Problem with ICICI Bank

I am working as a Software Engineer for about 8+ years and very much dependent on the salary bank account for all the transactions.From the beginning I had unlimited Transaction on my ATM card for cash retrieval from any Bank ATM without any charges.I has used ICICI, HDFC & Citibank with these features.Now my present company has forced to use ICICI account (Which I dont like).Now ICICI says that in non-ICICI bank ATMs, more than 5 transactions will be charged (just like a normal account in any bank) which is ridiculous. One CC/Bank representative says am in Privilege Banking, other says I am not. I have a good salary and FDs with the bank but still I am told that I do not satisfy their conditions which are not properly explained.My question is, Is not Salary Bank given more privileges on any bank? Is ICICI bank misbehaving in my case?Further I perform 30-40 online transactions per month on average, which are free for salary accounts, thankfully ICICI bank doe snot charge for it. I cannot use other bank accounts since the transaction charges will be too high for the no of transactions.Is there any solution for this?Sample this: I have been to some ICICI ATMs which do not have power back up and wont work on any power cut, its so pathetic sometimes.
 

mhsabir

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I have used ICICI & my firends too & it was never a problem. I rarely make more than 5 ATM transactions, forget 5 outside network. But, my friends literally draw loose cash from ATM several times & I have never heard them complaining. But then, I am not sure of the number of outside network they would have tried. Now, coming to your situation, how did you come to know of the limit, was in some sort of general document or was it when you checked something about your account, because customer service reps can be clueless sometimes & may do a mess up in checking up some specific account criteria & may rattle off normal policies. My general suggestion to anyone is that if you intend to use an ATM which is more convenient, you may as well open an account & transfer money at the beginning of the month to that other bank & take out money from that ATM - Like a BOSS :D
 

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I have stopped bothering about small fees for taking out cash from third party ATMs. I do not have StanChart ATM in my locality. The convenience factor alone is a good enough reason. I use Kotak Mahindra ATM in my locality even if the bank's own ATM is present in the sector. Reasons are simple... Few people use this ATM and hence it is not abused much and has never failed for me. ICICI/SBI/HDFC ATMs are heavily abused and they tend to be down more often. Have suffered enough in the past. I believe my StanChart account allows me unlimited transactions for free from third party ATMs. But most of the cash I withdraw is from a SBI Debit Card.
 

mhsabir

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In that case, you can open an account with them & transfer money there , say monthly , & can save that fee as well. Ofcourse, unless you feel blocking the min.balance that might be needed is a pain.
 

Sushubh

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5 ATM transactions in any case should be enough. Stop taking out 100 or 500 bucks at one time. Take into consideration your monthly cash transactions and start taking out week's or 10 days worth of money in one single transaction.as for kotak. they do not have a branch here in my sector. and i really do not want to open another bank account. i am trying to apply for an icici credit card. if it works, i would discontinue my stanchart bank account and credit card permanently. icici has a local branch and their online banking is much more useful compared to stanchart.
 

mhsabir

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Yes, I am just saying in case if you use it too frequently & are ending up paying a lot in fees. Five in a month is fair enough. I do not have an ICICI ATM within 3 KM of my house & hence I transfer to an other bank A/c & use that since I already have an account there, even otherwise I doubt I cross more than 3-4 even then.
 


Sushubh

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oh i take out enough money in a transaction to last me a week or 10 days. i usually do not make more than 3-4 transactions per month and i believe most banks do allow 5 transactions for free as per the RBI ruling. have not seen charges for ATM transactions in the last year or so. i just wanted to say that i prefer to deal with a safer ATM than official ATMs because of past bad experiences. SBI ATM has twice caused issues with transaction. money would not come out but would get deducted from the bank account. it is a major hassle to get such charges reversed.
 
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online translations are free mostly in pvt banks I think...rather SBI takes Rs 5 per transaction if anyone makes neft transfer...
 

mhsabir

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I am not sure of the reliability of a particular bank, but the scenario you have mentioned should be theoretically handled easily, and you should be able to get the money by following up with the bank with somewhat reasonable effort.
 

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If your company has asked to use ICICI account, then it HAS to be a salary account. If not, then they should not be forcing you to use it. From my experience, Citibank has by far the best accounts. Unlimited other ATM, NEFT, DD, Cheque book etc. free. ICICI salary accounts also have free any ATM facility. Your account has in all likelihood not been converted. In this case, ask the person in your company who handles the banking division to submit a request to ICICI to convert it to a salary account..
 

mhsabir

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@anant.del - It was an RBI ruling that made no charge & after the specified period all banks started charging, only some privilege accounts like salary account get an exempt.Yes, its likely that the change has not been recorded correctly. My case was funnier, I had a salary ICICI account, when I moved to another company I got other bank a/c & I just let this account be idle with just a few transactions here & there, when I moved to the 3rd company, again I had to take up ICICI & when I placed a request to make it salary account,, I was told its already a salary account (No salary was credited for 2 years :D ) , then I filled another form to just switch the company associated with the salary account.
 
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well then RBI should also specify the max charges bank can charge...btw can anyone tell I have this unused DR card I just saw my statement and I got charged like Rs 112 for it...spoke to bank they are saying that get the card blocked to avoid being charged can anyone confirm that will getting card blocked work or do I need to visit the branch which I don;t want to... lol
 

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112 sounds like a charge for 100 rupees plus service tax. getting a card blocked can be done over the phone...
 

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I have even complained to the HR dept. The problem is that my new company is a small company in India with 200 employees. The CC and Bank employees have done many flipflops on me. Basically a salary account when I was in Noida, it was back as normal account. The ICICI representative in present company forced to reuse the old account saying that ICICI stopped policy of multiple accounts. From then on its not a pleasant experience.I do not have a habit of carrying more than 200 rupees at a time. Now a days most ATMs dispense in 1000s if its a big denomination, even that leads to multiple transactions. Seems as of now I need to use one other bank account just for ATM withdrawals and ICICI for online transaction. BTW ICICI charges 20 rupees per transaction if u withdraw from other banks after the 5 transaction limit.Anyways my prime concern being how shud I validate if my account is set as salary account? MY online banking page shows that am in Privilege banking, CC says something else, Bank representative sometimes contradict. How should I figure out what is the issue. BTW my salary is high and shud qualify as high end user in most banks.
 
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112 sounds like a charge for 100 rupees plus service tax. getting a card blocked can be done over the phone...

ya thats the easy part but then with that all future charges be waved that Idk yet..