[Resolved]  ICICI Bank — ipo mandate amount blocked but not released

Ipo applied : happiest minds
Application method : upi mandate through icici bank
Blocked amount : 14960

Issue: money is not being released by bank which was blocked for ipo mandate request

I have applied for happiest minds ipo and given upi mandate through icici bank. As per the ipo dead lines if the shares are not allocated the money should be released on 15th of september in my case the shares were not allocated and same time money was not released by icici bank. They kept blocking the money after 15th also.

And on 19th i have called the bank customer care and i have asked them why the money was released as per sebi rules. The customer care executive informed me it will be released on next day. But the money was not released on next day also. Again i have called and customer care executive was not at all aware of the meaning of the ipo and she has tried to transfer the call to some unrelated department and another executive picked up the call and informed me the money will credited on next day.. It was keep continued for nearly 3 days.. And now they are asking me to visit their branch

Major loopholes in icici bank customer care:
1. They are not properly trained on the basic things like ipo.
2. They were keep on trying to transfer the call to some unrelated department and trying to escape from their responsibilities.
3. Bank doesn't have any procedure documents to follow. Customer care executives are telling what ever comes in their mind.in my case i have spoke to more than 10 people and every one gave the different information. How the answer will vary to this extent for the standard question.. Only god knows!
4. Not taking the complaints. Even if there is issue they are trying to cut the call instead of taking complaints.
5. Toll free number not working : the toll free number was not working and i spend nearly 3 to 5 hours to make them to understand about the basic issue. And i have explained this to more than 10 persons. (I have lost nearly 300 - 400 rs to telecom and lost 5 hours in explaining the issue) out of 12 persons i spoke only one person properly knows about the issue rest all not trained properly on even basic services of the bank. Pathetic service!
6. I have lost the interest for those 10 days on ipo blocked money which i have borrowed for 18% interest per annam.