The complaint has been investigated and
resolved to the customer's satisfaction
Resolved
ICICI Money2india Servicemisleading exchange rate posted on their websites

I sent across USD10k using their power transfer service recently. At the time of money getting despoited to the receivers account, I got a mail from money2india saying money has been sent to receivers bank (which is again ICICI Bank in India). I checked the exchange rate on their website at that time and I was taken by a surprise when I noticed that there was a difference of 60ps/1USD actually posted to receivers account. I immiediately called them up on their 1-800 number and they informed me that whatever they show on their website is just indicative exchange rate and the actual rate is not available on their website. I lost almost Rs6000 in just one transaction. I do sent remittances through www.onlinesbi.com/glsus and what they show on their website is what they pay you. ICICI again proved that they can play around with cusotmers using their Marketing verbiage tactics. I would never ever use their service again.

RESOLVED

The complaint has been investigated and resolved to the customer's satisfaction.

  • ICICI Bank's response · Aug 21, 2009

    Dear Mr. Rajashekar,

    Kindly write to us at [email protected] with your Account number and contact details.

    We will be glad to assist you.

    Regards,

    Nazia Sayeed
    Office of the Nodal Officer
    ICICI Bank

  • ICICI Bank's response · Aug 21, 2009

    Dear Mr. Darshan,

    Kindly write to us at [email protected] with your credit card number and contact details.

    We will be glad to assist you.

    Regards,

    Nazia Sayeed
    Office of the Nodal Officer
    ICICI Bank

Responses

  • Ic
    ICICI Cares Sep 29, 2016
    This comment was posted by
    a verified customer
    Verified customer

    Dear Sir,

    We regret the inconvenience caused. Please write to [email protected] with your contact details. Our official will assist you. Refer '308239' in the subject line.

    Regards,
    ICICI Bank Customer Service Team

    0 Votes
  • In
    inij Aug 22, 2016

    sir mere sath fraud hua hai mene 8200 ka payement kiya ap ke bank ke person ko uska recipt or settel ment letter bhi hai mere pas but mer account me show nhi kar rha hai. my credit card no is [protected]

    Comments
    Comments

    0 Votes
  • An
    Aneri Shah Aug 22, 2016
    This comment was posted by
    a verified customer
    Verified customer

    My Savings Account no with ICICI Bank is [protected] I have Depostied Rs. 40, 000in FD Account by Cheque no 004927 and same has been debited from my Account on 09.04.2012 but till date I have not received the FDR for the Same. Inspite of giving constant reminders to the executive but than also I have not received the same. Kindly do the needfull by sending me the FDR on urgent basis. For your refrence my contact details are as follows
    Aneri Shah [protected]

    0 Votes
  • Ab
    Abhinandan Sharma Aug 22, 2016
    This comment was posted by
    a verified customer
    Verified customer

    Dear Manager,
    ICICI Bank.


    I would like to inform you that I am having SB a/c no.[protected] in the name of Abhinandan Sharma in your bank.

    I have an issue with your Amex credit card complaint no.SR65104848 for your reference. I cant expect things happen with me, could you please explain
    me why your collection manager Contact no is swithched oFF from the last 7 days when i am in big troulble i need to withdraw my own money but helpless
    because the action has been taken from your collection department without informing me.

    I know it will not affecting your bank if i closes my services and i will do that immedietely but my suggestion dont called people defaulter without knowing
    the fact or realty. Please change your collection manager if possible or you will lose 10 customer daily.

    I hope you never mind it, if possible pl go through my complaint and take immediate action.

