[Resolved] ICICI Bank - Bank Cheats On Premature Closure Of Fdr's — Complaint of wrong procedures adopted by ICICI Bank No Transparency of Interest Calculation. | |
Complaint of wrong procedures adopted by ICICI Bank No Transparency of Interest Calculation. On 14th oct. I had submitted arequest to close my NRO FD no[protected] which was opened on 26/5/2007 & was automatically renewed on 26/5/2008. The FD was closed on 16/10/2008.As such the period of FD was 365+143 = 508 Days. On renewal on 26/5/2008 the amount in deposit was Rs5, 44, 875/- on 26/5/2009 I had to get a maturity value of Rs 5, 89, 790/- that means an Interest of Rs 44, 915/- less TDS. for 365 days. In this regard I was surprised to note that for 143 days only Rs 7685/- has been credited to my account. On my other FDR no[protected] for Rs 5000/- opened on 28/6/2008 where I was to get an Interest of Rs 412/- for 365days, I have been paid only Rs 54/- for 100 days There is one another case of FDR no.[protected]. As the funds were short in my account & there had been a delay in getting money, I submitted a request by internet banking to close said FD of Rs 1, 75, 000/- opened in Feb, 2008. The amount balance in a/c was more than Rs 1, 80, 000/- & maturity value was more than Rs 1, 89, 000/- on maturity. Meantime the amount expected was credited in the account & I wanted to cancel the request. There was no provision of cancelling the request in the Netbanking. Hence I had no alternative but to send the e-mail facility provided in the account. Next day on checking the account & my e-mail. There was no e-mail reference. The FD was closed & Rs 1, 78, 000/- was credited to my account. Only Rs 3000/ as interest for more than 200 days of deposit, whereas more than Rs 14000/- was to be paid for 365 days. Prompt action taken to close FD but no action on e-mail sent. Because it is in the interest of Bank. Banking system should have transparent system to tell its customer how much loss will be there if FD is closed prematurely. It clearly indicates that procedure adopted by you for Interest calculation is wrong somewhere. Hence I subitmtted my request to the bank to calculate the Interest properly & pay the credit the correct amount in my account for all the three said FDRs with details. Meanwhile I want the forum to note that how ICICI Bank cheats its customers. Help me to get proper Interest. I have personal interest but if the procedures become transparent & shorcomings of the systems are removed it will help everybody & all persons will have faith in Banking procedures. Else Banks will go on cheating its customers. Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 9 Comments | |
Comments
I completely agree that ICICI bank has a problem when it comes to premature closure of FDs.
My case is outlined below. Shows how indifferent and callous the bank can get when it comes to premature closure.
Just request for taking an FD or default on your credit card payments and you will be flooded with phone calls and agents. Why not the response to premature closure of FDs ?
This response leads me to suspect the undamentals of the bank and makes a mockery of the e mails and SMSs sent by their MD Mr Vaidyanathan as also statements made by Chanda Kochar giving assuances to the contrary . I hope we are not looking at another LEHMANN in the making.
Col Mahesh
FD Account Number :[protected].
I had taken an FD with ICICI bank for Rs 3 Lakhs on 04 Aug 2007.The same is due for maturity on 10 Jan 2010. The above FD was taken by me through net banking request and as such no FD receipt was issued.
On 15 Oct 08, i made an on line request for premature closure of the FD vide reference number SR8280007.
To this i got an SMS saying that nothing can be done on my request since the FD receipt was held by me.
When i spoke to the Assistant branch manager (Ms Maria)of the concerned branch ie Trichy Cantt branch on telephone on 18 Oc 08, i was told that FD receipt had not been sent by the branch to me erroneously and that they would be sending the FD receipt to me by courier. The courier is yet to arrive.
My appeals to ICICI bank custmer care have been of no avail.
I had never asked for an FD receipt. Then why was it made in the first place. I have 3 more deposits with the branch and all of them were requested on net banking. I do not have FD receipts for any of those.
When there is a procedure for premature closure of FD on NET banking, why is the bank harassing me with an FD receipt issue, which in any case has not been issued by them.
Why is ICICI bank customer care taking so long to resolve this issue ?
Are we to understand that our deposits with ICICI bank are unsafe and hence these are delay tactics by the bank to hoodwink their customers?
Can the consumer forum please help out?
My case is outlined below. Shows how indifferent and callous the bank can get when it comes to premature closure.
