the following permalinks:
Just thought of sharing some of my personal experiences too with nation’s second largest private banking group (ICICI) which I humbly hope would be useful for others to make a decision of whether to have a relationship with such a base-minded branch. A few of them also indicate how much the bank management is planning meticulously to demoralize other banks and supposedly walk over thier carcasses.
There are actually three salient instances I would like to share.
- Failure to setup Standing Instructions Sometime in January 2003, I chose to have some funds opened up as a Recurring Deposit in ICICI Branch, Egmore. The staff also offered to setup a standing instruction so that the said commitments from us would directly go in from our linked (parent) Savings Account. After three months, when I audited the account, the standing instruction was not being obeyed up. As usual, the jokers at the phone bank could not help anything. The branch was showcasing Chennai’s most roughest and arrogant staff that used to literally stand testimony for our other post ‘Neeya Naana‘. After one year, at the time of maturity, I was promised that a one shot debit would be done and maturity amount given. But the Central Processing Unit of the bank said that ‘We are sorry for the wrong information’ but gave only the first EMI amount. If you have a chance to go through Egmore High Road (after Santosham Chest Hospital) and before the turn to Egmore Railway station), you can find this branch. You can always find these staff giggling at each other totally shirking work and responsibility.
- Transfer of Account from Koramangala to Chennai I had one more ICICI branch savings account at Koramangala branch, Bangalore and when I dropped in at Adyar branch, Chennai to find out if I can transfer-close the same to my Chennai account, the supposedly manager (thus reflecting from his ID card) was shaking his head like what you call in Tamil as boom boom madu and he was trying to convince that since the accounts are linked, ‘You just give a cheque from one of the account and the amount would be sweeped in from the accounts’. And when I gave a cheque to the Canara Bank on 5th December 2005, the instrument promptly bounced but ICICI did not have the guts to even call me and inform regarding the bounce or debit charges. They could not accept thier own manager’s false and fake information. Interestingly, these guys sent the instrument only on 15th January 2006 after incessant firing showered on them from multiple quarters.
- So exceeded >> I hence decided that this bank is no more good so we would abruptly close the relationship and hence I debited all the funds from both the accounts and transferred to my Indian Bank. But the closure instruction was again dancing. Neither my extension counter at Vidyodaya nor the base branch at Nungambakkam or the facilitation counter at Bazulla road was able to locate and process ethically the closure instructions. Again a second round of tamasha made them inoperable and to close the inoperable accounts.
- Credit Card Mishandling I have one more charge against ICICI Adyar branch. For some reason which the ICICI Credit Card Unit or me do not know, why ExpressIT courier could not deliver the credit card at my home or office (inspite of someone waiting for the consignment dedicatedly) and redirect the same to Adyar branch, duly signed and recieved by Bharathi over there. ICICI Adyar branch does not have anything to deal with credit card at all.
- My friends’ date with ICICI My friend, Santosh Kumar Sinha too had many subtle experiences with ICICI bank. When he attempted to give a closure instruction at Cenotaph Road branch, he was shocked to see a hefty amount of debits on the pretext of non-maintenance and dormancy charges. And for closure, he was again asked to deposit some amount to the tune of INR 200/- I really don’t understand and asked him why 200 since the closure charges are only 110. While he was confused, the only thing he could reply ‘Let the beggars go off. Let us not fight with them again‘. In my case, while closing, I sweeped to zero and then kept a fifty paise in the account. Bazulla road branch seemed to have gobbled the fifty paise as ‘Account Closure Charges’. š
- Fingerpointing Following up with point number (2) above, when I chose to ask for details, ICICI had the guts to charge Canara Bank on the pretext that they are answerable for delayed delivery of the instrument and other lame reasons.
I think it is high time that the Finance Ministry of India, wakes up before ICICI makes the entire nation pauper by transferring funds to thier personal private wallets.
September 2, 2006 at 9:26 am
You have brought in a good analysis of ICICI bank. They screw up in the loans too. Once you complete loans, you dont get loan certificate for which you have worry for three to four months.
The bank has a sweep in deposit called Quantum Optima which also sucks. Some of the amount in Savings disappears and not restored on withdrawal. I have composed a song Quantum Optima or Radhika Fathima because all are girls just for fun in ICICI.
