ICICI bank Transaction charges

[uday]

I received this chain e-mail and confirmed the same with ICICI bank and found that this is a true fact !!

*********************

Dear friends,



Do you have an ICICI account? If no - Be Happy. If YES....please read on...



* You are allowed to enter the Bank only once in a month for free. (thrice
in a quarter) There after you have to pay Rs.50/- every time.

This means you should not go to the branches.



* For every cheque leaves you need to pay Rs. 2/- So if you are using 50
cheques you have to pay Rs.100/-

So you are discouraged using Cheques.



* With effect from April 1, 2004 ICICI is charging you Rs.99/- for your ATM
Card.

Even for ATM card (remember ATMs are replacement for

branches) we need to pay. Now the only way you could withdraw your money is
to pay and withdraw. With this imagine the amount of cash that ICICI would
make every year with out doing any thing. If you consider as 10 lakh
customers, 10 Crores of rupees ever year ! - assured income for ICICI.



* You can use ATM. But only twice in a month (six times in a quarter). There
after you have to pay just Rs.25/- every time.

So how do you use your money at ICICI bank?



Compare these with nationalized banks. Those days we used to happily use the
bank branches (free of course). Cheque books are supplied for free of cost.
These private banks have captured the market by many ways. They have slashed
down the interest on savings account and on Fixed Deposits. They eliminated
branches and introduced ATMs - Cost cutting. Probably at cost of one single
branch they could put in many ATMs. Now they charge you for using those ATMs
as well. It is after all our money that we deposit with them.



To use your own money you need to pay ICICI !.





These charges are apart from the "routine" charges like - if you operate you
account from any other branch you have to pay, if your balance drops below
some value you need to pay a hefty penalty etc...



I am wondering can we people (customers - kasht se marne waale) gather
together and question ICICI. I believe we can make an impact if we take up
this issue strongly. Whoever has got the Corporate account please take it up
via your HR/Finance department. Other do call up their customer centers and
question them. And/Or send mails to customer.care@icicibank.com



Please spread this to your friends and relatives if you feel it is
appropriate. Sorry for this un-solicited e-mail.

Please read the Navbhart times (15th April-04).

[anilkc]

It may be surprising to u, but this is not new in banking world. Every bank in the developed economy does it. Other private banks in India have done these long back. The money they charge is for convinience they provide to u. I can understand the shock and anger, bcos I too went through a similar situation. Imagine paying Rs 500 per month just to open and mantain ur account and the max interest u earn is Rs100. Bank paise lene ke bhi paise leta hai. Banks logic is that u have to pay the bank to gaurd, account, manage and invest ur money. Dont worry, every one will get over it soon.

[uday]

No worry dear Anil.. Intention of thread was information sharing among JAT members.

BTW I have corporate level account facility and none of above is applicable to me.
I'm availing unlimited transactions facility WITHOUT ANY CHARGE.

Stay Well :-)

anil chaudhary (Apr 23, 2004 06:38 a.m.):
It may be surprising to u, but this is not new in banking world. Every bank in the developed economy does it. Other private banks in India have done these long back. The money they charge is for convinience they provide to u. I can understand the shock and anger, bcos I too went through a similar situation. Imagine paying Rs 500 per month just to open and mantain ur account and the max interest u earn is Rs100. Bank paise lene ke bhi paise leta hai. Banks logic is that u have to pay the bank to gaurd, account, manage and invest ur money. Dont worry, every one will get over it soon.

[anilkc]

Just a query, I am assuming that corporate level account means that ur company's acc is with the bank and ur salary goes directly to the bank.
What happens when u change job and ur new company has corp acc in another bank. So, the new bank will give u all the facility as long as ur salary goes to the new bank acc. Will ICIC continue giving u the benefits for ur old acc ? or Can u get ur salary deposited in ur old bank (ICICI) and can continue the same benefits as before, though ur new company acc is not with ICICI ?

[arjun]

udayji, thanks for the info. it is very useful, and will let people choose their bank wisely.

[cooljat]

this is indeed true,
i used to have one account in this bank thankfully now i ain't got a single penny!!
somedays back when i got statment of my account then i cae to know thro' literature provied along with it.
this bank indeed sucks!!
stick to HDFC or STATE BANKS they provide good services with out any cost!!

rock on,
Jitendra
jat~ distinctive since 1979

[uday]

Dear Anil,

It is not mandatory that salary should go to corporate bank account
(It depends upon organization rules for which an individual is working).

Moreover there are two levels of corporate accounts.
One, you will avail benefit till the time you are with the ‘said’ organization by which corp. account is opened. Once you left organization, corp. level benefits are also Gone with the wind.

Second there is a ‘lifetime benefit’ corporate account (depend upon specific service period with certain organizations ) by which one can benefit no transaction feature irrespective of your service / organization. Amex ( e-credit card) was the first one to provide this facility in INDIA to specific corporates.

Stay Well.


anil chaudhary (Apr 23, 2004 09:14 a.m.):
Just a query, I am assuming that corporate level account means that ur company's acc is with the bank and ur salary goes directly to the bank.
What happens when u change job and ur new company has corp acc in another bank. So, the new bank will give u all the facility as long as ur salary goes to the new bank acc. Will ICIC continue giving u the benefits for ur old acc ? or Can u get ur salary deposited in ur old bank (ICICI) and can continue the same benefits as before, though ur new company acc is not with ICICI ?

[amitdahiya]

I believe the rates for water electricity and services should be as much as possible to encourage efficiency, conservation and responsibility. The abuse of the chequebook and the tedium o f waiting were the scourge of banking in India. Today you can phone the bank and theyll come home with your money, that is aservice worth paying for if you need it. The abuse of the cheque book is responsible for the largest caseload of fraud provoked litigation in the world, the dent it makes in terms of lost productivity in the economy, and the failure rate of new enterprise in India is again the highest in the world. Please wake up and smell the coffee the transition to service efficiency is critical in a billion man nation. Spending 45 minutes to cash a cheque or to access your own locker is a is a stupid waste of time in a country suffering from some of the lowest standards of productivity and quality in the world. If you dont believe this just talk to the national productivity council of India we have for the Mission Statement and the planning of the Mission Task Force..
Amit