ICICI Prudential Life Insurance — Unethical Advice

Address: ICIC KD Rd Branch, Mysuru, Karnataka

I have an existing NRE account with ICICI. When I visited my branch for some general query, unrelated to my account, I was encouraged by the branch staff to liquidate my existing policy with ICICI Prudential along with some of my FDs, all of which were not subject to TDS, and purchase a ICICI Prudential Policy for which annuity return is subject to TDS. The branch staff clearly knew about this but did not highlight this to me and instead misguided me on a so called "better investment". While my original investment has been returned after my complaint, the bank is refusing to pay interest for the first 12 months. I received the TDS deduction advice along with the first annuity payout. I consider this as an unethical practice with staff motivated by their commission payout while clearly aware of the TDS implication and subjecting me to file tax returns for life to claim back part of the TDS deduction.