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of Trickery, Daylight Robbery and Universal Banking - ICICI BankViews: 21752
Apr 12, 2005 9:59 amof Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Sam ..

Walk out of any ICICI ATM, one would find an ICICI executive with a great offer. Sir.. all i need is your Mini statement from the ATM and we will give you a credit Card Free and that too a Gold one.

I guess I fell for it after saying a million NOs. I got my first jatka the second month after I received my card. ICICI debited my account for the minimum payable amount even without asking me. The reason being the payment didnt reach them on the due date.. (How would it unless they send the cheque for clearing). Had to navigate through the maze of menus of the IVR to get to a "friendly" agent online. Had to tell her highness that she isnt supposed to take money from my account without me authorising it. An apology and a good day followed. My money didnt come back but it got adjusted against my next month's billing. Cool isnt it.. You take the money first and then say sorry. Wish I could do that with Mr. K V Kamath.

Now comes the best part.. I am not sure if its true with all credit cards coz I just had ICICI card. Thankfully, first and the last.... no more cards.

My last month bill was for 15575/- and since I didnt have the statement with me while writing the cheque, I kinda guestimated and wrote a cheque of 15250/-. Guess what happens next. In my current month statement I am charged an interest of Rs. 772 + service tax of 52/- for not paying 325/-. Can anything get any COOLER than this.

I think we are sitting ducks for so called universal banks to get looted and cheated and roobed. I tried my level best to contact a credit card officer in ICICI branches. MG road and koramangala. The best part of it is that they dont have an officer to handle queries related to cards. The only contact point is the call centre.

I cant help but credit ICICI bank for coming up with the punch line "hum hain na" apko loot ne ke liye...

So here is me wishing all the credit card holders of ICICI bank all the best and hope and pray that you dont get into trouble with them.


Private Reply to Sam ..

Apr 12, 2005 12:07 pmre: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Jeet Gappanna
The only thing i can say is welcome to banking with ICICI Bank. I closed my savings account and credit card account with ICICI because of the same reason.
Once I went to icici bank to encash my own cheque and the teller told me that my signature did not match the signature on the cheque. i had to go to the branch manager to get it validated. even then the teller refused to encash my cheque saying that the signature on the cheque did not match. finally i had to leave the bank branch without any cash.
I had these problems with ICICI only.

Private Reply to Jeet Gappanna

Apr 12, 2005 12:21 pmre: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Thats why we have nationalized banks.. Corp Bank is #1, SBI is #2

Go for it


Private Reply to ady

Apr 12, 2005 12:30 pmre: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Srikanth SESH
Lucky Sam, your problems ended soon, ifyou have decided not to pay & fight it over, you would have had a barrage of so-called lawyers (none other than thugs) calling u & ur family, instructing u to pay, failing which they will take care (you know what it means) of you & your family.

ICICI has obviously mastered the art of fooling/cheating than any other MNC bank. No wonder they are a universal bank.

Private Reply to Srikanth SESH

Apr 12, 2005 12:37 pmre: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Vignesh C K
I think you guys have not taken a loan with ICICI. They even encashed my security check of Rs 21,000/ and it took me 20 days to get it back. My friend even had a lawyer (a thug/street ****) complaining that the signature was wrong in the EMI checks. (After a couple of them cleared) they had to call police to throw them out.
Well thats what i call "Quality of Service" by ICICI :)


Private Reply to Vignesh C K

Apr 12, 2005 12:43 pmre: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Always on hammer lane ...

These kind of problems are very frequent with ICICI. I too had bad experiences with them. Just to close my car loan account it took lot of time and effort for me.

Best thing is to bank with nationalised banks.


Private Reply to Always on hammer lane ...

Apr 12, 2005 12:46 pmre: re: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Juhi Santani
i had the same exp with ICICI where they billed me 900 rs extra for a shortfall of 25 bucks!! i called their call centre and insisted on the reversal of the same, else i wouldnt pay the entire amount and cancel the card. trust me, thats a threat that works. yes i had to fight tooth and nail for the better part of the hour, but they nullified the billing.
maybe i was plain lucky, but short of cancelling, the card, this is a strategy worth trying.

