In this age of technological advancement….An
ICICI experience
Somehow, I am rubbing ICICI the wrong way
always. Earlier I purchased an
insurance product from them. It took a
long time to settle the proceeds for the reason that some strokes in my
signature differed with the original.
Subsequently when I started an SIP for a mutual
fund product, they allotted units for the first installment. But subsequent installments were rejected
for want of KYC. However other five
different asset management companies accepted same KYC documents.
This time it is strange. I signed up for their pre-paid wallet
called ‘Pockets’ and used it for a few months.
Based on their instruction I topped it up with Rs. 10,000 on 2nd
February through NEFT from my IOB account.
However it was not credited to my wallet, the reason being I cannot top
up more than Rs. 5,000 at a time. Fine;
no complaints. I wanted my money
back. No response. After continuous follow up, they generated a complaint number. But no
action. Finally after repeated phone
calls and threats, it was credited back to my account on 23rd March,
ie. after
50 days.
I have some doubts:
-
For a
bank like ICICI, is it not possible to return the funds if they cannot apply it
to the desired account?
-
Are their
IT products not sound enough to return / reject the excess funds automatically
to the originator?
-
Is it not
their duty to return the funds with a nominal interest, though I claim
commercial rate of interest?
-
Should
there not be any other way to approach ICICI bank, other than through their
call centres?
I have become wiser now:
1.
ICICI is
not my cup of tea
2.
Sophisticated
financial institutions need not be very efficient.
(Of
course, I took up with Ombudsman and they treated it as a complaint against
IOB, is a different issue)
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