[Resolved]  ICICI Tax Saving Bonds - 032002 - Tbs — Non refund

ICICI BANK and its subsidiaries really are really unethical.

I had applied for ICICI tax saving bonds Jan-2005 for Rs30, 000.00. ICICI Bank did not send me the bonds even after six months. I visited the ICICI Bank and showed them the original receipt of the application but they asked me to get a certificate from the bank (the check issuing bank) to prove that the check which I had submitted was credited to their account. Obviously this wasn’t any of my headache, the bank records showed the check debited from account and if ICICI is refuting the claim, they should give me the check back.

Nevertheless, I submitted my account statement showing the debit of the check but I still had to spend lots of time over dozens of communications for around 3 months. All these had costed me money and time.

Interestingly, all bond issues are dealt with 3i Infotech and they do not have any call center or toll free number. So I had to spend lot of money on STD calls to their Mumbai office. Finally the bonds were delivered to me some time in November/December 2005 (bond number[protected].

But to my surprise I recently noticed that these bonds were issued for 10 years. This is certainly a foul play on the part of ICICI bank (or 3i Infotech) as I had not applied for 10 year bonds. These should for 3 and half for at the most for 5 year tenure.

I have had a lot of communication with your bank and 3i Infotech and I am frustrated to the extent of taking a legal action.