    Regards

    Abhinandan Sharma

    0 Votes
  • As
    ASHOK SACHDEVA Aug 22, 2016

    I HAD MADE A PAYMENT AGAISNT CREDIT CARD NO. [protected] OF RS. 7755.00 BY CH. NO. 910130 DTD. 28.01.2010 DRAWAN AT ICICI BANK MODEL TOWN BRANCH AND DROPPED THE CHEQUE AT ATM MUKHERJEE NAGAR ON 28.01.2010THERE IS WAS SUFFICIENT BALANCE IN THE ACCOUNT . THE CHEQUE MUST BE CREDITED IN MY CREDIT CARD A/C BEFORE 1.02.2010. THE CREDIT CARD STATEMNT SHOWS THAT THE SAME IS CREDITED ON 03.02.10 AND A CHARGES OF RS. 275.75 HAS BEEN DEBITED TO MY ACCOUNT .SINCE I HAD MADE THE PAYMENT IN ADVANCE AND WELL IN TIME BUT DUE TO YOUR FAULT THE SAME WAS CREDITED LATE. IT IS RQUESTED THAT THE CHARGES DEBITED BE REVERSED AND OBLIGE. KINDLY INFORM ME AT AN EARLIEST POSSIBLE.
    ASHOK SACHDEVA
    1092 MUKHERJI NAGAR DELHI 110009
    [protected]
    [email protected]

    0 Votes
  • Ku
    Kubize Aug 22, 2016
    This comment was posted by
    a verified customer
    Verified customer

    This is to inform you that i had received my credit card statement for the month of 11-06-2008 my minimum amount due was 3, 780.00 and went to the icici bank to make the payments when i had cash of 4, 000 thats like 1, 000 each i was in the payment counter when i gave him the cash in the cash slip cashier said that he/she doesnt have change to give me back so i told him that i dont have change but he/she in the cash counter told me that you can make a payment of 3, 500/ and the remaining 280/ will reflect on your credit card statement for the next month and i did trust him and made the payment and after few days i had called ICICI bank to check my balance on my card they told me that i have any balance of 10, 000 which i can use it and on 25-06-2008 i got a call from ICICI in which the female who had callled me told that i have to make the payment i told i havent received the statement yet and my due date ids on july 10 but the female was not worried about my concern she was instiating on my payments of 280 which was due for last month statement i informed her what ever happend and why i did not pay the 280 but she told me that i going to send a representive to colect the cash but i refused it and she used some abuse languages on me and hung up and later on 26-06-2008 i not able to use my card in which i had a balance of 1, 200 still left on my card when i call the customer service and informed about it they still tel me make a payment of 5, 000 to get my card activated but i havent received any statement till now in which i had to undergo a very bad situation with the bank .i request some one to take action against this.

    0 Votes
  • Sr
    SrikumarVaitinadin Aug 22, 2016

    Hi,
    Recently I moved out of Inida to US. I have been trying to add a new account to my ICICI bank account as a Payee. The customer care executive told me that I need to update my phone number and I can do it at icicibank.com. I went ahead and did that. No effect - I wasnt receiving any of the pass codes. I called the customer care and they told me that the information that I have is not correct and I need to send a copy of identification along with a requisition letter. So far, I have sent 4 copies of it and all of them have been rejected saying there is a signature mismatch. The customer care executive suggested that I should send my debit card to my family in India and update my phone number at an ATM. Worst case - I even tried that only to realise that I cannot update a US based number or any other mobile number that has not been registered with ICICI.

    I wrote to customer care already - The reply that I got was - Come and do it in-person. I am completely stumped and disappointed with the service. Please help !

    0 Votes
  • Sr
    srinivas.matta Aug 22, 2016
    This comment was posted by
    a verified customer
    Verified customer

    dear sir
    this is srinivas.matta i am making complient it is second time to whom i have to make a complint because i could not get back my amount .what should i do how can i get my amount .i will re fore to you my old complaint below

    (This is SRINIVAS.MATTA regard for amount barrow .when i was
    one of the employ in the ICICIBANK i gave some of 5000/- to
    Mr. DANGATTLA .RAJAVARDHAN REDDY ON 31-01-2010.with
    out any documentation after i few he gave some of 500/- only
    balance amount did not give . now i left from the bank and
    tamil nadu also now i am at my home townie.

    balance 4500/-he is not giving .i informed
    many times bank branch manger but he did not care hence i am
    making compliant on him .pleas find my compliant .i request
    you pleas don't take any action on him because he will have
    best career .

    phone numbers :(lender) Mr.DANGATTLA.RAJAVARADHAN REDDY

    CELL PHONE: [protected].

    (BANK MANAGER) MR.AV.VALLIAPPAN

    CELL PHONE:[protected].

