[Resolved]  ICICI Bank — ICICI wealth management-Breach of trust

ICICI Investments — Investment section of ICICI Bank

I had invested some amount of money through ICICI Bank extension counter in Mysore, towards Reliance Infrastructure Bonds in May'09. Now it is Dec'09, and I have not received the physical copy of the bond nor any acknowledgement from Reliance company about receipt of money.

On contacting Online Accounts manager, they responded get in touch with the branch where I had invested. Branch officer, has a paper of all the investors and claims none of them have received the bond details. I feel some fishy with the Officer who was in-charge of Reliance infrastructure promotions. Amount has been Debited from my account.

From last one month I have been chasing ICICI Bank officials, but everyone is passing on the ticket from one person to another without any solution :(

ICICI Bank Credit Card — breach of trust by the bank

Dear Respected reader,
here i want to introduce my self as one of the exesting customer of your bank icici bank ,
i have been a customer of your services for last 10 years in lucknow branch hazratganj star tower main, earlier it was at commercial motors building and now it is in Mr. khalid bhai's building at hazratganj giving above reference to aducate enough to inform you that i am one of the old one,
here is the points


2. i am having one saving ac no.[protected] bearing the name of nafees ahmadsiddiui.linked with direct.com


4. The creadit card holder for last 6-7 years or more card no. is. [protected] bearing the name nafees ahmad siddiqui


point

I have been a regular payer of the creadit card amount which i have to repay till date but before few months i was unable to pay my amount cause my net was not working and i did not had time i was so bussy that i could not pay the amount mean while bank person rings me and ask me for the payment i said ok i will do it and i did for some amount the things goes on goes on and now they are asking me to pay the entire amount of rs.30,000 of the acctual amount of Rs.15,000/-till date 13.01.10 dispite the commitment made by one of the person of the bank that this will be sitteled upto[protected] /- i said ok but for my conveienience kindly convert it into two equal emi he said ok but "you have to deposit at least thousand rupees" i said ok i was in delhi that time inspite this i got deposited Rs. 1,000/- to the bank person who came to my office he given me the assurance that he will rectify the problem and get back to me soon but he did not come to me but one thing he did not forget which is to cease my saving bank[protected] which is having 13,000- to 16,000 which was linked with my trading account when i was trying to retrive the amount it was not showing to any thing i am shocked i thought there would be some technical fault but when i enquired about it i was told that your account has been blocked , i thought it is the total negligence and breach of trust without informing me how it is possible to cease my SBA, I am really dipressed, sp kindly take some action and register my complaint, i am ready to comment when ever i am asked to do so and i am mentelly haresed and i want a compensation of Rs. 1,00.000.00/- from the bank to distribute it amoung the poors and needy not for me.

Dear Mr Siddiqui.

We are sorry to know how you feel.
Our customer care representative will contact you shortly to attend to your issue.

Regards,
ICICI Customer Service Team

call bhavesh Gupta. Zonal Head

Dear Parimal,

We apologize for the inconvenience faced by you. Please do send us your contact details at [protected]@icicibank.com and we will get back,

Regards,
ICICI Customer Service Team

I completely agree with you Mr.Parimal,

Even the same treatment happened to me with one of the relationship manager however in different product line in insurance segment..they repeatedly assured the guranteed return of 15% and sold it to me..those are my hard earned savings for my daughters higher education...despite of so many attempts..they told me that why i was so ignorant when purchasing the policy...i was shocked listening the line from same relationship manager who sold the product to me...however i am not that big ticket customer ..so i am hesitating to proceed further..

Thanks
Vijay Vyas
Teacher

Hi Mr. Piramal,

I have also been a wealth management account holder of ICICI bank for 6 years now. Fortunately, I have had exceptionally good service from the bank. On numerous occassions, my wealth manager guided me to make good investments given my profile and background.

I am no one to comment on your case but I would like to add the following:

1. Generally when a wealth manager advises us of any investments, they do tell us the way to get out of it in case things worse. In feb 2008, housing prices were going up, the economy looked solid (apart from the 4000 point sell off in sensex in January 2008), and more importantly the consumer confidence was phenomenal. At that time it was easy for anyone (including experts) to believe that houses bought during that time could be sold at a premium. I am assuming that your wealth manager might have said that we can dispose off the house if you are not able to continue with your payment. The problem is that the economy turned around to an extent never seen before globally. It was very difficult to find a buyer at a reasonable price.

