ICICI Bank Ltd, India Home Earn money from home in India Banks in India
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ICICI bank is the largest private sector bank in India and the second largest commercial bank in India. It has branches all over India and even in smaller towns in South India after the takeover of Bank of Madurai. ICICI bank branches and ATM locations . The bank also has foreign subsidiaries like ICICI bank, Canada in Canada, Britain and Russia ,representative offices in USA, China, UAE, Bangladesh, South Africa and branches in Bahrain, Singapore .
It offers a platform for online share trading through ICICI Direct and insurance services - ICICI Prudential. NRI services include money transfer through Money2India which offer better foreign exchange rates for lower amounts compared to other services.
Like most private sector banks, all ICICI bank branches in India are networked. You can access your account from any ICICI bank branch in India. Anyone can also deposit cash/local cheque in your account at any branch of ICICI bank.
Also they have very convenient bank timings and are open for 12 hours from 8.00 a.m to 8 p.m from Monday to Saturday. When you deposit a cheque at their branch, they will readily give you a stamped acknowledgement for deposit. You can only deposit cash in your own account at the ATM, for depositing cash into a third party account, you have to visit the branch. You have to select the deposit cash option, you will get an envelope for depositing cash, which you can then fill in the details and deposit it back. At locations where ICICI bank does not have a branch, the queue at the ATMs are very long. Just after office hours , between 6 pm - 7.30 pm , customers sometimes have to wait for 15-20 minutes on some days, to access the ATM.
ICICI bank internet banking - detailed review based on personal experience.
For savings account, up to 3 cash deposits per quarter (3 months) at the non base branch can be made at no cost. For additional cash deposits, the bank charges the recipient Rs 100 (+ service tax) per deposit, irrespective of the amount deposited. When the bank implemented this change, the ICICI bank customers were not informed about the revision in the charges. For outstation cheques, ICICI bank charges a minimum of Rs 30 (+ service tax) for savings accounts . This is very inconvenient for account holders in small towns, who receive the dividend warrant payable in major cities only. These warrants can be for small amounts like Rs 20. For salary accounts, the minimum AQB required is zero and you retain the account even after you leave the job. If your AQB is more than Rs 100000, you get a free at par chequebook. For an AQB of more than Rs 500000 (fixed deposit + savings account balance), you are eligible for private banking services. For non maintenance of average quarterly balance, not only do they deduct Rs 750 from your balance, they also deduct an additional service tax.
Many of the ICICI bank customers are salary account holders, who are forced by their employers to open an account with ICICI bank to receive their salary. The account is opened at a branch which is convenient for the employer, but extremely inconvenient for the employee. If want any clarification or information, their customer support (through phone banking or email) will instruct you visit the nearest branch - where the concerned person may or may not be available. For savings account customers if you send an email asking for clarifications, it is usually answered after a week.
They have discontinued the auto sweep-in facility (earlier called Quantum Optima ) , where the amount in savings account was automatically converted into a fixed deposit, if it exceeded Rs 15000. With the decline in interest rates for loans, providing this facility is no longer profitable for the bank. You now have to give an application at the branch if you wish to continue with this facility now. The form for making the application was sent along with the monthly bank statement. You can alternately open a recurring deposit, where a fixed amount is added to your fixed deposit every month.
Making a new Fixed Deposit with ICICI bank for current accounts is extremely time consuming , especially when compared to HDFC bank. They will insist that you withdraw cash from your account for making the FD. Since withdrawals of amounts more than Rs 25000 are subject to cash withdrawal tax, for larger amounts , you will have to split the fixed deposit and visit the branch on 2 different days. ICICI bank is probably the only bank in India where they will not accept a ICICI bank cheque for making a fixed deposit. We had given a cheque with the fixed deposit form , but the bank officer insisted that we pay cash. She said she would fill the form for us, but she did not select the options which were initially indicated, causing further problems for us.
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ICICI bank has a number of current account types which have different average quarterly balance (AQB) requirements starting from Rs 10000. A customer can deposit cash at any ICICI bank branch. The bank charges are Rs 2 per Rs 1000 plus denomination charges. Denomination charges depend on the denomination of the cash deposited, if you deposit cash in Rs 10 notes ICICI bank charges are Rs 10 per thousand, for Rs 20 notes , the bank will charge you Rs 7.5 per thousand and similar amounts. For cheques deposited outside the base location, the bank charges a minimum of Rs 25 per cheque for current accounts with AQB less than Rs 50,000. For current accounts, their customer care will reply to your mail within 24 hours (on a working day). However they may take more than 15 days to resolve issues. If a cheque is deposited at an ICICI Bank ATM and the cheque is not credited , the depositor will have to confirm whether their account is debited for the cheque. Only then ICICI bank takes any further action. ICICI bank charges for outstation cheques are a minimum of Rs 100 per cheque, not economical if you receive low value cheques from customers. Charges for ICICI Bank Roaming Current Account . If a cheque is sent for clearing the amount is credited only after 3-4 days. This varies according to location and is shown as unclear balance in the email statement.
ICICI Bank offers personal loans, vehicle loans , home loans and other types of the loans. However, if there is a slight delay in payment, like all other banks in India, they use recovery agents to repossess the vehicle or other asset and sell it off. In such cases, you can approach a consumer court .Read more about recovery methods used by ICICI bank and the recent consumer court judgement. It also offers a platform for online share trading through ICICIDirect.com . If you submit any form or letter at an ICICI bank branch, it is advisable to get a stamped acknowledgement from the branch. It will be the only proof you have if there are any problems in future. ICICI bank has introduced a co branded credit card with Indiatimes for secure online shopping.
If you receive telegraphic wire/wire transfer through ICICI bank, you will be charged Rs 276 . You will also have to waste 2-3 hours to provide the documentation (the purpose for which you are receiving the money) and may have to make 2-3 trips to the branch. Read more on our experience receiving wire/telegraphic transfer to an ICICI bank account . Receiving a foreign currency cheque and depositing in a nationalised bank is much cheaper and less time consuming . When we were depositing a low value foreign cheque, an ICICI bank official recommended that we deposit in a public sector bank, whose charges are much lower. ICICI Bank problems
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