[Resolved] ICICI Bank Ltd — Non receipt of extra 1% interest on my settlement | |||
Dear Sir, I the undersigned with EMP ID 110162 resigned from services of ICICI Bank on August 3, 2010. I served 10 years of services with the Bank. I got transfered my PF from ICICI Bank to current employer Bombay Stock Exchange on October 19, 2010. ICICI Bank transferred the accumulated PF balance as on August 3, 2010 with 8.5% interest. I asking the Bank to pay me the differential interest rate of 1% as rate of interest was declared 9.5% for 2010-11 and my settlement was done duirng this year. The Bank is interpreting EPFO circular all RPFO of March 17, 2011 in its own way and has concluded the the Bank is not liable to pay interest of 9.5% on cases settled in 2010-11 before March 17, 2011. This unprofessional approach and anti employee attitude in not giving the benefit of 1% more interest is not acceptable. I have already written and made several calls to Mr. Dilipkumar Pal heading Salary and Finance section of ICICI Bank, but the Bank thinks they are street smart and can do away with paying at 9.5% by intepreting in its way. Please take up this matter urgently and direct ICICI Bank to pay me differential 1% interest on my PF amount. Regards Girish Joshi A-102 Star Madhuban CHS Ltd Shimpoli Cross Road I, Borivali (West) Mumbai - 400092 Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 1 Comment | |||
Comments
Customer satisfaction rating Customer satisfaction rating is a complex algorithm that helps our users determine how good
a company is at responding and resolving complaints by granting from 1 to 5 stars for each
complaint and then ultimately combining them all for an overall score.
Read more
Read more
65%
Complaints
23615
Pending
2046
Resolved
14247
+91 22 2653 1414
ICICI Bank Towers, Bandra-Kurla Complex, Mumbai, Maharashtra, India - 400051
View all ICICI Bank contact information
In ICICI Bank, the interest of the employees is always considered sacrosanct and never compromised. The Provident Fund trust (PF trust) of the Bank is distinct from the Bank and is managed as per the provisions of the trust deed and the rules made thereunder.
The PF trust of the Bank critically examined the applicability of rate of interest payable in respect of transfer of balance lying to the credit of a member from its existing account to the provident fund account of a new employer. The trust has been legally advised that in respect of transfer of existing accumulations of a member from the Bank's PF trust to PF trust of the new employer, the rate of interest applicable would be the rate of interest prevailing on the date of transfer. In the instant case, the rate of interest prevailing on the date of transfer was 8.5% and the complainant's account was credited accordingly. The details were shared with the complainant over the phone.
For further queries, please feel free to write to [protected]@icicibank.com.
Regards,
ICICI Bank Customer Service Team