Aug 03, 2002 09:41 PM
11629 Views
(Updated Aug 03, 2002 09:47 PM)
I had some good and bad experiences with ICICI Bank.
- Transferring an account from one city to another means, closing the existing account in your previous city and opening up a new one in the new city.
Result - a. It takes time like any other nationalised bank to get your money from your old account to the new one.
b. Repetition of all documentation - you need to provide photographs, identity proof, fill up the laborious application forms etc once again, though you are an existing customer!
c. If your old account had Quantum Optima fixed deposits, all of them have to be broken before being transferred to the new account. Who is the loser? None other than you! Because in the new account they will be treated as new deposits with old maturity dates totally forgotten!! Some times I wonder how come this bank boasts of all computerized branch bank.
- Cancellation of a Demand Draft - Cancellation charges - Rs. 50 plus you need to affix a revenue stamp on the back of the DD to endorse the cancellation. Of course, the bank will not give you the revenue stamp that costs Re.1. You need to rush to the nearest Post Office, buy one and affix.
Has anyone heard of such a procedure for cancelling a demand draft? And how many of us carry revenue stamps at any point in time?
Internet Banking - Many features online are very good but when it comes to the e-mail responses, they too are too good. But only till acknowledging your mails. You are certain to get a response - ''We are checking with the bank and shall get back to you at the earliest''. That is it. This is the final answer. The same goes with the Customer Service over phone. The customer officer takes down your contact numer to get back but only to sit back!!
Never deposit cash in an ICICI ATM. Not just with ICICI, with any other bank for that matter!! The amount of money your account is credited with can some times be less than what you actually deposit in cash in ATM. Of course, the bank sends a regret letter saying that you had actually deposited Rs. X but they could find only Rs. X - y in the envelope and the decision of the bank is final.
Maintenance of quarterly average minimum balance - A funny thing the bank expects us to keep track of!! Let us say you have a withdrawal balance of Rs. 8,000 and Rs. 5000 in Quantum Optima (a total of Rs.13,000 in your account!!)and you always need to maintain a quarterly average balance of Rs. 5,000/-
If you withdraw Rs. 8000, you would think that the Quantum Optima of Rs.5,000 will be withdrawn and be taken as the quarterly average minimum balance.
But you are in for a surprise!! The bank does not do so!! It says the Quantum Optima cannot be broken for maintaining the minimum balance. And cuts Rs.250/- as penalty if you don't deposit another Rs.5,000 at the earliest.
About the good thing - instantaneous fund transfer between two ICICI accounts, remittance of cash in one city to an account that exists in another city without charge, free clearnce of outstation cheques provided they too are from ICICI, very nominal charges for issuance of demand drafts, etc.
Widest network of ATMs - there is no rival for this in India as of today!!
One more bad thing that I missed - your complicated monthly statements that are difficult to understand. What do you do with them, just file it and forget it!!
So, the bottom line, just check and be aware of all the hidden costs before you open a new or even maintain your existing account.
Otherwise, it is a good bank to bank with!!
