Costliest bank in India. Review on ICICI Bank

Coming up with yet another crook in the closet. This time it is none other then our costliest bank in India, ICICI Bank. Costliest in the sense, the minimum amount to be maintained in an account is Rs.10, 000.

I had good relationship and a long one since 2003. I own 2 savings accounts from different cities, NRE and NRO accounts since 2005, ICICI Platinum Card with good credit report and a Demat Account for the last 2 years. I felt I was a part of ICICI family.

Come recession, ICICI started to bleed secretly due to Lehman brothers and they have been out to recover their losses by looting the current customers, whether old or new.First nail in the coffin was increasing the savings balance limit from Rs.5000 to Rs.10000. That too without any notice and they claim that all the branches were informed or put up billboards.

Yes, they were right, I could find long boards informing the increase in every branch. But a person like me who depends on net banking and never require the need to walk into a branch like a commaner without a PC at home, how do they expect us know it? There was not even a mention in the website too as I need to look up the main page every time I need to press login button!

Then the day arrived where 2 accounts bore the minimum balance fine of 800+. During the month of Oct-Dec08, I maintained an average of 15, 000+. But still I was fined again! The reason is that, my limit was below 10k for just 4 days! While the rest of the days, my limit was at 20k+. Previously ICICI used to calculate the sum of balance each day divide by the number of days in the month.

But now, their policy is such that 10, 000 has to be there EACH DAY! I am holding 2 accounts in Axis and HDFC. Atleast they are much better and not like these ICICI day light robbers. Finally I threatned them that I will be forced to close the accounts if a proper solution was not given via mail. To my surprise, they gave me the directions to close my account with ICICI!

Second nail in the coffin was that an amount of Rs.840 was deducted from my Demat Account last month. I found out that they had deducted as broker charges for first quarter of 09 in advance. Due to the recession I have limited my stock play to just 10k per quarter in a year. So the transaction charges have not been more then 500 bucks as I dont sell of shares immediately.

So when I enquired, I was told that the one time charges plan was selected by ME. I blasted them left and right and argued that I am not a fool to pay 3500 even when I was not transacting. Remember, they have fixed in such a way that even if I buy 1 share for 10 bucks then I am paying 840 for the entire quarter! So quickly I sold away all the shares and closed out the demat. No pleadings from their side even for this. I opened a Demat account with HDFC and they seem to be better for the time being.

Third nail in the coffin was when my credit card limit was reduced to 50%! The reasons are, I was an exemployee of Satyam in 2004 and currently a techie! My payments track is very good and I had gathered 18, 000 points from 04 to till date! But still I am being treated like a new customer. Also my cash limit which I use it in emergencies was brought to NIL!

I immediately threatned that I will cancel my card and the very next day my credit limit was revoked and my cash limit was brought to 25, 000. But anyway, I had learnt a lesson and decided to cancel the card once all my dues are cleared.I had just previously taken a car loan and paid off in 18 months. But when I applied for another car loan then it was rejected! I am really surprised to see the treatment to old customers who were prompt in payments.

So there is a threat on all sides that ICICI will be in a soup soon like satyam. Atleast Satyam still works with the help of the govt but ICICI can never open their doors in times of trouble. Now I need to quickly transfer my loans to either Axis or HDFC. So I request everyone to be careful with ICICI and depend on smaller banks who have successfully grown like ICICI.

Please dont forget to rate my review after reading, helps me in the long run to come out with more startling information which might be useful to everyone. Thanks in advance.