ICICI Bank - NRI Accounts. Review on ICICI Bank

In November, 2005 I moved to Cyprus, for my job. Before relocating, I was advised to open an NRE/NRO accounts for remitting money back to India.

I went to ICICI, and SBI (the two being the banking 'giants' in our country), for getting the details.

My Background: I belong to Kanpur. My parents always used to send me to banks, since I was 14 years of age, for all sorts of banking transactions. So, I think I've alot of experience (onsite, as well as offshore :o)) for all sorts of banking processes, including the great Indian babudom. Since, last 5 years I'm also having an account with ICICI, but their services never bugged me much, until...

Back to Subject: I thought that opening NRI accounts with SBI will again throw me in the chakra-view of Babus. More over, staying so far from home I would be needing an efficient, interNET banking facility to operate my accounts. So, I went to ICICI local branch, for account opening.

I had all my documents with me, except for foreign address proof. But the 'NRI cell - officer', Ms. X, was ready to accept all the relevant documents, and asked me to fax/email the foreign address proof later. Surprised!!! I was very impressed, not knowing that I've fell into the same old, 'stupid' trap.

From there it all started, and it took me almost 2 months just to open an account. I came to Cyprus, and from there I mailed Ms.X regarding the last required document. She knew about missing document, still, she sent the application form to their head office, for account opening. Same happened, as was expected. Request was declined, in view of insufficient documents.

I was ready to send her the last required document, but she had something else going on in her mind. She said that my NRI account can't be opened from Kanpur now. I should fill another form, attach all the documents, and send it directly to ICICI head office, in Mumbai. Ohh my God!!! I was shocked.

She asked me to download pdf version of their NRI account opening form, print it, fill it up (along with the photographs), and then I've two options. Either, I courier it, along with all the proofs, to Mumbai or I scan each and everything and mail them the e-copies. I was flabbergasted !!! It took me 18 mails of her just to digest that do as she said, otherwise, forget opening an account. I had to do all she said. On the other end, my father was worried about all this going on. He used to visit the bank regularly (almost daily), just to know the current status of application but to no avail. After all this, I used to mail Ms. X, as well as, ICICI NRI cell to know the current status of my application. But, none of them, ever gave me a convincing answer.

After 2 months (or may be more), finally, the account was opened I got all the account details. This was the only best part of the whole experience.:o))

Conclusion: No matter which bank it is, no matter how beautifully they decorate their offices, no matter how elegant looking, english speaking, professionals they hire, but the same old Indian Babudom rules!!!