[Resolved]  ICICI Bank — Fixed deposit - Poor service

Address:

Mumbai City, Maharashtra

I have my salary account with ICICI bank and was looking out for some investment options for tax saving.

So I called up ICICI bank customer care number to know about their Fixed deposit scheme for tax saving (they call it ATC FD). I wanted to have a FD for Rs.50000 and for 5 years. The executive explained me the entire scheme and his last question to me was whether I want to have the interest transfered to my savings account monthly, quarterly, yearly or on maturity (cumulative). I asked him how much would be the difference in interest if I go for quarterly over the cumulative one and to this, he replied that it won't be a major difference - just Rs. 3 per month. So I finalised to go with the quarterly option and get the interest to my savings account quarterly.

But somehow I was not satisfied with the explanation this excutive gave to me for quarterly interest so I called up ICICI customer care again the next day early morning and again asked them to explain me the difference in interest with actual figures for the two options - quarterly and cumulative. And to my surprise the executive this time told me that if I go for quarterly interest with Rs. 50000 investment for 5years then I will get Rs. 21000 (approx) in total, whereas if I want to take the interest on maturity then total interest that I will get will be Rs 26000 (approx) which gives a difference of Rs. 5000 in interest. So I asked the executive to immeditaley update my previous request "sr[protected]" to make it as cumulative interest instead of quarterly.

The executive informed me that she can update the request but she is not sure if this will be of any use so she insisted on closing the first request and opening a new request for "ATC FD with cumulative interest" option. I gave a positve respone to her to go with second option of opening new request and soon I was given new request no. sr[protected]she also confirmed closing of first request) .

All done now, she told me that this new request will be processed in 2 working days. By the end of day I checked my savings account and Rs 50000 were trasfered to my new ATC FD account. I was happy that all went well and I have my new ATC FD created without much hassel.

Next day morning I got a call from ICICI bank and he said "I am sorry to inform you but your new ATC FD account is created with quarterly interest because of some technical issues your old request was not closed and now you cannot close this FD account for 5 years!"

When is that ICICI bank do not run into technical issues? If there was a technical issue then why is it that I suffer for this? Will ICICI pay me the difference 5000? This is completely unacceptable to put the blame on technical failures and tell your customer that there is nothing much that could be done now...so bear with it!