    (ADD, PHONE):ICICIBANKLTD )

    PATTUKOTTAI,
    TAHNJAVURE DT,
    PIN:614601.
    LAND NO:[protected]
    Thank you
    srinivas.matta

    Comments

    0 Votes
  • Tu
    Tublorre Aug 22, 2016
    This comment was posted by
    a verified customer
    Verified customer

    I have serious complaint to make at ICICI's desk regarding my credit card. The card had an outstanding of around Rs. 25000 long back and it was continued to be delivered at my old office's address. No one called me for any collection for almost one year. For the first time, I have been contacted now for a payment of Rs. 56000 that includes finance charges, late payment penalty and overlimit charges for all this time when the statement was not delivered at the right place and neither was I contacted to make any payments. If I had been given only one call, I could have cleared everything long back and saved on penalties and interest. Now, just within 10 days after their first contact, they have already raised the issue up with some lawyer and are telling me that they would take it further legally.

    The funniest part is the credit card limit itself is Rs. 45000 and look at the outstanding. Since there has been a mistake on bank's end as well, this case has to be given a special consideration.

    0 Votes
  • Na
    NARENDRAN Aug 22, 2016

    I have been forced to open Savings Account- Silver Privelege Account by the staffs of ICICI Bank with a promise for maintenance of Zero Balance and there would not be any charges. The bank has also maintain the promise from the date of opening August'2008 till June'2009. Without any prior information / intimation and also au-authorisingly collected charges for non-maintenance of minimum balance of Rs.25000/-. When I made a complaint, just only one entry was reversed leaving other amounts charged previously and mailed me that my mobile was not accessable and charges would be there. The act of ICICI Bank is nothing but un-ethical. The sailent feautures of ICICI Bank:
    1. Wrong promise at the time of opening the account.
    2. Ab-normal charges without prior notice.
    3. Putting condition at its whim at latter date.
    with Regs,
    NAREN.V

    0 Votes
  • Ni
    Nikhil Pandey Aug 22, 2016

    I have sent the form required to change the mobile number for net banking twice to their Hyderabad office. Each time it has been rejected citing mismatch of signature. I have been using the same signature for the past 15 years ever since I started using chequebooks. I have not been able to make any transactions online through the ICICI net banking.
    It is very frustrating. Please advise.

    0 Votes
  • Sa
    SantoshNeelam Aug 22, 2016

    I am facing the similar problem, like others who are in Abroad.
    Looks like ICICI Bank has done nothing in an year to resolve such a minor aspect of mobile banking. Really poor service and extremely poor call center staff, who doesn't know what exactly is URN for.

    0 Votes
  • Ar
    Arun Taneja Aug 22, 2016

    Dear Sir,

    My first ever bank account was opened in ICICI through my first job at Infosys. I was proud of the way the process of opening the account was seamless and error free. With this in mind, I went on to open my Dmat account, FD, another bank account with ICICI and was always happy. However, my latest experience of taking a home loan from ICICI was not only disapoointing but I was made to feel helpless and I was made to feel looted. Additionaly, the way my compaint has been handeled is highly unprofessional. Here's the actual listof events that happened. I will write wrong wherever I feel your agent was wrong:

    1. After applying online for Loan, your customer service (Rohit Sharma) agent reached out to me for further steps.
    2. On my first interaction (lets assume day 1 as I do not remember the date) he told me that if Tata Motors Limited (TML) exists in ICICIs list then my processing fee will be 5000 plus taxes else it will be 11000 plus taxes. On day 2, he told me that TML exists. However, 2/3 days before my sanction he told me that TML no more exists. WRONG - Once committed to a customer, it is unethical to go back
    3. He advised me to give him a blank cheque wherein he asked me to write, "if 5k plus taxes is applicalble then 5 k should be debited else 11k plus taxes". How can your agent advise me in doing this when your bank websites states that we and our agents do not ask for blank cheques. WRONG
    4. I was never told INPERSON that my processing fee is non refundable. I was mailed (read no hard copy) a documented and I was expected to read it my self. I have never signed such copy - WRONG
    5. I was not told that my processing fee is non-refundable at the time of me givnig the cheque - WRONG
    6. I clearly mentioned to your executive, "if there is a clause that 25% has to be paid by me first and then only ICICI can disburse any amount, then I do not want to go ahead with the loan". Then how could he debit my cheque - WRONG/
    7. It is clearly written in your policy (as attached) and I quote, " Escalation to regulator: In case the customer is not satisfied with the response from the Bank, customers will be provided the option of approaching the Banking Ombudsman (BO). The details of BO are made available at the branches and also on the Bank’s website.". I told Ms. Ankita whose resolution I was not happy with to tell me what are my next steps to escalate. She did not help me and said you have reached the Nodal office and this is final - WRONG. How can your agents go wrong at so many points.

