[Resolved]  ICICI Bank — ICICI Pure gold

They are not cheating, they are providing you their rate. If you want it from ICICI then buy else as you said there are more places to buy gold from... correct?

Dear Pearl,

We're the Customer Care team at ICICI Bank.

We are sorry to hear about your dissatisfaction and would like to explain you that ICICI Bank retails 99.99% pure, 24carat, Assay Certified and tamper proof gold coins imported from PAMP, Switzerland. ICICI Bank's daily gold price is based on the international spot prices of Gold per troy ounce and dollar/rupee rate and also factors in the infrastructure/transaction costs, transportation and holding costs involved in running the business.

Cost of the gold varies from bank to bank for different denominations. Write to us at [protected]@icicibank.com in case you should have more queries. We'd be glad to be of assistance.

Regards,
ICICI Customer Service Team.

ICICI Cheats - period.
I bought gold @ 99000 Rupees per 50 gm on 21 March 2010; They don't buy back the gold. Tried knowng the selling price it was 83000 INR, market price on the same day.

99.99 certificate and backing can ceratinly carry a premium - but to what extent? And why should one buy the gold? They did not give invoice; ICICI pure gold prices are never updated in the website or anywhere. They claim its market rate. They are running a big fraud jwellery in the name of bank and the trust that customers will have in a bank.

Request attention of the consumer potection forums and public interest litigation and other NGOs to do something about it.

Here is a bank that cheats - Why should we bank with ICICI
There is also an issue of business ethics, when they claim their prices are determined by market rates.

NEVER EVER BUY GOLD OR ANY INVESTMENT PRODUCTS FROM ICICI. THEY DO NOT HAVE THE BASIC TRADE ETHICS. THEY DO VERY UNFAIR TRADE PRACTICES.

If there is any ICICI management team responding to this, please declare what was your pure gold price per gram on 21 of March 2010 and the market price on the same day.

A previlege / elite banking customer of ICICI bank!

Pearl, I really agree to your point... Initially ICICI Bank Customer Care team responded to your query in 5 days... but now its almost 6 days gone, no response...

ICICI management team don't have guts to disclose those figures here...

I too join you to say against ICICI Bank (the killer bank)

yes he is right, why banks are selling the gold on there own rate but they are not taking back.
suppose today i buy gold coins from H.D.F.C bank they charge me Rs 21880 for 10gm and market rate Rs19442 for 10gm and if some emergency i want to sell the same bank not taking back and market taking at Rs19442, so what is the use of taking pure gold from bank.


shashi bhushan

Completely Agree with the facts mentioned. There could be others that are a party to this kind of set up by the bank. Government has no control what so ever, everyone is bent on fooling the poor public in this country.

completely agree... even today there is much difference between market prices and bank prices of gold! Not buying from icici bank!!!

8 gm gold — cheating

dear sir,
I ve been cheated by a jeweller in mapusa of 8gm gold. I had givien him to make bangles but he gave me only 2gms of gold back and this happened in2006 he assured ,me that he ll give me soon so i waited bit still now he has not given me. what should i do >

Dear Sir,

I am very upset mentally becuase your ICICI bank, hoshiarpur, punjab gave me only 6 % discout only on two numbers of 50 grams gold coins. They should give me 8 % as it is showing on the internet.. The cocept of marketing - win to sin situation for both parties I could not see any where in this deal. So if ICICI does not adopt the marketing concept - win to win situation for both parties, I can not move myself with ICICI Bank in future and I will close my bank account with ICICI Bank. Further more I want to mention here that I requested to ICICI Bank, Hoshiarpur to rectify thier mistake and correct it but they are not ready to rectify the mistake and ready to close
my account so this ois the realty of ICICI Bank and the agent is saying that post this complaint on the internet and customer care email address does not effect to her and ICICI Bank. I too agree on this and I alert to everybody that
before doing any investment in ICICI, Please think 100 times before making any investment in ICICI Bank. I also
sent this email to customere care ICICI but no reply so far.

Any how guys, tomorrow I am closing my account in ICICI Bank in Hoshiarpur

My phone number is [protected].

I am waiting for your phone call.

Presently I am very upset mentally and waiting for your reply either on phone or by email

My email is lovenish.[protected]@gmail.com

An early reply will be highly appreciated.

Sincere Regards

Lovenish Chandel
Dtae:[protected]

Hi Friends,
Based on my banking experience, I would like to answer some of your concerns:
ICICI Bank retails 99.99% pure, 24carat, Assay Certified and tamper proof gold coins imported from PAMP, Switzerland. ICICI Bank's daily gold price is based on the international spot prices of Gold per troy ounce and dollar/rupee rate and also factors in the infrastructure/transaction costs, transportation and holding costs involved in running the business.
Rates do appear on the website: http://www.icicibank.com/Personal-Banking/investments/icici-bank-pure-gold/gold-rate.html
As per RBI guidelines, banks cannot buy gold. That accounts for jewelry business, and not permitted for Indian Banks.
Selling gold is not monopoly - customer can check rates and discounts before buying, just the way we do check the rates before buying electronic items, or any other products.
Hope this helps.