[Resolved]  ABN AMRO Credit Card Against Fixed Deposit — Non Issuance of credit card even after making a Fixed Deposit

This is India my friend... a country made up of people who never do what they say they will do. This is why India is a third world country. Sorry to say but there is no such things as morals or ethics in this country.

I hold an ABN AMRO Bank Titanium Credit Card. This credit card was issued against a fixed deposit that I placed with your bank. In March 2009, Mr. Abhishek Pandey (Sr. Associate Relationship Manager - Premium Channel Cosumer Banking) came to my residence and collected my documents and cheque of Rs. 46, 000. He told me that I have to place a fixed deposit either for 90 days at the rate of 6.5% interest or 99 days at the rate of 8.5% interest and after 5 working days, I would receive the credit card. He also told me that after the fixed deposit matures, I can request for a pay order of my principal amount and interest and continue using the credit card provided I have not defaulted on any payments. I opted for 99 days at the rate of 8.5% interest. A week after the cheque was cleared there was no sign of the fixed deposit or the credit card or of Mr. Abhishek Pandey. Mr. Pandey did not even answer any of my phone calls. After that I was contacted by Mr. Amar Thomas who is the head of credit cards division for Mumbai who told me that Abhishek had made a mistake and I will get an interest of 6.5%. Mr. Amar Thomas also told me that the low rate of interest was only a matter of 3 months and after that I can withdraw the fixed deposit if I wanted to. Inspite of a mistake committed by an executive from your bank, I agreed to place the fixed deposit at a lower rate of interest that promised hoping to have a good relationship with the bank. I received the card 26 days later.

My fixed deposit matured on 19-06-09 and I did not want to renew the fixed deposit. However, when I called up the customer care, I was told that maturity instructions can be changed only by visiting the branch. I then received a call from the bank informing me that I have to renew the fixed deposit if I want to continue using the credit card. If this was the case then why did Mr. Abhishek Pandey and Mr. Amar Thomas tell me that I could withdraw the principal amount and interest at the end of the maturity period? If the bank changed the changed the terms and condition, then the bank should have informed me about the same.

I am using the credit card since a year now and have not defaulted on any payments. Even though I have a good credit rating the bank says I cannot convert my secured credit card into an unsecured credit card. The rate of interest is paltry.