Monday, June 20, 2011

ICICI Bank Longterm customer feedback

Aug 2012 Update:
Received this headphone as free gift from ICICI credit cards for using it in US earlier this month. Redeemed some points from its partner Payback (earlier iMint) and gifts were delivered super fast. No complaints

Original Post:
We use blogs to vent our anger and complain when something goes wrong. We seldom appreciate when everything goes right. I’ve been a customer of ICICI Bank for over 6 years now and this post shares my feedback, which is largely positive.

I’ve seen many internet users complaining about ICICI Bank, noted that most of them were related to various loans. I’ve not availed any loans from this bank and have used only Savings account and credit card service from them, so my feedback is based on only these 2 services.

Initial 5 years or so mine was a salary account, so not sure if that influenced any preferential treatment, if any.

My only issue was when I was charged some 200 Rs + for not having enough balance and a pre-authorized monthly deduction failed. Bank neither alerted me that funds are not sufficient, nor waited for couple of days for salary to get credited. Couldn’t recover this amount and eventually took extra precautions to prevent such from happening.

All my points were getting redirected to iMint, a venture by ICICI Bank. Had some trouble with iMint cards initially, [Read my detailed review of iMint here], but eventually this was solved and am able to redeem my points in time.
When the Satyam fiasco happened, all banks slashed credit limits of Satyam Employees. ICICI was no different, but after sometime, when Deepak Parekh and other govt appointed board members criticized this move, ICICI Bank did restore the limits to previous amount for those who’d not defaulted.

When ICICI Bank advertized 8am to 8pm banking I was happy, but only to learn that this is applicable to very few branches in each city. This doesn’t apply to the branch near me.

No complaints on the credit card front either. Always paid my dues in time and never paid a single rupee in interest but they still haven’t charged me anything for causing loss of revenue by not defaulting… J They did charge me some good amount for using the credit card abroad. It proved to be little more expensive (compared to paying in cash after factoring currency conversion cost)

Luckily there was no occasion when I had to call their customer care for some sort of assistance. Used only mail facility offered in internet banking. Mails get prompt response. No complaints on that one.

Tried using their international debit card abroad to withdraw money, but after the ATM warned me that I’ll be charged about 250 Rs, I promptly took out the card, went to forex counter instead.

HDFC Charges Rs 100 per year for ATM Card, Rs 500 per year for debit card for non salary SB Accounts. ICICI doesn’t charge such fees as far as I know.

Overall having a trouble free experience with ICICI Bank as SB Account and Credit card customer. Refer other reviews if you want feedback on loans and other services.

Related: ICICI Bank Cycle banking * Recruitment frauds- Job aspirants beware * iMint * SBI accepts me as Customer * ICICI Cashback- your chances of winning * Aircel long term customer feedback * HSBC tries cheap tricks *

Dec 2011 update: ICICI stores statements online for 4 years only. When I wanted older statements, ICICI provided it in about 2 week's time


Team G Square said...

I have also banked with them for last 5 years or so . Never faced any problem with saving account and credit card .

Shrinidhi Hande said...


The wild said...

All MNC's are good for nothing banks

They charge you for all sorts of things.If you really want to make your savings count put them in a nationalized bank.although they are not as jazzy as these foreign MNC banks ,they do their job and provide good service.

Once we had gone to deposit about 1 lakh in the cash counter ICICI BANK-the cashier says you put it in a envelope -he will do it at the EOD.the catch there is whatever the cashier says is taken as true as per the rule -and 1 lakh is a huge amount

Banks cant deny to accept cash -so we forced him to give it in writing and we will complain to RBI saying that this is a rule of ICICI bank,finally they accepted the cash.The only thing is you need to know the rule to know if you are getting cheated ,most of the ppl are not bothered and hence dont know if they are getting cheated.

There are scores of such useless policies they have -all of a sudden u will find some fees being charged.

you will have fight to roll that back ,say if they charge 10 - 5 will fightback -2 will followup till the end ,so they gain my charging the 8 ppl .

Banks like ICICI are cheats -there are umpteen number of times esp in loans and cc that rbi has rapped them for not adhering to RBI rules.Happy banking with ICICI

Anu said...

