[Resolved] ICICI Bank — Fixed Deposit - Lack of Proper Information | |
My mom and I have a joint bank account with ICICI Bank, Khairatabad Branch, Hyderabad. We opened a 560 day Fixed Deposit in March 2007 with ICICI Bank. They promised us 9.5% interest rate upon maturity (October 2008). Because of rumors of bank's bankruptcy, we decided to withdraw our fixed deposit twenty days before the maturity date. Before withdrawing the fixed deposit, i spoke to their customer care center regarding the procedure and charges. Their representative informed me that there are penalty charges of 1% on premature withdrawal. But when we actually went and withdrew the fixed deposit, they charged about 3.75%. The amount credited to my account was way below what we were expecting. When I tried to ask them, they were saying that they are paying me the interest rate on the date of deposit. This particular clause was not mentioned to me before opening the Fixed Deposit nor while closing the Fixed Deposit. We were not properly informed. Had they informed this to us earlier, we would not have gone for premature withdrawal of the fixed deposit. I think we were denied the basic right of comsumer - "The Right to be Informed". We have the right to be protected against fraudulent, misleading, and deceitful information or advertisement or labeling. Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
2 Comments | |
Comments
From my encounter with ICICI bank employees, I've noticed that they are ill informed about the bank procedures themselves. They are polite, but they do not know the procedures. They tell us to ask customer care and customer care tells us to ask the branch employees. I'm disgusted with this bank.
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ICICI Bank Towers, Bandra-Kurla Complex, Mumbai, Maharashtra, India - 400051
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