Private Reply to Juhi Santani

Apr 12, 2005 12:49 pmre: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Ashis Dutta
This is not about ICICI, but a foreign bank. I hold their credit card.

They (a marketing call center) called me over phone to sell an insurance cum investment product. I asked to mail me the detail. They do not do that (expects me to buy a financial product without any written detail).

Further, if I say "yes" over the phone, they would charge my card.

It's time we make a concerted consumer's movement against these savvy operators.


Private Reply to Ashis Dutta

Apr 12, 2005 12:50 pmre: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Kathleen de Saran
I had the WORST ever experience with ICICI too. They dont send you thr statements on time so you dont know how much to pay and then you get late fees, agents knocking on your door, rude phone calls from women who cant pronounce your name. Really sucks!! Finally after much harrassment I closed my card.

Citibank a.k.a. ShittyBank is just crooked in their schemes and operations. They have standing instructions as a default thingy so whether you like it or not the minimum amount due on your credit card is debited. They then given you loans based on oral confirmations so what you see is not what you get... there are a zillion hidden clauses and terms and charges. Then they conveiently link all 3 together so they block your savings a/c, fill up your CC with EMI payments and when you decide to close the loan, bear closure charges plus while you wait pay interest all over the place.


Private Reply to Kathleen de Saran

Apr 12, 2005 1:19 pmre: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Charles Rogers
I had a similar experience with Standard Chartered bank, they had debited me charges which I never used, and then to get them to revert it was a pain taking task, (lasted for almost two years) and every call I was promised it would be corrected my next statement. The next monthís statement comes with the same charge and interest on that for not paying. I must have written them over two-dozen letters and canít count the emails; their laxative response was appalling. When I was a my wits end, I stopped making them payments, and then they rose up in arms, sent goons after me. Once they understood that I was not to be shaken they came to an understanding and waived off the extra amount and all the interest they levied on me. So is this how a bank behaves? Do they need to be pushed against the wall to get them do the right thing? They have slogans and adverts claiming how much they respect their customers and how they fix problems in 24 hours all a bunch of crap.
Like Ashis says we need to rally together to take on these so called MNCís be it a Bank or even a phone service provider. They need to know that they have disgruntled customers, whom wonít take it lightly.

Charles Rogers

Private Reply to Charles Rogers

Apr 12, 2005 1:25 pmre: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Anand C K Shashidhar
This just gets better. I thought I was one of the 'few'.... it tuns out to be one of the 'quite a lot'. Similar experience. Many sweet calls. I OKd a credit card. Got one, but wrong name and no pic. Returned it and made acknowledgement at their local bank (They dont have printed advice on card returns!!!). Got statement of 600 bucks - for a card I dont even have! Complained many times to call center girls talking like call girls! Zilch! Found out some email id for support. Made a series of mail correspondence, and forwarded it to a hundred people (friends and collegues) every time. Eventually, about a thousand people knew about it and the ICICI guys had to oblige.. this time, I was in command, and every time they called to apologize (After 2 months of false billing, bad call center correspondence, still no card!), I took out all my traffic tension, India losing anguish, Gangulee still captain sadness, and many more with-held sorrows on them... I won in the end.. thans to email, Sabeer, and all my friends :-)

Private Reply to Anand C K Shashidhar

Apr 12, 2005 3:38 pmre: re: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Raam Shanker
All of us have been a victim of some fraud or scheme by one of these banks ... when they have such a tight panel of "legal experts" why not we consumers form a committee and have our own panel of people working for us ? It does sound a lil absurd and far fetched but its high time we the common people joined hands and did something about the situation ...



Private Reply to Raam Shanker

Apr 12, 2005 4:28 pmre: re: re: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Sam ..

Trust me I have had a great laugh reading some of the experiences narrated.

Now the update...