    I understand that one can't clap with only one hand but so many mistakes by ICICI. I am not satisfied with the way I have been dealt with.

    I believe this is the final escalation before I go to the external Ombudsman .I really hope that you will take the right decision keeping my plight in mind.

    Look forward to you response.

    Regards,
    Arun

    0 Votes
  • Si
    Sirman44 Aug 22, 2016
    This comment was posted by
    a verified customer
    Verified customer

    I had put a request to de-register the utility bill service from my Credit card account towards vodafone Banglaore last month. Because that was a wrong payment of 350Rs to someone else mobile number. I have the request number also starting with SRXXXXXXX. But, this month again a payment of 1500RS towards vodafone bill of payment from my Credit Card. Again I was trying to get clarification from customer care regarding this payment. Why this payment happenned. They were telling about some technical issue. Now I have to pay the credit card amount unnecessarily.

    0 Votes
  • Di
    dispute matter credit card Jun 10, 2016

    Dear Sir,

    Re : Dispute of Credit Card No.5176 xxxx xxxx 6103

    I am holding this card since 2005 and using the same till 5th December, 2008. Till this period I was paying all my dues as per statements generated by you hence there was no due till 5th December, 2008.
    Unfortunately on this date i.e. 5th December, 2008 I received sms from ICICI Bank that I have withdrawn Rs.17, 000/- from my ccard from ATM. I was shocked because I did not use the card but actually I was working in my office at that time and was holding credit card in my wallet hence there was no question of using card. So, I rushed nearby Customer Care in Ahmedabad Sakar-I where I was asked to ring the customer care there I was asked to tell them my credit card number. Before could I complete my digit I received one more sms over my mobile no.[protected] that I have withdrawn rs.3, 000/- from ATM. How can it possible since i was holding credit card in my hand and telling my card no. and at the same time i am received sms. The matter went to dispute. I blocked my card and dispute no.5176 xxxx xxxx 6103 dated 5/12/2008 was given to me. I was asked to fax cofirmation letter to bank on fax no.[protected] which i sent. a copy of which is attached herewith. I was told that the matter will be investigated and i will have to pay minimum amount of statement for two months till investigation report may come. So, as per their advice I paid two months minimum amount. After two months when I told for report they told me that it will take time for two months but till date I have not received investigation report.

    I am harrasing over phone to pay the amount or settle the matter. How can I settle the matter when I have not withdrawn the amount.

    Meanwhile I sent notice through my advocate copy of which is attached but they have yet not replied.

    Kindly help me to come out of this issue.

    Thanking you,

    Yours faithfully,
    A S GAJA

    Comments
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    0 Votes
  • Na
    Nagpurian Jun 10, 2016

    I was having terrible experience for first time at ICICI bank while deposit cash on counter. The person named Ashok Kadu behave very rudely while I was in line. He said use ATM to deposit cash. I was ok and standing at second number. The ATM was also having line. He said ATM will be faster than doing on counter but he is not realizing at all that ATM also has long queue. I was terrified he stating to me the statement again and again and I have to shout to him that I am fine standing at second number in line. Please do your job. I can expect this experience in other bank but not ICICI. Is this the customer cursory ? Do you claim with this that you are doing best ? Do you have any explanation to above situation ?

