ComplaintsforICICI Bank Limited

• Initial Complaint

  06/21/2023

  Complaint Type:

  Billing Issues

  Status:

  Unanswered

  More info

  We wanted to open a NRI account at ********************** Bank. When they called to open an account they did not inform us that the *** account we are opening is of no use to us. We had to open a *** account instead. So we started working on opening a *** account with the same customer ID as the *** account in april ********* process has taken 2 months and still not done. When we call the ******************************************************** to the **** who handles the account opening and they cannot see the emails and correspondences so they can't help me. There is no direct phone line to that account opening debt either. So we keep going back and forth and things don't get done and they close the account. Then I have to start all over again. This has already happened twice. This whole process has been very frustrating and time consuming. Today, I have sent 6 emails to ********************************** and they haven't replied me. I am going to have to start the account opening process for the 3rd time. I can't even tell you how frustrating it is. All I want is to open a *** account with the same *** customer account number without any more delay.

• Initial Complaint

  01/25/2023

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  I had initiated a power transfer on Jan 4th and the amount to be delivered was Rs ********. The domestic transfer was completed on Jan 5th around 2 pm. The beneficiary only received Rs ********. ICICI kept the remaining funds amounting to Rs ***** saying that they received the funds on Jan ************** time.ICICI is a company based in ********. I sent funds to their bank in ** on Jan 5th. They are unwilling to honor the agreement that they are sent the transfer was initiated. According to the agreement, they needed the funds transferred to them on or before Jan 5th. The document does not say anything about receiving the funds in ***** time zone. They just move things around to their benefit. I am sure if the *** value goes higher the next day and they receive the funds, they will stick to the lower value. In spite of reaching to the customer service multiple times, they just mention that the funds were received on Jan ************** time and are unwilling to honor the agreement sent by them

  Business response

  02/14/2023

  We refer to your complaint ID ******** dated February 8th, 2023 addressed to Better Business Bureau, about your concerns on the period on return of funds against ***********
  With reference to the reason for processing the transaction at indicative rate instead of fixed rate:
  
  We wish to inform you that for Power transfer facility offered by Money2India, if the funds do not reach ICICI Banks account within the validity date, the transaction is processed at an indicative rate instead of fixed rate.
  The transaction of USD ******* was initiated on January 4, 2023 at a rate of USD *****, with validity date of January 5, 2023 for funding ICICI Banks account. The funds were received in ICICI Banks account on January 6, 2023. As the funds were received after the validity date,the transaction was processed at an indicative rate of USD 82.07
  
  With reference to customers communication:
  
  On January 5, 2023, the customer contacted our phone banking team and was informed over call that if bank does not receive funds on January 5, 2023, the transaction will be settled at an indicative rate post which customer expressed his desire to initiate a new transaction. However, the customer did not initiate a new transaction and instead funded ICICI Banks account on January 6, 2023 for the same transaction.
  
       3. With reference to service gesture for customer satisfaction:
  As a service gesture, we would credit the differential amount of INR ****** in the beneficiary bank account that was incurred because of exchange rate change between January 4, 2023 and January 6, 2023. We are granting this exception due to the customers presence with the Money2India service.Funds will be credited within 10 days of this response sent to the Better Business Bureau.
  
  We affirm that ICICI Bank at all times acts with diligence, in good faith, and in no manner prejudicial to the interests of its customers.
  We value your relationship with us. Looking forward to your cooperation in helping us serve you better.
  
  Sincerely,
  
  **********************************
  Money2India ******** Branch

  Customer response

  02/16/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved once the funds are received.

  Please do note that the power transfer was initiated on Jan 4th with the moneytoIndia service and I had performed the wire transfer from my bank to ICICI bank account in ******** on Jan 5th and the funds were received by the ICICI ******** bank account by Jan 5th before 3 pm as confirmed by my bank. When I called the ICICI customer service multiple times to discuss my concern, I was told that even though it was Jan 5th in ***, it was Jan 6th in *****.
  
  That said, once the remaining funds are received, the resolution for the case can be marked as satisfactory. I appreciate BBB in helping with this case. Thank you for your assistance.
  
  Sincerely,
  *************************

• Initial Complaint

  09/01/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Dear BBB,This is in regards to deceitful practice by ICICI (Bank in *****) of offering to wire money for ** Citizens to transfer money from US Bank to *****. I wanted to donate money to a temple in ***** and began the transaction of transferring $100 on 10 August 2022. Details as follows.8/10/2022 @ 2:07 PM Transfer initiated to **** ********** *********************** ****** (************)Your Tracking Id is: *********** Expected to reach by: 19-Aug-2022 $100, ********************** $104.00 $4 Transfer Fees Request number *********** Now I am told by ICICI bank they cannot remit the monies for donation.I had sent an email explaining my reason and spoke with ICICI and made my purpose clear.On 21 August, I received an email from ICICI We inform you that we will not be able to process this tracking no *********** * **** ********** *********************** ****** (************) as it is towards Donation/ Charity. Donation and charity is not permissible through Money to ***** Channel .Kindly visit your local US Branch for earlier refund of funds. Else funds will be returned post completion of ACH cooling period of 65 days.My compliant:I already had mentioned to ICICI the purpose of my transaction. Why did they not tell me they cannot process in the first place over the phone when I spoke to them?Why are they holding my money for 65 days and earning interest on it? Their excuse of cooling period of 65 days is unfounded. It is a scam they are running. Please help US Citizens by stopping them from conducting deceiving practice in ***.

  Business response

  09/06/2022

  We refer to your complaint dated September 01, 2022 addressed to Better Business Bureau, about your concerns on the period on return of funds against ***********.
  With reference to the reason of period of return of funds:
  We wish to inform you that the *********** services have to comply with US Regulations as well as RBI regulations. As our *********** team explained, due to ************ of India (RBI) regulations, *********** does not allow donations as a purpose of remittance and the same is not available in drop down menu on the service. The return of funds after 65 days of cooling period is a policy followed by ICICI Bank as per the returns clearing cycle of repudiation risk from the customer.
  
  With reference to customers declaration and communication:
  No purpose selection in relation to Donation is available on the *********** portal since we do not provide transfer service in relation to charity/donations. Your initiated transaction on 11 August 2022 had a purpose selected as Travel payment: Education purpose.
  
  On 16 August 2022 as well as 18 August 2022, email communication was sent to you in order to validate the purpose selection done. You confirmed on 16 August 2022, the reason of this transaction was donation towards building a new temple. On 20 August 2022, the *********** team informed you that we could not process the transaction since the purpose of remittance is not in accord with the nature of the beneficiary. The alternative provided requires you to visit your local bank and initiate a recall of funds or to wait for 65 days of cooling period for us to initiate return of funds.As of the date of this letter, the Bank has not received request from the source bank and therefore funds were not returned to your source account until the end of the cooling period.
  
       3. With reference to service gesture for customer satisfaction:
  As a service gesture, we would initiate early credit of funds of USD 104 post deduction of any exchange loss to be borne by the customer. We are granting this exception due to your presence with the *********** service. Your funds will be credited within 10 days of this response sent to the Better Business Bureau.
  
  We understand the frustration experienced at your end due to return of funds. As a remittance platform, we would want our customer to conduct transactions and use the services as much as possible. We have no intention to hold customers funds to earn interest against the transaction amount.
  
  We affirm that ICICI Bank at all times acts with diligence, in good faith, and in no manner prejudicial to the interests of its customers.
  We value your relationship with us. Looking forward to your co-operation in helping us serve you better.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