[Resolved]  ICICI Bank — Fixed Deposit

I have applied for Fixed Deposit with ICICI bank for Rs. 15000 & Rs. 10000 on 15.12.2008 & 30.12.2008 respectively and ICICI issued us FD @10.5% in my DEMAT ACCOUNT.

On 9.1.2009, ICICI made a reverse sweep by breaking my FD by diluting Rs. 5000 from FD to my Bank Account. This was told to be made due to decrease in balalnce in my account below Rs. 10000 on the day. This shoks me a lot as i was not informed for this and also no approval or acceptance was taken for the act inspite of the fact that ICICI charges Rs. 750/- as penalty for not maintaining average quarterly balance.I told them that this should not be done as not informed, but, they did not responded. I felt helpless but i have no option than to bear this unjustice as they clearly declined to do any thing in that case. Also, at that time i dont mind it due to non serious change in interest rate.

On 2.9.2009 again ICICI Bank made reverse sweep by breaking my FD by diluting Rs. 10000 from FD to my Bank Account on decreasing the balance below Rs. 10000. This again shoks me as the interest rate prevailed at the time of dilution was 3% lower than at the time when FD was made. Again no intimation was given to us nor approval for dilution was taken nor warning was made at the time of making transaction that "your FD may be diluted if you make this transaction as result into decrease in balalnce in your account below Rs. 10000".

This is injustice on the part of ICICI by diluting the FD at its own without taking the consent of customer and a purely a case of deficiency in services along with malafide intention on the part of ICICI to take the benefits of the lower interest rate by diluting FD created at higher interest rate.

Hece, i am pleading on my behalf and all such types of customer who are bearing such injustice of Banks and request to impose serious penalties to ICICI so that in future this practice shall not be adopted by the banks.

Thanking You,

Yours Sincerely,

Shailesh Bansal
Company Secretary
Super Hydro Electric Private Limited
16th Floor, Building No. 9B,
DLF Cyber City phase-III,
Gurgaon -122002

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