    0 Votes
  • Sa
    sats Mar 09, 2016

    After my big email to icici, they applied the differential amount that I was supposed to get. They credited 1.4 lacs as per the promised exchange rate. For people having similar issue, I would suggest to send an email and hopefully they will credit differential amount like they did for my transfer.

    0 Votes
  • Sa
    sats Mar 05, 2016

    Actually I got 1.4 lacs lesser.

    0 Votes
  • Sa
    Satya H Mar 05, 2016

    I wish I had seen these complaints about unfair practices about power transfer. It is just not me looking at these complaints. Last week I transferred more than $100, 000 with locked exchange rate. They did not give the locked exchange rate but it was 1.3 less. I lost almost $2000 which is big amount. I had sent email to [email protected] There was reply with their standard robotic message which makes no sense. I sent them another email with more details.

    Their chat support and 1800 customer support is total waste of time. Those guys have no knowledge other than what is already available in website. They will ask to send an email.

    I will give them two weeks of time to settle this. Otherwise I will create a detailed blog for others to see this. Wire transfer instructions are not accurate. I will write those details later in the blog. Its just unbelievable.

    0 Votes
  • Ic
    Icici-victim Feb 16, 2016
    This comment was posted by
    a verified customer
    Verified customer

    I totally agree with you, ICICI people really think as we people are fool. I too transferred money and the rate given to me is much lower as compared to their website. I lost approximately 10, 000 in this transaction. I am too planning to stop dealing with them any further. Tell about these people to my friends and colleagues also and will ask them not to trust this bank. I wrote email in there customer are also but till now no response from there side. One day they will really loose all there valuable customers.

    0 Votes
  • Lo
    Looted by ICICI Oct 22, 2014

    ICICI is CHEATING its customers:
    I did a big sum of USD to my ICICI account in India - with a confirmed rate of $61.01, amd ICICI gave me 60.32, incurred me a loss of over 2.7 lakhs, or $3700 loss.
    I am planning a case with their Ombudsman, and RBI Ombudsman
    Do NOT TRUST THIS COMPANY

    0 Votes
  • Kp
    KPatil Sep 25, 2014

    I initiated wire transfer to ICICI bank on 24th Sep and the exchange rate on the website was 60.00 and the transaction was completed on 25th the exchange rate on the website is 60.25 and the exchange rate which was given to me is 59.38 which is way lesser than what is displayed on their website and I lost more than 30k in the transaction, Guys please do not choose ICICI for any money transfer in future they are Frauds!!!

    0 Votes
  • Vk
    vkommera Jun 21, 2014

    How long does ICICI bank take to process a request for Identity, I have been asked to send a copy of my drivers license which i did provide, whenever i call customer service i get a different answer and one of the answer i got is the drivers license i provided is not a drivers license but an Id, and the customer service agent was too rude to answer my queries and kept me hold for long periods of time, is this kind of respsone you give to your customers?

    0 Votes
  • Vk
    vkommera Jun 21, 2014

    I'm unable to send money to india from account. Reason from ICICI bank is i had not provided my drivers license, which i did emailed a lot few times, when ever i call customer service agent they keep me on hold and i get different answers each time, but never was my request processed.

    0 Votes
  • On
    onetwothreefour May 27, 2014

    First of all, thank you everyone, this info has been very useful as I was looking in to whether I should use ICICI to exchange and have come to the conclusion that it would be unwise!
    Secondly, if ICICI Customer Service Team are genuinely commenting here trying to defend themselves etc then I advise you to stop. It looks very unprofessional. If people wanted to contact you for help, refunds etc they would have already. People will have bad experiences with every company and commenting on complaint sites like this just looks tacky at your end. If you don't want these people to say these things, you need to fix your service on a personal level, nobody believes that you will do anything just because you are shouting about how eager you are to help publicly, you just look desperate. It is what you do for the individual, in private that matters and it is that which will get you better reviews, or at least someone other than your own employees to stand up for you.