2. I was also personally promised by a very very reputed builder that in case my house price comes down, he would buy at atleast my cost price. The builder ofcourse turned his back when the property market turned very bad. The builder was on the verge of insolvency at some point in time. In your case, its possible that verbally such a thing could have been communicated by the builder to your relationship manager which might have caused some confusion.

3. If we forget about what has already been done, my advise is that you can always take a loan to pay off your instalments. I am assuming that since you hold a wealth management account, your financials are strong enough to get a loan plus now that you have paid a part of your instalment, the lender could hold your property against your loan. The economy is improving day by day. The house prices are also now increasing. The global markets are also quite robust now. Yesterday's job data in U.S. should mean a recovery now (though it's not going to be one way). You can always start looking for a buyer and dispose off the loan as and when you get a reasonable price.

I am not trying to protect anyone and I understand your concerns. You must be really upset given that your health is also not good. I just read this story and could relate to it in some way. So, I thought I would just share my opinions.

Wish you luck and hope you can solve this problem soon! Keep faith in God and take care!

ICICI Bank — Inadequate Information. Lack of trust

ICICI bank has been the most pathetic bank in my view in India.
I recently started procedures to open a Current Account for my new company rvr
The nae of my company has no shortform. What it is, is the fullform itself
They did not inform me about their ill fated rule that they do not allow accounts to be opened under shortforms or abbreviations.
But the fact of the matter is that my company name is NOT a shortform or abbreviation.
Its been 3 week and I got a call today from the branch manager at Kandivli-West that they will be unable to process my account.
I have collected payments for that account name since 2 weeks and the cheques are lying in limbo.
When I requested to have a word with the Zonal manager, they did not let me reach to him.
There is no transparency in this bank and it has costed my time, money and prospects in my business.
Pathetic Banking, no respect for customers.

is there an official way of filing a law suit against such an issue ?

Hi,

We regret the problem caused to you. Please send us your contact details at [protected]@icicibank.com and we shall get in touch with you soon to resolve the matter.kindly refer "1610660" in the subject line.

Regards,
ICICI Bank Customer Service Team.

I agree with mr primal I am facing almost same problem with Icici wealth team . I am slowly withdrawing all my money from icici bank and I strongly recommend the same to other customer ! BE VERY CAREFUL WITH YOUR HARD EARN MONEY!
Capt Deepak mago

I Have been a Customer of ICICI Bank for the last over 10 years. I have two wealth Management accounts with the Bank - 3 in one accounts.
The accounts were opened with the Nariman Pt Branch where I was working. I am now retired -over 5 years & reside near Hughes Road.
ICICI had opened a branch at Hughes Road a couple of years back. When I had approached the ICICI bank to transfer my account to Hughes Road Branch since it was convenient - now that I am retired- but was informed that I could operate the Existing bank account from Hughes Road & there was no need to transfer - since they have " Anywhere Banking". I have since placed FD's with the Hughes Rd Branch which they have accepted.

Today when I went to submit The KYC documents to the hughes road branch - I had received an e-mail from the bank to submit the same- only a few months Back a Representative "Wealth Manager !" had called on & collected the same- I don't know why they need that again.

When I went in person to deliver the required documents - I was rudely told that they can't accept it & I have to submit it to the Nariman pt.
My request to them to forward it to Nariman point branch was also turned down.

I receive regularly mails / calls from the bank & their "wealth managers" who change every other day - promising the 'moon".
I am shocked that they could not handle a simple thing like accepting & forwarding the Documents to the concerned branch.
I fail to understand what kind of " Any-where" banking is this.
Or are they interested only in multi-crore accounts ??

Bijoor - ac no[protected]

Thank you to those who have posted their experiences with ICICI bank. As an HNI customer from Bangalore, I was carrying out a due-diligence exercise and have now decided not to move my account to ICICI Wealth Management branch.