Be polite to the Bank, they think you are a fool.
Be Nice to the Bank, they think you can be walked over.
Be rude to the bank, they dont care. (thick skin I suppose)
Threaten the bank, they would urge you to carry out your threats...
However, if you politely ask them for an address where you could send your cut card, they would reverse every damn charge they had printed on that damn statement of theirs.

So... As it stands now.. all my charges reversed.. No payments made.. Despite INSISTING that I dont need a card.. they are sending me a new one by courier.

Now, thats what I call... desperation....

God bless..

PS : cant help but narrate this story of my friends had with goons. He was fed of the harassment. SO he called them them over to his house, got the society guys and the security gaurds to whack them left right centre and send them back to the bank. That was the last time Stanchart called him.

Private Reply to Sam ..

Apr 12, 2005 4:42 pmre: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Karthik V
well .. here goes another story .. try and ask someone to send you some money from middle east directly to ur account .. i waited 3 months .. traced courier receipts someone had signed and recieved at the indiranagar and then the draft goes missing , immnumerable calls from me and from my friend in dubai and still cant trace a courier which had been recieved. I go to the bank fire the personal banking manager etc .. still zilch

Well finally after lotsa emails and cc's to all and sundry at icici .. finally an apology comes and they return money to my friend in dubai .. best part is my friend had sent the money to give to her parents to pay off EMIs for a ICICI loan .

cheers .. hum hain na

Private Reply to Karthik V

Apr 13, 2005 4:37 amre: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

simi reshma
I too have a very wonderful story about ICICI the great bank and that too the credit card division. I had closed my card on the 20th of september last year and that was through their loyal collection agency. And to my surprise i got a credit card statement from the bank the next momnth. Thankfully i got the agency number and i called them up and he said the bill will come for 2 -3 months and then it will automatically get stopped. I trusted that bugger. I had closed my card for 30 grand where my outstanding was 32 or something. Bank has coolly deducted money through auto debit the next month. I called them again and blasted them and he asked me to stop the auto debit which also i did. Still they been taking money and each time i call they have some excuse or the other. I am so fed up of these guys. Now i cant even keep money on my account as these guys even after braking the card keeps deducting money. And the best part is, now another agency calls me up and have the bloody guts to say that i haven't paid my credit card bill for 3 months .

Tell me please what the hell do we do with this kind of service we get from the so called No. 1 Indian bank.

I still could'nt take the complete rage out of me which i have for ICICI.



Private Reply to simi reshma

Apr 13, 2005 5:09 amre: re: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Lol!Lol!Lol! me to agree with all out there. The crass that's goin around with ICICI sucks big time.

Me bein a big junkie thought ICICI as a brand sounds cool...guess what? ICICI is actually I see I see 'I'...the complete 'I' banking which is so god damn cooler man!

Everythin sounded cool man until I realized they kinda cut moneys without your knowing it... so much badder man! For a transaction with Debit card they would deduct some 50 bucks!!!!! I said LOL! My moneys never looked big in their account... hmmmm...plastic money!!!

I then realized that CANARA bank is the most coolest one! Though with traces of 'red tapism'much much better than anythin in the world...the middle-aged woman out there insists I save my moneys...

I am so much happier with Canara Bank. My smiles have kinda comeback...


Private Reply to ryzer

Apr 13, 2005 5:53 amre: re: re: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

subhit chauhan... Chak de.....
These MNC bank sucks now... Once you start banking with them thats it they slowly start sucking all your money out of your account
They are f#*$ leeches... slowly slowly they sucks your hard earned money as if its their own.
I had a bad experience with standard chartered and citibank.
I was having a personal loan with citibank having ECS linked to my HDFC account. Some months back i changed my account to citibank suvidha (totally unsuvidha) as my company deals with citibank.
As per my knowledge my personal loan got over last year. But last months they deducted money from my citibank account stating its your loan EMI left which is due. And when i called the customer care they dont know anything about it. They gave me a phone number to their loan department where incoming calls were barred.
I wrote mail but told to contact to the loan department and told i still have some more money due to that loan.
I went to the M.G. Road branch of citibank where the customer care lady (only one) and 100 of customers waiting for their chance to get attended told she dont know anything i have to contact their loan department.
That loan EMI was linked to my HDFC account and my citibank suvidha account is opened just 8 months back after my loan got over.
Nobody gave me any call that my loan EMI is not over (still amazed how its not over).
I am totally zapped how they linked my loan to my suvidha account. Anybody who is having similar name as mine dont pay his EMI, they will duduct from my account.
And without my instructions how they deducted the money of their own.
Mine is a salaried account and they have all my details in my account then also nobody gave me a call about a loan which already got over and simply deducted the amount from my account, which is not even equivalent to the EMI which i used to pay, as if its their pops money and they have all the rights to deduct as much money as they want.
Long Live ShittyBank.