    0 Votes
  • An
    AnuMarathe Jan 28, 2014
    This comment was posted by
    a verified customer
    Verified customer

    I would never again trust ICICI rates. I contacted them to ask about preferential rates and they told me that they would give 50ps more if I do a wire transfer. I made a transfer of 21000 SGD. On the day of conversion, that is 21/01/14, the lowest recorded rate was 48.1460 and the close price was 48.3 . I understand banks give hedged rate and not spot. Usually it is 30p to 50p less. M2I showed 47.7 or 47.8 on 21st Jan. If preferential rates are given it should be on this rate or around this rate. I was given 46.97. Even if you add 50p to this, it makes it 47.47 which is still way less than the rates offered by banks on that day. I had stopped using M2I as the rates are usually bad and after 3 yrs for the first time, I approached ICICI. I incurred charges to initiate wire transfer from my bank which I wouldn't have, in case of online transfer and the rate I got was almost 1.5RS per dollar less than the market rate on that day. I mailed my account relationship manager who advised me to initiate the wire transfer, its been a week and she has not responded. I emailed my bank manager, he just asked for the account number and then no response. I emailed [email protected] and 3 different people called me saying they'll give 50ps more on the transaction. I explained to them why that is not a solution to my concern and then they never got back to me. I am even thinking of closing my NRI accounts with ICICI. Very unhappy with their attitude. And to say am an NRI Edge customer.

    0 Votes
  • Cu
    customer12334 Sep 17, 2013

    6 sept I sent the money from US to India that day money value -65.05 but whn it was credited my NRI bank account the money value is 62.07 they will steel customer enegry be aware of the ICICI

    0 Votes
  • Cu
    customer12334 Sep 17, 2013

    6 sept-2013 I sent the money from US to India that day money $ value : 65.05 but whn it was credited my NRI bank account the money value is 62.07, they are cheated the customer please be aware of the ICICI

    0 Votes
  • Ya
    Yaga Sep 12, 2013

    I lost 28K because of their cheating. I transfered USD7001 but all together finally I received Rs. 28, 000 less in my account. I will not use it again. Cheating people.

    1 Votes
  • De
    Devika Rathod Aug 13, 2013

    I am Devika. I and my family are getting calls from ICICI courieer settelment, the lady is calling on landline numbers of my home my office. And she called me on my mobile and asked me that wanted to speak to my husband. When i asked her from where you are calling, she says i can't tell you who am i and from where i am calling and don't be concern about that. She calls at my home talk all rubish and says my usband has taken loan and there is no settelment done. After that she calls at my office and says to my boss that i have taken loan . And i dont have any loan. she speaks about 2009 in 2013 and don't disclose anything about herself.The number from where i am getting calls is [protected]. Request you to look in this matter ASAP.

    0 Votes
  • Lo
    longtermcustomer Jul 31, 2013

    Below is the actual message sent to c[email protected] after dealing with phone banking and [email protected] no response. Looks like they just reply to online posts and not real customers. I will post back here if they finally hear and resolve the issue

    Actual Message sent...
    I am writing after calling multiple times to ICICI NRI Phone banking service with no use. I did multiple transfers to my above nri account and recent transfer of $73000 USD was deposited on 7/16/13. I called ICICI NRI phone banking to find the conversion rate for wire transfer and the banking officer told it is Rs59.40/-.
    But the conversion rate I received for the deposit for the same day (IST) is Rs57.96. I do understand that it is a indicative rate but the past 3 days during the transfer forex market does not show that much fluctuation. When argued the same she said that she will create a SR to match the conversion rate of Rs59.40/-

    I call after 3 days only to find that there is no such SR created. This time I talk to supervisor and he ensured to create an SR. Again I followed up after 4 days to find that they agreed to only give extra 30 paise on conversion. But when asked I want to know what is the conversion rate range (like between 58.40 - 59.50) for that day he said that I have to email to [email protected]

    When I email to [email protected] they said that they don't have information but provided links to get indicated rates.

    In this whole process I feel I am cheated as a customer by not making my banking transactions transparant. I have more than 1 crore in deposits trusting this banking system and but could not get any banking officer who can talk numbers and tell why I got Rs1.44/- less in exchange rate that same day's wire transfer rate (loss of Rs 1, 05, 120/- on single transaction). I was expecting better rate for huge transfer amounts and I get way less and no one accepting it was miskate or atleast provide numbers justifying the low transfer rate I got.