Just request for taking an FD or default on your credit card payments and you will be flooded with phone calls and agents. Why not the response to premature closure of FDs ?
This response leads me to suspect the undamentals of the bank and makes a mockery of the e mails and SMSs sent by their MD Mr Vaidyanathan as also statements made by Chanda Kochar giving assuances to the contrary . I hope we are not looking at another LEHMANN in the making.
Col Mahesh
FD Account Number :[protected].
I had taken an FD with ICICI bank for Rs 3 Lakhs on 04 Aug 2007.The same is due for maturity on 10 Jan 2010. The above FD was taken by me through net banking request and as such no FD receipt was issued.
On 15 Oct 08, i made an on line request for premature closure of the FD vide reference number SR8280007.
To this i got an SMS saying that nothing can be done on my request since the FD receipt was held by me.
When i spoke to the Assistant branch manager (Ms Maria)of the concerned branch ie Trichy Cantt branch on telephone on 18 Oc 08, i was told that FD receipt had not been sent by the branch to me erroneously and that they would be sending the FD receipt to me by courier. The courier is yet to arrive.
My appeals to ICICI bank custmer care have been of no avail.
I had never asked for an FD receipt. Then why was it made in the first place. I have 3 more deposits with the branch and all of them were requested on net banking. I do not have FD receipts for any of those.
When there is a procedure for premature closure of FD on NET banking, why is the bank harassing me with an FD receipt issue, which in any case has not been issued by them.
Why is ICICI bank customer care taking so long to resolve this issue ?
Are we to understand that our deposits with ICICI bank are unsafe and hence these are delay tactics by the bank to hoodwink their customers?
Can the consumer forum please help out?
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Fixed Deposit — Less payment on prematured FDR
FDR with your Gorakhpur Branch a/c No.[protected] dated 03.04.07 as on 13.03.07 mat.date 23.10.08Face value Rs.500,000/
Mat. value Rs 586,201/ in the name of A.D.Agrawal (sr. citizen) D.O.B. 17.10.1942
On 11.10.08, I surrendered the above mentioned FDR for pre matured payment at your Gorakhpur Branch, I was surprised to receive your pay order dated 11.10.08 on 13.10.08 for Rs.545,537/ only. No statement of a/c was given to me inspite of my several requests.Finally on 01.11.08, I sent a notice to your Gorakhpur branch under copy to your head office by reistered post to know as to how a sum of Rs.40,664/ was deducted as penlity for just 12 days of prematured payment !!
No reply is received as yet.
ICICI Bank — ICICI Bank CHEATS!!!
I had taken a loan from ICICI bank. The loan number is LBASL [protected]. The EMI's were directly debited from my account in ICICI Bank. The A/C number is[protected]. But after some time there were some issues and henceforth an agent would come to my house to collect cheques for the EMI amount. The agent insisted that he will come to my place every month and collect the cheques and that I need not submit the money in my account. This was continuing till date. The bank did never send a quarterly statement of my account. Whenever I wanted a quarterly statement I was charged from my account. As it was a zero balance account I did not maintain a balance there. The mini statements showed that I had a POSITIVE balance in my account. Now I had encashed a ICICI Prudential policy and wanted the amount to be submitted to my account in ICICI Bank. After the amount for that was deposited, I found that the bank had deducted a sum around Rs. 8000.00 from my account. When I enquired I came to know that this amount was due to my account. When I wanted to know the reason they said that as I had autodebit facility and that I did not maintain the balance there were some dues which were deducted. When I said that why wasn't this due reflected in the account mini-statement, they had no answers. I think this was DELIBERATELY DONE TO INCREASE THE DUE AMOUNT and to CHEAT. I wanted to have a word with the manager, as he was not available I had a word with his representative. The person representing the manager committed to it that this amount can be refunded but only after authorization from the manager. He also committed that it will take a day or so to get that amount refunded but I will have to wait till the manager arrives. When my father visited the bank he was told that whatever the MANAGER'S REPRESENTATIVE COMMITTED TO WAS JUST TO PACIFY FOR THE TIME BEING and that no such thing can be done. When I called the manager(MR. SAHA, phone number: [protected]) over phone he said that every communication was a mutual one and that I dont have a documented copy so nothing can be done.Now I have a few questions for you:
1) WHY WAS REGULAR QUARTERLY BANK STATEMENTS NOT PROVIDED?
2) WHY WAS I MISLEAD BY THE COLLECTION AGENT?