September 2, 2006 at 9:30 am
@Anirudh,
Thank you for sharing your views. I agree with your views on Quantum Optima. Actually, almost half a dozen times, I have given a request for deactivating. Each time they did confirm but it was active.
ICICI banking software is really very buggy.
You know one more thing. When you log out of ICICI bank Internet Banking site, you get a JavaScript error. This is because they use a Web Browser Object which is not currently supported. I have brought it to the notice of ICICI CustomerCare and even dropped a message to Infosys Finnacle which powers this software. But it is felling into deaf ears.
September 2, 2006 at 9:32 am
Yesterday, I had a chance to come through Guindy flyover and I saw the ATM of ICICI bank in the racecourse.
The race course is normally associated with gambling and I think given by the arguments above, these guys befit that location.
September 30, 2006 at 6:54 am
[…] Banking for the Booty […]
October 7, 2006 at 8:11 am
One more incident I came across. Check out
http://www.ask4safety.com/banksafety/
October 15, 2006 at 2:44 pm
@Nirmala,
That is really very interesting about ICICI Bank Verification processes.
(*) The statement shows that ICICI Bank’s Retail corporate email address is a public free email address (targetpg@gmail.com)
(*) By the way, in the handwritten letter, there is no date at all, by either the customer or the manager. Is this way, Tuticorin ICICI (or all India ICICI) branches operate via undated letters?
Regarding the reply from ICICI asking for attachments to be resent, it is not a big deal. I had been promised by ICICI for my AmexGold cash back which when demanded, again the guys are asking for ‘scanned copy’ of the letter.
October 22, 2006 at 6:40 am
[…] There has been scores of negative discussions and complaintsĀ amongst the private banks in Chennai and the guys that top the list are ICICI and Citibank.Ā Last week a couple of wrong number calls came from a Citibank Personal Loan center. Just wanted to share about these since these wrong number calls were also a fond recall of another similar wrong number incident sometime in my previous residence number. […]
October 29, 2006 at 10:00 pm
@ Vasudevan Deepak Kumar
The complaint letter is a 3 page letter. I had written the Date on Page 3. I had scanned the first page to show those guys that they had infact received letter (and done nothing)
November 8, 2006 at 4:22 am
ICICI sent a credit card 3 times, but returned as undelivered, neither the bank writes the MOBILE NUMBER on the envelope or the EXPRESSIT also not bothered to get it from the bank when it is picked up.
November 15, 2006 at 2:07 am
Have a look at http://www.ask4safety.com/banksafety/
for another wonderful experience
Or if you don’t have the time to read fully, please tell me what this is
//Note: A scanned/ faxed letter is accepted only if the date mentioned on the request letter is prior to 7 days from the date of scanning/faxing. If the
request date and the scan date differ by 8 days, then the request will not be processed.//
November 23, 2006 at 8:04 am
[…] I don’t think all the private banks can keep going scott free charging sky rocketing prices for anything and everything fleecing the customers and skinning them. Sometime on October 16, 2006 there has been a circular to all private banks that passbooks have to be mandatorily issued to all account holders without charging them extra on the pretext of recovering any charges from the customer. […]
January 7, 2007 at 10:06 am
[…] months after we discussed a fiscal goondaism in Adyar, just at a stone throw distance from there, we have a shop next to Baskin & Robbins, […]
February 4, 2007 at 7:14 am
[…] ExpressIT courier mishandling this blogger’s credit card. For those interested, here is the post. Now, Chennai City Police has unearthed a racket of credit card felony involving this ExpressIT […]
February 9, 2007 at 5:48 am
why ExpressIT courier could not deliver the credit card at my home or office (inspite of someone waiting for the consignment dedicatedly) .ICICI GURGAON branch does not have anything to deal with credit card at all.
February 15, 2007 at 3:40 pm
you are requested please despetch no. 8008439810 in gurgaon add. h.no.1479/5 patel nagar gurgaon hr. mobile;no. 9873975274
thaning you sir
please e-mail add. & contact no. in gurgaon branch thaing you
February 20, 2007 at 5:05 am
Hi all,
This is Krishna. I have been trying to get a Credit Card from ICICI,Bangalore…Later I realised that ExpressIT Courier service,Bangalore has returned my credit card to ICICIbank,Bangalore due to “Unavailability of the Person”. But,I could not get any info either from our Office or by my home,that ExpressIt delivery Boy came to visit me.