    ---------------------------------------------------
    Below is the email I got from [email protected] for below request
    ---------------------------------------------------
    Request
    I am an existing ICICI NRI customer. Can you please send the ICICI conversion rate (day's range. like minimum and maximum for the day) for Wire transfer from US to India on 7/16/2013 ASAP.
    I did call phone banking and the banking officer asked me to email this address.
    ---------------------------------------------------
    Response from [email protected]

    With reference to your e-mail, we regret to inform you that we will be unable to confirm you that exchange rate as it is indicative.

    We request you to click on below link to calculate indicative exchange rate, please select 'transfer mode' power transfer:
    https://m2inet.icicibank.co.in/m2iNet/exchangeRate.misc

    For any further queries, you may contact our '24-hour Customer Care' numbers mentioned below link:
    http://www.icicibank.com/nri-banking/RHStemp/contact_us.html#phone

    We look forward to your co-operation to serve you better.

    Sincerely,
    Deepika Shah
    Customer Service Officer
    ICICI Bank Limited

    0 Votes
  • 9m
    9md Jul 08, 2013

    I recently used Money2India to transfer some amount couple of week sback (Last week of June 2013). I use regular e-power but entire time, the day I submit request and the day money got transferred, the dollar stayed between Rs. 59-60, but I got rate of Rs. 58.56. So I called them and same answer. The rate on web site is indicative and not the actual. I was watching currency rate all the time and on various sources/website. US$ has not gone below Rs.59/- and I wonder on what bases ICICI gave me Rs.58.56. This is cheating.

    0 Votes
  • Na
    naresh.hindocha Jun 22, 2013

    ICICI bank's policy is not to pay interest on NRE term deposits in case of foreclosure of the deposit before maturity. My uncle lost a substantial sum of money as he foreclosed a NRE deposit with this bank and did not get any interest, even at reduced rates, for the term the money was invested with this bank.

    0 Votes
  • Ch
    Chandan K Feb 08, 2013
    This comment was posted by
    a verified customer
    Verified customer

    ICICI Bank seems to be taking advantage of its long-standing customers. I have had accounts with them over 12 years, and recently have noticed that they are taking undue advantage at customer's expense.
    In both cases below, I understand they are a business and need to make money and I don't have a problem if they take advantage of the spread in exchange rates or wait for the best intra-day rate in order to convert USD to INR and vice-versa. However, I do have a problem if they take undue advantage by having a large margin above and beyond the highest and lowest exchange rates.

    1. Money2India transfer service: They indicate that the E-Transfer service takes about 5 working days. However, I've sent out 2 e-transfers 1 week apart, and they both arrive on the same day, about 5 working days after the second one was scheduled. This is plain and simple taking advantage of the lowest rate with disregard to the customer who's waiting for their money.

    2. NRE account repatriation: This is a bigger scam than the Money2India as well. In their defense, the online system is great and the money or Demand Draft is sent out within 12-14 hours. However, they seem to use an exchange rate that differs by more than 1 Rupee from the highest mid-market rate. I noticed it with 1 transfer, then did a second transfer a month later and saw the same pattern. I then sent them an email requesting an explanation but have not heard back (as expected). To prove my point, attached are 2 screenshots showing the same.
    [a] XE.com screenshot -> Highest Mid-market rate for USD-INR on Feb 5, 2013 = Rs 53.35283 (lowest was Rs 53.03)
    [b] On the same day, Money2India.com "indicative" exchange rate was Rs 52.58

    The rate they used for my transfer was Rs. 54.3 i.e. 1 Rupee more than the highest mid-market rate for that day.

    Now, I realize that the xe.com highest midmarket rate is going to be a little off from the highest "buy" rate for the day, and also that there is a difference between "buy" and "sell" rates. I also realize that ICICI bank needs to make money. What I don't get is why there is such a LARGE difference between the published rates and what ICICI uses. This seems like a classic example of them taking advantage of NRI customers who generally don't review the rate in detail and compare it with the market rates prevalent for that day.