smiles :-)


Private Reply to subhit chauhan... Chak de.....

Apr 13, 2005 5:55 amre: re: re: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Shivas Hameed
I can't thank you all enough and most of all Ryze for helping me clear any doubts I have had about going for a card!!

I was about to go with Ryze when one of my friends cautioned me...I also chanced to see this chain of mails...

Thank God!!

I can't help with the account in Citibank...my company account. Luckily, I have no credit card there...

There's an advice someone senior gave me...never go for a credit card with a bank you have an account in!!

I have an account with UTI Bank and they have been really good!! I advice this bank from my experiences. SBIis good too!!

There's just one problem with not having a credit card with these so called International Banks...most of the EMI schemes for white goods, consumer durables etc are with them only (Citi, ICICI etc)...


Private Reply to Shivas Hameed

Apr 13, 2005 7:14 amre: re: re: re: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Yes! Yes! Yes!! finally ....... ICICI, Everytime I have to give a bad example of customer service,ICICI, I pick them... I had a terrible time with them , was in Pondicherry on a training for 3 months and they took 3 months to mail me a cheque book... can you imagine! my plight! the customer service at the MG road bank sucks , they have 10 different rules on how to use your own money... i can't remember how long these guys have been around but everytime I meet someone new moving to town, trying to open a bank a/c .... all I say is DON EVER OPEN IT WITH ICICI ...

Private Reply to www.marrygold.co.in

Apr 13, 2005 8:07 amre: re: re: re: re: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Ketan Dani
Both of these ShittyBank and IshiIshiI Bank...SUCK

Private Reply to Ketan Dani

Apr 13, 2005 11:27 amre: re: re: re: re: re: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Akshata Karanth
This discussion took me by surprise initially. I have always sworn by ICICI ... Infact recommended it to many too... But I have had negative experience with another other bank ... name not worth mentioning I suppose...

The point I want to make is that I don't think there might be one bank with which the whole lot will be happy. Where there are people, there are different opinions, experiences ...

Private Reply to Akshata Karanth

Apr 13, 2005 12:10 pmre: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Nagarajan B
Hi Sam,

You seem to have started a mini revolution on BBN :) Some of the responses are hilarious. Good break from our regular office pressure. ICICI has now become everyone's favourite punching bag.

I fell for the same one with HDFC Bank. Now I have a credit card which gets a statement every month though I have not used it even once. I was promised that it is "free" and then they send the first statement with the annual fee :)

I am sure all of us would have had some similar experience or the other with the big 5 - ICICI, Citibank, Stan Chart, HSBC, HDFC, etc.

All banks - foreign or Indian definitely need to have better CRM which is more personalised. Every time you call customer care you end talking with a different person who has a standard response to your problem. The executive seems to be more interested in wishing you a good day and asking you whether they can help you with anything else, little realising that they have not even sorted out your original problem in the first place.

But, to give credit where it is due, most of the time when we make enough noise they sit up and take notice. I don't think you can expect similar treatment from any of our "nationalised" banks.


Private Reply to Nagarajan B

Apr 13, 2005 12:30 pmre: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Leo Fernandes
If not these five, then who else? Nationalized banks have been mentioned and Corp Bank and SBI listed? Any more out there whose service was commendable?

Suggestions would help...

Private Reply to Leo Fernandes

Apr 13, 2005 1:34 pmre: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Ware Wah!