I appreciate If anyone could let me know,How to handle this kinda situatios.
It’s Just disgusting.
February 20, 2007 at 5:06 am
This is Krishna. I have been trying to get a Credit Card from ICICI,Bangalore…Later I realised that ExpressIT Courier service,Bangalore has returned my credit card to ICICIbank,Bangalore due to “Unavailability of the Person”. But,I could not get any info either from our Office or by my home,that ExpressIt delivery Boy came to visit me.
I appreciate If anyone could let me know,How to handle this kinda situatios.
It’s Just disgusting.
February 20, 2007 at 5:07 am
Hi All,
THIS IS KRISHNA. I HAVE BEEN TRYING TO GET A CREDIT CARD FROM ICICI,BANGALORE…LATER I REALISED THAT EXPRESSIT COURIER SERVICE,BANGALORE HAS RETURNED MY CREDIT CARD TO ICICIBANK,BANGALORE DUE TO “UNAVAILABILITY OF THE PERSON”. BUT,I COULD NOT GET ANY INFO EITHER FROM OUR OFFICE OR BY MY HOME,THAT EXPRESSIT DELIVERY BOY CAME TO VISIT ME.
I APPRECIATE IF ANYONE COULD LET ME KNOW,HOW TO HANDLE THIS KINDA SITUATIOS.
IT’S JUST DISGUSTING.
March 3, 2007 at 7:45 am
Dear Sir
i am roshan chandra apply for icici bank creditt card .my card was approved by bank they are send my card by express it courier but i dont have recieve my card.Plz check my status and tell me my card status.
thanks
Roshan Chandra
rz-b28a back side dabri extn east new delhi
m-9811755804
awb no.-8008845025
April 11, 2007 at 2:45 pm
[…] that I observed from various consumers of private banks in India regarding our case study on ‘Private Banks — Banking for the Booty‘ is that on the pretext of human errors and technical errors they have started to fleece the […]
May 17, 2007 at 5:15 am
Hi,
I have recently applied for Platinum Card, they said they have sent it thru ExpressIT courier… But I haven’t recieved it yet. But my card is in ExpressIT since they called me confirmed the address 3 days back… ICICI customer care is useless… Any numbers I can caontact so that I will know the status immediately…
May 26, 2007 at 8:15 am
[…] than sticking with all sorts of shit private banks like ICICI and HDFC (the booty banks), I think this stands distinct. I admit that there are quite a few charges for a few services but […]
August 5, 2007 at 2:48 pm
icici bank vhp gold renewal card was returned to the Bank. I was sent an SMS to contact EXPRESSIT for confirming my address. My address is as below:
KIRAN D GIRIYAN
SENIOR MANAGER
CANARA BANK, B S & I C SECTION , CIRCLE OFFICE,
I M A HO SE, KAVIRAJ MARG, B N NAGAR,
HUBLI – 580 029 : KARNATAKA
September 19, 2007 at 8:07 pm
ICICI needs a better system and a MANAGEMENT CONSULTING FIRM.
ICICI :It is Night Mare: In first world country, this bank get 0 in customer service / operations.
I am sure bank will close with in 6 months if they open in US and operate in the way they operate in India.
Every thing is a pain , from start to end ( from opening account to operating).
It may be a good bank for India , certainly not for NRIs.
Most of time customer rep “applogize” rather than actually helping.They just read instrcutions to you and most of time that in conflict with website content.May be they are enpowered to access system.Or ICICI needs good automated systems.
In last 3 years I have not a single instance where I felt happy after calling customer care.
Only good department is sales that open NRE / NRO account.
Post sales / Operations sucks.
Sales Team : good , knowledgable as at one time they needed NRI money big time , so they hired and trained best.
Account opening : If you are in India , its easier.If in US its pain to open. Webiste is only way to print forms and see balances.Most of ICICI banks in India are not NRI branches, so they all send papers in NRI cells, which has 7-10 days work around time.Forms are over complicated and prone to errors.Most of time even bank employee cannot fill it well unless he is dealing in it on daily basis. If any thing is wrong on form , they will never contact you back.If you check back then they tell you issue, thats only if you know bank manager.So send papers again , wait for 10-15 days. But I doubt any NRI can stay that longer in India, and following up after coming to US is night mere as you have to deal with customer frustation rep which donot have access to any system and they will read you standard answer /script rather than actually telling you problem and solution.