    And don't even get me started on their customer service and how quickly they respond (first initial "standard template" response is that we will get back to you in "5 business days"). If they screw something up, then they just start ignoring your emails. :)

    To wrap up, I am generally a satisfied ICICI bank customer for 12+ years, and have recommended them to many friends and family. Last 3 months, I am finally getting disgruntled at their service and at the realization that I am being taken advantage of.

    Thanks,
    Chandan

    Comments
    Comments

    0 Votes
  • Fo
    forum_user_99 Jan 28, 2013
    This comment was posted by
    a verified customer
    Verified customer

    Hi
    I ran into similar problems. There is a marked difference between published rate and what you actually get. I have done 4 transfers this month (3 via Money2India and 1 via direct wire transfer). One the 3 M2I Xfers, I lost between 40-60 paise per dollar between published rate and what I got. On the direct wire transfer, I lost 1.05. Right now ICICI is having promotional rate (50 paise) for wire transfer. So technically speaking ICICI should have give me normal rate and then 50 paise more. Instead they dropped the exchange rate by 1 Rs. I am sure when I can them, they will say, we will give you that 50 paise preferential rate. I think by reducing it markedly by 1 Rs and then giving a preference rate of 50paise more, they think they are doing us a favor.

    ICICI bank uses fraudulent methods and tricks its customers. I am in the process of filing an official complaint with Better Business Bureau in USA and write to NY AG. Let us see what good comes out of that. May be this guys need a class action suite to stop this.

    I have started exploring other options going forward.

    0 Votes
  • Ni
    NITYA BALASUBRAMANIAN Jan 22, 2013
    This comment was posted by
    a verified customer
    Verified customer

    Check, whether your mobile is enabled to install this! Which model are you holding? Go directly to ICICI bank branch and give a written complaint. Even, if it does not resolve, call the customer service, take the complaint reference# and write to Mumbai ICICI main branch.

    0 Votes
  • Ch
    charangowda Jan 17, 2013

    in my phone mobile net banking is not working my phone num is [protected] no one is helping from icici bank side is any one can help me

    Comments

    0 Votes
  • Ji
    Jitendra thakkar Aug 09, 2012
    This comment was posted by
    a verified customer
    Verified customer

    In 2007 I closed my cr.card no. by paying their total demand of Rs.53, 000/-, But the ICICI bank says they not closed the account, and continued tp send bills for Intrest plus Penalties, So many times I have explained about the closer of use and payments they demands, to their officers and to their appointed advocates, But no result. Even today they sends their bills By E-mails, calls for the settlement. Why?
    Jitendra Thakkar [protected]

    0 Votes
  • Sa
    sandeepmukt Jun 12, 2012

    I am having an issue with the money2india, I initiated the transfer on may 25 2012, it was on june 11 2012, I got a call from ICICI money2india customer service saying that my remittance got rejected, and the beneficiary bank rejected, as the account was unavailable. When I checked with the beneficiary and the bank, they said the account is available and active and they did not receive the funds yet, again when I contacted the ICICI customer service, this time they said the RBI has rejected the transfer, when I login to the website there are 2 updates for the transaction like on June 8th NEFT reject recieved from beneficiary bank and on Transaction Status it says money sent to beneficiary bank on June 9th 2012, but the Beneficiary bank did not receive the funds as of June 11, it has been 18 days I have initiated the transfer and I did not receive atleast an email with the rejection and the ICICI bank is holding all my money without completing the transaction.

    0 Votes
  • Ra
    Rajini Kanth of India Apr 26, 2012
    This comment was posted by
    a verified customer
    Verified customer

    To ICICI Bank Customer Service Team - At what point of time do you actually use the conversion rate? I generally do a transfer using ICICIMoney2India through local bank in Singapore. I generally initiate the transfer around 3pm local Singapore time and the funds get credited to my ICICI bank a/c in India the next working day 8PM Indian time. So, at what point of time the currency rate is applied? At 3pm SGT on the day of transfer [OR] at 8PM IST the next day while crediting the money to my ICICI account [OR] when my local bank sends the money to ICICI bank in India? This answer should solve many of your customer doubs... so we can look for the exchange rate around that point of time and compare rather than comparing during the whole process of initiaitng the transfer and receiving the money.

    0 Votes

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