I had earlier thought that I was the only moron and idiot in town to have such an experience. Now it seems a lot more people seem to have experienced the best(?) services of ICICI Bank.

They made my life miserable by wrecking my house purchase by not delivering the payment on time, as promised. I am still recovering from the shock two years ago. Complaints to them, in person, have no results. They seemed to be staffed by a bunch of as********.

Must be that they are staffed by a lot of inexperienced and young, aggresive guys/gals who hardly know anything about banking, be the reason for such fiascos.

I foresee ICICI Bank failing within the next five years in India. I have very strong doubts about their NPA classifications and such other issues, but let me keep quiet. I think the guys in Gujarat who made a run on the bank some time ago, were quite wise and knew a few things, which we did not know.

My only request to God is, save all those poor souls who bank or deal with such banks like ICICI Bank.

Anyday, nationalised banks like SBI and others are far, far, far better than these jokers.


Private Reply to Ramji

Apr 13, 2005 1:51 pmre: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Snehal Kulshreshtha
Well CITIBANK is no better.
Trust me the best is American express..
No unwanted calls
Absolutely accurate billing
Great rewards programme
Decent acceptance though not better than Master or Visa
Fantastic service from the call centre
PS-I dont work for American Express!!

Private Reply to Snehal Kulshreshtha

Apr 13, 2005 3:10 pmre: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Mahesh Deshmukh
I agree with the poor service by ICICI & CITI, but if you wish to get advantages of anywhere banking, net banking & good ATM network, what other options does one have? Public sector banks can not match these benefits (SBI does to an extent but not fully to my knowledge)

Just to give you an example of some better points of these banks

1. ICICI: Good ATM network & Internet banking, normally you dont have to go to the branch. Good Internet payment facilities
2. CITI: Good net banking & excellent DD issue facility anywhere across india free of cost

So I have been banking with 3 banks since last 2 to 5 years & touch wood I have not gone through such horrible experiences, I try to get best of each bank as below
1. ICICI: I use it as primary savings account & for most of my net payments (like ECS, Railwy bookings etc) I also have a credit card but i keep watching my statement thru net & ensure that 100% amount is paid before due date
2. CITI: I use it extensively to send payments by DD, this happens to be my salary account so I am forced to use it, but i try to avoid Citi as far as possible since my experience is worst with Citi.
3. SBI: I use it for my loans! My housing loan is from SBI, but keeping housing loan in one city (Pune) & me staying in other city (Bangalore) is kind of difficult, so i dont think I can use SBI for my day to day banking needs.

Any comments?


Private Reply to Mahesh Deshmukh

Apr 13, 2005 10:21 pmre: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Prem A
for all you guys stuck with ICICI problems collectively go to the consumer court.
i am in a frame of mind to also do that, they didnt send my maturity value for a bond, now i have to make affidavits saying i have not encashed the cheque, though they claim maybe lost in transit. i suppose the can verify their records if a particular pay order has been encashed!
i also had issue with my online trading account, i logged in once second time onwards could get in. they are still sending me a duplicate pin, three weeks they say, that was 2 years ago.
can someone tell me what the hell is this bank? please advise anyone not transact with them. even if you receive an ICICI bank please question if it will encash!

i thought i was an exception but seems all their departments have issues.

i think the name I SEE I SEE I only is the best for them

Private Reply to Prem A

Apr 30, 2005 5:12 amre: re: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Somashekar Somashekar
My experiences with ICICI as well as An MNC bank is no different than what most of you have expressed.
ABN AMRO bank must be complemented for their ingenious means of making money. If you are chicken hearted they would certainly coerce and extract money that they are not legally entitled to. Here's their modus operandi

Even though I had advised the bank tha I do not want to renew the credit card, have got the credit card blocked paying up all the dues on my card, they still debited me with renewal fee and further debited with late payment fee and interest and it went on compunding from month to month. They started calling me and advising me to payup without further delay or face legal action. Ultimately frustrated, I called on their Manager Customer Services and give him a piece of my mind. They then relaized how very wrong they were in charging me for non-existent services and quickly closed the account.
This is how they function and this is how probaly they have been making money.