No online way of tracking application status.
If you are lucky you will get check book , ATM card , user name and password and BIG PROMISE BOOK.
Now you enroll in online banking.
As far as account details are concerned , its Ok , no problem so far.
Now talk funds transfer: It requires “adding a payee” which requires a authorization code by SMS. Being a US resident you may / may not get SMS.Most of time you won’t.
If you have direct magic call center number , they can approve a payee, Other wise hang in there in BIG HOLE wiating for SMS.Or trying figuring out best number to call.
Contact number on webisite is incorrect 1-800-22-4848.
I cannot believe if content is approved by some one before they upload on website or not.
Correct number is 1-866-424-2448
Fisrt of all why ICICI has to care about if I am adding a correct account or not. All they need to do is to validity of account number by making a call to database and approve it.
Whay manual approval is required?
If you reach customer care rep, he will ask you a/c number / dob / telephone number / online id for authentication, but when they start asking passport number , last transaction in account , that seems a overkill. Come on ICICI , you are not approving loan , you are approving a ‘Payee”.
If fund goes to wrong account thats not your problem.All you need a disclaimer that you are not responsible if account number is not correct.
Now if you forgot transaction password , then you are gone. On website it will say call customer care to unlock it or send online request.
My question to ICICI , why the heck you need transaction password once you have authenticated user by userid and password and approved payee. More over ICICI also requires random number of ATM card also.If you are asking ATM card numbers , then why you need transaction password.
5 levels of security to do a online trsanfer is over kill.No bank in US does that.
Even IT people have issues using this system, guess what will be happening to other users.
If at all you need to do that , provides some online system that resets it online or emails it after asking security questions.
Or give customer reps power to reset it.
Not charge 375 INR to reset it and take 5-7 business days.
Come out of stone age.
Now lets talk money transfer :
They talk “POWER or WIRE transfer”. In any part of world “WIRE” means instant , but not in ICICI world.
You initiate transaction , print details form and take to bank.US bank will wire it for a fee.
Since ICICI has local US account in NY , you will be charged domestic wire fee by US bank.
Lets say you wired on 19th Sept , day time with in wire time frame, funds should be available at ICICI bank a/c in NY at same day 19th , since its wire.
First ICICI needs to work with US bank to not to put hold on thier wires , a/c. Even a normal bank customer in US with good standing account can get that.
Logically 19th night , 20th morning in India should get that credit and should credit INR same day.But actulally that does not happen.
It takes extra 2 days to credit amount in Indian account and mean while $ value might have gone up or down.
So buyer has no control over exchange rate based on the day he does transaction.
May be they should give a lock on rate on their transactions based on wire time / when funds hit thier account in US in NY.
I found hawala is much more reliable than ICICI in these term.What ever rate they commit , they give even market goes higher or lower.
Now comes repatriation by ICICI , exchange rate is always different.For example RBI rate is 40.50, ICICI will repatriate on 40.60, while if you transfer they will do at 40.3.
Now you can figure out whats going where.But no complains on that , if like do it , if not then send through Hawala.
But bottom line is , you cannot count on ICICI that you will be able to finish your good DEALS( as they donot last long , I mean real estate / MF / stocks / IPO) in time .
October 18, 2007 at 12:48 pm
I am getting contionuous calls credit card payment from ICICI where i dont either have an account or a single deal.
November 27, 2007 at 7:36 pm
I totally agree with sactoboy post on September 19, 2007 at 8:07 pm about ICICI. They will be out of business in few days if they start that practice in US.
I just got shocked when they told me that they want to charge me Rs 375 + 12.5% (probably tax :() when I asked them to reset my password. Well, I refused to pay but there is no budging from their side. I would want to fight with them and see how far this goes. It’s not that I can’t pay them and get over with it. It is just simply a very bad business practice. I was planning to use more services from them and will see if they end up loosing a customer or try to change their business model.
After reading on web, I can see how big this malpractice is.
Is it same with any other bank? Any one has good experience with any other bank?
