[Resolved]  ICICI Bank Ltd — Icici bank denies payment of my insurance policy

Address:

Hyderabad, Andhra Pradesh

UNFAIR DEALS BY ICICI BANK- HOME LOANS

I had taken a home loan [Rs. 8, 49, 456/-] from M/s. ICICI Bank vide loan account No. LBHYD[protected] dt. 16.2.2007 @ 12.75% floating interest per annum. Accordingly, as per their loan agreement my monthly EMI’s for the above said loan were being paid on the 10th day of every month from my savings bank account. Subsequently, I also made a couple of part-payments and acknowledgements obtained. [75, 000 + 10, 000] Receipts Nos.[protected] &[protected] dt. 26.8.2008 & 14.9.2009 ] IN order to discourage from such part-payments ICICI bank had launched new insurance policies during this period to tap part-payments customers like me. During one such payment the bank offered me an insurance policy titled “ Jeetey Raho” – Life Time Gold] with an annual premium of Rs.25000/- I was further advised that on payment of 03 such premiums my amount would appreciate up to Rs.1, 20, 000/- and the policy can be surrendered after 03 years. Further, the bank also promised to slash interest rates by 4% on purchase of the above said policy. As the offer seemed quite attractive and anticipating reduction in interest rates I did take this policy for Rs. 25, 000/- [12558971] Subsequently, 02 other premiums were also paid in year 2010 & 2011 respectively. Having issued the above said policy the bank intimated me that, the revised interest rates on my loan account will be 8.75% [12.75-4 = 8.75%] vide their letter dt. 19.9.2009 and the same will be effective from 10.10.2009. . Further, the bank also collected Rs.14, 148/- as charges towards float switches [charges levied for change in interest rates] vide receipt No.[protected] dt. 14.9.2009. Now its nearing 5 years having taken the above said policy neither the sum assured was paid nor the interest rates were practically slashed. A majority of banks lends home loans between 10.15 – 10.25 % whereas I am forced to pay 11.75% which is unfair & un-reasonable. Yet ICICI bank claims to have the lowest interest rates on Home loans. Further, in this IT era a majority of banks places all their business transactions on their website for on line viewing by their customers whereas ICICI bank deprives this facility also to their customers. Other than interest liability certificate [to avail rebate on income tax] no other details are allowed to browse about our loan account. For any further queries we are advised to visit their nearest branch which is un-practicable. I do not understand why ICICI Bank would like to conceal every business transaction & trap the innocent customers. As I am deeply hurt the way it dealt me for the past 07 years I would like to bring it to the notice of their MD for immediate settlement of my grievance.