Htefore its better for people to be careful with which bank they deal. Honestly our nationalized banks are a better lot than the MNC Banks. I have decided to only deal with SBM and I am happy to say I dont have any headaches since then.

Private Reply to Somashekar Somashekar

May 29, 2006 10:28 amre: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

subu Subramaniam
I agree that ICICI sucks

Probably they have grown too fast and can't cope up

Which other banks are better

Private Reply to subu Subramaniam

May 29, 2006 1:22 pmre: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Hi All,

it is almost impossible to walk away without having plastic money in the wallet...

My personal suggestion would be that pick up the Credit card from the bank where you don't hold an account and never ever give ECS...

Let them call 100 times for pending payments where there are issues from their side like over charging etc. and all the issues would be settled down automatically.



Private Reply to DEVANG DESAI

May 30, 2006 5:39 amre: re: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Indu and Niranjan rao
Guys i simply say 'NO' to credit cards!
I take pride in announcing that i dont own a single credit card nor will i ever own one.
I've always liked the idea of paperless Money.. so i hold a couple of debit cards.
It always feels good to stay out of petty debts, though i strongly support debts from reliable and well researched sources.. like a home loan or a car loan from a nationalised or a trust worthy private bank.

My suggestion - try to get rid of your credit cards.. you'll feel lighter and better!

May be we shud run a campaign like ' Say no to credit cards' and publicise it well.


Private Reply to Indu and Niranjan rao

May 30, 2006 2:19 pmre: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Any of these discrepancies with credit cards & banking procedures you could contact BANKING OMBUDSMAN. They provide assistance in resolving these issues.
Contact Details:
S K Mukerji
Ph; 22275629/ 22210771
Fax: 22244047.


Private Reply to Vish

May 30, 2006 3:52 pmre: re: re: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Shobha(usha) gowri
I think a few facts are imp-
It is easy to live without a credit card believe me-if you see the way it can pile up-you would never use one ag
Point one:Please do not buckle under their threats-tell them to go to court-if it was so easy to have you arrested then well they would ,wouldnt they-the courts are very lenient and the only way is to threaten you-so advice one-as someone said before-dont buckle
Two:there is a new form of cheating-esp with ICICI-collection agents who dont want your cheque but only cash DO not credit it into your account:esp if they call you on a weekend-FRI-Sat-tell them to wait until Mon-refuse to pay up bec you cannot trace that money-they spend it on the weekend and you will be in trouble
I even heard from a friend that ICICI collection agents gave receipts that were not the banks-so now they have a hologram stuff!!
Three-you dont call-let them run around and if they use vulgar words-pl return the compliment-bec the scum of the earth are collection agents-a guy called a friend and cast spirations on the women in his house-till they called him to come and collect the money and broke his bones
I know-not the right thing to do-but neither do they have a right to take law into their hands
Fourth-most imp-if a 'legal'guy calls you its BS-he is just another AH with good English-talk law to him and he will show his true colors
Most of us get ashamed- of what the neighbors will think-etc-and these guys know it
Use the broken record tech-keep on asking-what is your name and what is your contact number?-go to the Banks ofice and shout for the Chief-they will collapse like a ....

Private Reply to Shobha(usha) gowri

May 31, 2006 5:04 amre: re: re: re: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Sathya Narayanan
Couple of truths

If you are traveling , you need a Credit Card esp for international travel

The best thing is to have a corporation bank account with their Visa Debit card. This works as well as a credit card and you get debited for what you use. No EMI or exorbitant interest rates , no goondas , no threats , no lawyers. Life becomes a tad simpler i guess.

my 2 cents worth on this !


Private Reply to Sathya Narayanan

May 31, 2006 5:19 amre: re: re: re: re: re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Indu and Niranjan rao
FOr international travel, the simplest solution is stuff like the travel card from UTI bank.. i've used it. It's your own money.. they just give you a card that's accepted everywhere.

