ADR Forum

[vikas72]

ICICI also charging for non maintenance of fund. See the reply below.

Dear Mr. xxxx,

Thank you for writing to us .

You are charged INR 827 for non maintenance of Quarterly Average Balance of INR 15000 in your account for the quarter January 1, 2009 to March 31, 2009.

The Quarterly Average Balance (QAB) required to be maintained in both NRE and NRO savings accounts was INR 10,000 for the quarter January to March 2008. The requirement has been revised to INR 15,000 with effect from April 01, 2008. In case the QAB is not maintained in the savings account, charge levied will be INR 750 + 10.3% service tax per quarter.

The QAB is calculated as follows:

-+ Add the closing balance on each day from the start of the quarter to the end of the quarter.
-+ Divide the total amount by number of days in that quarter (i.e Total / 92)
-+ The amount should be above the minimum QAB as mentioned above, to avoid the charges for non-maintenance of QAB.

The QAB should be maintained in NRE and NRO accounts separately.

However, if there is a stand alone fixed deposits of INR 25,000 or above in the same customer ID in that quarter, the charges for non-maintenance of the QAB would be waived off.

Please note that levying of charges for non-maintenance of minimum balance is a standard industry practice. The charges levied by ICICI Bank are in line with the industry norms.

Additional information :

Intimation regarding the charges were informed to all our customer through statement or mailers.

1. Quarterly statements send in January 2008 carried the details of the revised charges.
2. Customers who are not subscribed for quarterly statements, letter were sent
to them on January 28, 2008.
3. E-mail was sent to your Registered e-mail address on February 01, 2008.

Charges are also updated on our web-site on the following link:

http://www.icicibank.com/pfsuser/icicibank/ibank-nri/nrinewversion/service_charges.htm.

Hence, we are are unable to reverse the charges. QAB. Charges are levied for inactive account as well.

Safe Banking Tip:
Never share your internet banking passwords & ATM/Debit card pin with anyone. ICICI Bank will never ask you for your ATM /debit card PIN and net banking passwords.

Sincerely,

*****- Email -NRI MUM
NRI Manager
ICICI Bank Limited



-----Original Message-----

Subject: Bank Statement

Branch Id : xxx Account Id : xxxx
I see the following deduction from my account

1 16/04/2009 QABChgMAR09,incl Ser Tax 77 DR INR 827.00

Can you clarify what this deduction is about ?

[MarketBulls]

Every body knows very well that ICICI bank is very expensive bank all over india. They levied extra charges to hold your account or open an account. They show that they are handling your account because you are depends on them. But they forget that there are too many banks in market.