December 17, 2007 at 11:39 am
Hello everybody out there…i had a similar experience in which i was suppsed to get a an icici card from expressit and they didnt deliver it twice.The delivery boy who goes there dosent even have a cellphone or the number of the person he has to reach…i had another nightmare with icici loan.
December 26, 2007 at 11:20 am
ICICI Bank send my credit card through ExpressIt Courier still i did nt received it
very worst service Express It courier
January 15, 2008 at 9:15 am
ICICI bank send my credit card 10 times through ExpressIt courier still i did’t receive, last time i got a message from ExpressIt courier to contanct on given numbers but both given numbers were out of order.
January 23, 2008 at 4:49 am
Hey
ICICI Bank is the worst Bank in India and employed the koondas for the operations of credit card, loan and even in personal banking. There is no response from the bank side when I raised the voice of the settlement made in 2005. Those idiots lien my savings account and again i had paid the amount. Till date there is no record of the payment.
RBI officials and Government was bribed heavily by the ICICI bank and Judiciary should take the view in different manner to save the Public from this bank.
February 2, 2008 at 11:51 am
[…] 15 months. That is ICICI!! Ā Close our interesting antisocial moves of ICICI Bank like in ‘Banking for the Booty‘ and ‘ExpressIT-ICICI Credit Card Felony‘, there is another interesting tell-tale […]
April 26, 2008 at 8:21 am
I always had a bad experience with ICICI bank. They are committed to extortion and extraction of public money. Keep it up, you, big bosses of ICICI bank.
June 7, 2008 at 4:32 am
[…] Private Banks in India — Banking for the Booty […]
July 4, 2008 at 4:44 pm
I have painful experiences with ICICI time and again, with my NRI account; The only reason I stick with them is because of their branches/ATM all over, that Citibank lacks. Its crazy that they have online access password and a transaction password. I was locked out when I tried the wrong password a couple of times, so I had requested it online. It was sent to my old home address in India. They would not take my US address for any kind of communication. The courier went back to their head office, and I was asked to do a change of address. Their address change form is one of the wierd forms, it has so much crappy instructions, and I was asked to go to the branch where I had opened the account – wierd at the Internet age. I went to the branch, and they want my parents to come to bank to prove their blood relationship. I was so upset, wanted to close my account, but did not want to before opening another account elsewhere. I went back home and called the phone banking, they said I can goto another ICICI branch, and try it. I went to another branch that was closer to my new home, and they said my account was not an NRI account and I could do the change of address over the phone. After attempting that for 3 times (almost 3 weeks), they said my account was an NRI account and I had to visit the branch and fill in the form. This time, I went to the same branch and did it. I checked if my change of address had taken place, and came to know that the staff had misplaced my details. The staff called me and pleaded that I dont complain. I felt bad, and didnt, and waited for another 2 weeks. After 2/3 months of saga, I went back to the website to request for password. Couple of times, my requests were denied because of wrong address and wrong date of birth. I didnt have energy to do this anymore, took a break. So, after 6 months, I called the toll free number and requested for password. The representative said my address was not right. I was furious but just kept quiet. She apologized and said that the new address was there in my file. I dont know how things could show up after some time, or was it in any comments section of my file. She said the password would be couriered in 2 days. I am still waiting, dont know whether the courier will be sent to my new address, or the old address. And people claim that ICICI is the best of the other banks, cannot imagine how other banks provide personal banking service š
BTW, why cant they have a password reset option that would send a mail to your email acccount. Wont this reduce their overhead in terms of personnel and resource.
July 17, 2008 at 10:45 pm
Many of the goondas employed by the CC issuing banks in India work for multiple banks . These people are employed by companies owned by or blessed by politicians.
There is also no difference between the direct staff employed by these banks too. These people also could have worked at many banks.
Therefore there is really no difference in these banks approach.
Ultimately what happens is based on our luck.
BTW, I too had an experience with that shop in Adyar circle many years back. Bought something in a hurry and then realized he hadn’t returned proper change.
Interestingly, my experience with ICICI Bank seemed lot better. Either it is because I had worse experiences with other banks and maybe also since I left India 4 years back.
The media is only interested in writing glorifying articles about the top honchos of ICICI Bank. What are all those fat pay drawing MBAs’ doing to improve the banking experience ?.