Private Reply to Indu and Niranjan rao

May 31, 2006 8:34 amRe: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#

Probably this is slightly offtopic.. but i found this a great read

Priya: I want to buy a Sony digital camera costing Rs.20,000, but I don't have any cash right now.

Raj: Why don't you use your ICICI Bank credit card? Never heard them say ' Hum Hain Na '?

Priya: I am quite skeptic about using these cards. I pay using the card, get a bill after 30 days and pay after another 20 days. This is a maximum of 50 days interest free loan. Why does any bank do it?

If I borrow Rs.20,000 on personal loan at 11%.
Interest to be paid for 50 days = Rs. 20,000 * 11% * (50/365) = Rs. 301.40.

Here the bank is giving me a loan without interest when I use the credit card. Something is wrong somewhere!

Raj: Well let me tell you how it works when you use your card to pay for the camera.

You present your ICICI Bank credit card ' a VISA card.
Sony World swipes your card on a machine provided by Citibank. Lets call Citibank, the acquirer bank and the process of Sony World swiping the card on that machine, requesting authorization.
Citibank communicates with the card issuer, ICICI Bank through VISA Network to check if the card is valid and has the required credit limit.
ICICI Bank reviews and approves / declines which is communicated back to Sony World.
You sign a receipt called Sales Draft given by Citibank. This is the obligation on your part to pay the money to ICICI Bank. Data on this receipt can be captured electronically and transmitted.
At the end of day or at the end of some period Sony World chooses:

Sony World submits the receipt you signed to Citibank who pays Sony World the money. Sony World pays Citibank a fee called Merchant Discount . Let us say this is 6% of the sale value = 6% * 20,000 = Rs. 1200
Citibank sends the receipt electronically to a Visa data center which in turn sends it to ICICI Bank.
ICICI Bank transfers the money to a settlement bank which in turn transfers the funds to Citibank.
Citibank pays ICICI Bank an Interchange Fee of 4% of the sale value = 4% * 20,000 = Rs. 800
20 to 50 days later ICICI Bank gets the money from you, and you don't pay the interest!!
Priya: Interesting! So Sony World pays more than the interest that I should have paid for the loan that I take. I, as a cardholder have the following benefits

1. Convenience of not having to carry cash.
2. Credit availability, free of interest.

However what benefits does Sony World get for paying so much money? Isn't it more profitable for them to take cash? They can save as much as Rs.1200.

Raj: Certainly. Some retail outlets offer you discounts if you pay by cash, don't they?

However when you don't count the money that you are spending, you tend to buy more! Cards encourage this, called impulse purchase .

If you did not have access to credit, you would not have bought the camera this month, or may be not any time soon either. By accepting cards, the merchant is actually extending you credit at the risk of the card issuer. He pays money to the banks to carry that risk.

Priya: So ICICI Bank uses this money to pay back to us when they announce 5% cash back. They insist that the Sales draft that I sign at the retailer should also be from ICICI Bank. This means they are saving on the Interchange Fee and also pay me a part of the Merchant Discount that they get.

Raj: Exactly! If you have noticed, ICICI Bank gives you the cash back in the next credit card statement. They keep the 'cash back' money for a maximum of 60 days before passing on a part to you. This accrues them interest too.

Say if ICICI Bank earns an interest of 6% per annum for the cash they carry they get Rs.1000 * 6% * (60/365) = Rs. 10

That is not huge, but money nevertheless. And when you consider that almost everyone in this city shops with a credit card these days, it is a big sum.

Priya: And that also explains why banks tie up with petrol pumps like ICICI Bank has tied up with HPCL and I could re-fuel there without having to pay the fuel surcharge of 2.5%. The card issuer and the acquiring bank is the same and that saves interchange fees.

Raj: Good! You seem to have figured out how it all works! Let me summarize:

Private Reply to ady

Jun 01, 2006 7:05 amre: Re: of Trickery, Daylight Robbery and Universal Banking - ICICI Bank#


One more thread on the stupid I See I See I bunk!

How many times do we discuss these issues? I think we had a thread very recently just in this forum.

All we, (including me) do is complain, talk and then shut up.



Private Reply to Ramji

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