3) WHY WAS THE DUE AMOUNT NOT REFLECTED IN THE ACCOUNT MINI-STATEMENT?
4) WHY WAS SOMETHING THAT WAS COMITTED BY A MANAGER'S REPRESENTATIVE NOT ACTIONED?
5) SHOULD I BRING A NOTARY AND STAMP PAPER AND GET EVERY COMMUNICATION DOCUMENTED AND SIGNED AND STAMPED ?
write to banking ombudsmen
Dear Sir,
We are sorry about your experience. We have made a note of your loan account number and will get back to you at the earliest to solve the matter.
Regards,
ICICI Bank Customer Service Team.
We are sorry about your experience. We have made a note of your loan account number and will get back to you at the earliest to solve the matter.
Regards,
ICICI Bank Customer Service Team.
Dear Mr.Sethi,
We are sorry for the inconvenience caused to you. We have made a note of your FD number. Our official will get back to you.
Regards,
ICICI Bank Customer Service Team.
We are sorry for the inconvenience caused to you. We have made a note of your FD number. Our official will get back to you.
Regards,
ICICI Bank Customer Service Team.
I had recently closed my FD prematurely with ICICI Bank and in the same situation. I'm contacting ICICI Bank through various channels including so called dedicated customer care for wealth customer, my RM, email, netbanking to get the explanation of the amount credited in my account. It has been over 2 weeks and I'm yet to get any response.
*********
Here was my Query:
I had done the Premat closure of FD 0151****4646 and the Service request is successfully executed. It was opened on Aug 26 2011. It was booked at the original rate of 9.25%. According to the Premat clause, it will now receive the rate for which the deposit was with the bank – penalty (1% in this case), so it calculates to 9% - 1% = 8%. However the actual amount credited in the savings account is much lesser than this (excluding the TDS already deducted). So please provide the FD account statement showing the calculation to arrive at the final figure.
***********
Ref: Terms on icicibank site.
Premature withdrawal of Deposit:
On pre-mature withdrawal of the deposit:
- interest will be calculated at the rate applicable for the period the deposit has actually remained with ICICI Bank.
- penalty will be levied on the rate applicable as per the table below (Shows 1% for the said FD Parameter)
***********
My RM is assuring the response will be sent soon but its too much time for a simple explanation.
I've even sent him qtr by qtr calculation of the FD and I'm pretty sure there has been at least Rs 5000 less received.
A lame answer from a customer executive was "Sir, we just put in the request in the computer system and it calculates the amount". When I asked to send me the details by email, they said this is voice channel and they cannot send email. I was with them for 30 mins and they could not get any better answer than the above.
I guess, As a next step, I need to go to Consumer Court.
Kiran B.
*********
Here was my Query:
I had done the Premat closure of FD 0151****4646 and the Service request is successfully executed. It was opened on Aug 26 2011. It was booked at the original rate of 9.25%. According to the Premat clause, it will now receive the rate for which the deposit was with the bank – penalty (1% in this case), so it calculates to 9% - 1% = 8%. However the actual amount credited in the savings account is much lesser than this (excluding the TDS already deducted). So please provide the FD account statement showing the calculation to arrive at the final figure.
***********
Ref: Terms on icicibank site.
Premature withdrawal of Deposit:
On pre-mature withdrawal of the deposit:
- interest will be calculated at the rate applicable for the period the deposit has actually remained with ICICI Bank.
- penalty will be levied on the rate applicable as per the table below (Shows 1% for the said FD Parameter)
***********
My RM is assuring the response will be sent soon but its too much time for a simple explanation.
I've even sent him qtr by qtr calculation of the FD and I'm pretty sure there has been at least Rs 5000 less received.
A lame answer from a customer executive was "Sir, we just put in the request in the computer system and it calculates the amount". When I asked to send me the details by email, they said this is voice channel and they cannot send email. I was with them for 30 mins and they could not get any better answer than the above.
I guess, As a next step, I need to go to Consumer Court.
Kiran B.
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ICICIBANK — Account closed but penalty levied
My account no[protected] at ICICI bank, at Road no.36, Jubilee hills, Hyderabad was closed as early as April 2003.But, 4 yrs after that, since April 2007 I, m getting summary of account from the Bank, showing negative balance in the(already closed )account against QAB chgs and interest there in etc.Plz correct the error and don't send any such account summary because I don't want to operate this account.
Thanking you,
RAJARAO