I had quite a good experience for about 5 years, before I got married. that was in thane, and our bank was nearby, convienient, and the staff were helpful. i got married, shifted to chembur, and realised that the bank here was terribly over crowded... any transaction took ages, the staff were absolutely clueless and simply handed us over from one person to another. i had so much trouble changing my maiden name to married one that i gave up and opened another account. and then came the rains and they lost all our data, and asked us to furnish all our records again. we did it once, and then got another call and another... till i got wild and had an argument with the manager, and finally i closed the account.
i wouldnt say that other banks are better...but the staff at some other banks i use are certainly much more helpful..... maybe it only depends on whom we come across..

Shrinidhi Hande said...

The Wild:

Thanks for your detailed comment. I too have read lot of complaints about ICICI bank in internet forums.. Guess I've been lucky...

Thanks for sharing your experience...

Deguide said...

Somehow i am not comfortable with any private banks to be frank, my experience with nationalised banks has been good though not excellent. I believe your experience is good with ICICI is a a real exception.

rahul aggarwal said...

Me2...never faced any issues...n its been 5 years now...n growing!!!


Shrinidhi Hande said...

Umesh Sir and Rahul: Thanks for sharing your experiences

Shrinidhi Hande said...

Umesh Sir,

My good experience can also be because I used only 2 basic services- SB account and credit card... Loans and other departments may not be that straight forward

Rajesh said...

My experience with ICICI Bank has not been good. I had a credit card of the bank and I was charged late payment fee even after paying on time. This continued for six months. Finally when I threatened to take them to consumer court they backed off.

S.R.Ayyangar said...

I too had bad experience with their services resulting in a blog post of mine!

Shrinidhi Hande said...

Thanks for sharing your experiences Rajesh and SRA Sir

Sankara Subramanian C said...

I have been a ICICI group customer for the last 8+ years. I use their savings a/c, credit card, demat, online trading and health insurance products and have been generally happy with the overall service. There have been times when I have had issues where I would have appreciated a faster response or a smoother remedy, but thankfully they all got solved. I am a customer with other banks too and when I compare ICICI with other banks both PSU, private and MNC, I would put ICICI ahead in terms of service.

Deguide said...

Srinidhi, the safety of our deposits is the key, many a times hiccups and rumours were floating. This prompted Infosys and likes to shift their huge deposit into SBI can you imagine. Anyways hope the current management does confidence building measures.

Anonymous said...

I have my account with ICICI for the last 15 years. Services were good in the beginning, but have gone to bad and worse.
1. Blocked ATM card without informing me when I was out of station after I already did 3-4 trasanctions. The excuse - they thought the card had not been delivered.
2. Changed the status of my account from wealth mgmt to normal without intimating. I got to know when I tried phone banking number mentioned behind the debit card and it stopped giving me services I was being offered.
3. Have not been able to fix the issue sending account statements regularly. Refuse to take missing statement request over email saying email is not a secure medium, the same medium they find secure when sending the statement on their own.
4. They try to misrepresent things. Thier executive called me and I was supposed maintain a minimum balance of 20000 for my minor son's account. When I argued and asked when the change has been affected, he could not provide details and later it proved to to be false.
5. They did not bother to correct the TDS details in e-rteurn. The matter had to be taken to senior management before it was done.
6. This one is ultimate. Recently, They dishonoured cheques issued by me. First giving a reason - 'PRESENT with DOCUMENT'. Then on re-presenting with reason - 'REFER to DRAWER'. When I sought clarification - they told the beneficiary name was not clear on the cheque. While I had mentioned the name in capitals with bank name and account number of payee. And, they cleared 2 earlier cheques drawn in the same manner for same payee.

You would be wondering why I have been keeping this account if I have so many service issues. I have been using this account as my primary account and used for direct credit of fund from some 15+ sources. It is the pain of updating the new bank details with all 15+ sources that has held me back. But, cheque dishonour with a lame excuse just to keep low cost CASA deposits for as long as possible is the limit. I have initiated the painful process of saying goodbye to this long relationship.

Shrinidhi Hande said...

Anon: Thanks for sharing your concerns and experiences