r2i forum

And?..The Excellence Award in providing total Dissatisfaction to the customers goes to?? ?ICICI?I recently did two back to back transfers (10K and 8K) to my ICICI NRE account using their m2i service. Their website stated that it will take 3-7 business days to get my funds in India. For the first transfer, I got an email from ICICI that the funds have been credited to my account provisionally and the money can not be withdrawn till 16 calendar days (Please note that this is after they have cleared my check in US). On the second transfer, they sent me similar email but stating the restriction of 14 days on withdrawal of the funds. Hahnn??? What? Also, be aware that they only pick up their mail from their PO Box on Mondays and if you sent them a check on Friday or later you are adding another week in your processing time. When I inquired about the delay in availability of funds the CSR sent me an email saying that the funds will be available in 21 days. He pasted some text from their FAQ and said that this 'provisional credit' is a standard practice in order to accommodate the complete clearing cycle in your country (I wonder what is this cycle in US when they have already taken out my money in US). I sent another email asking what is the advantage of having the provisional credit and if I can open a FD with the provisional credit since I am not withdrawing the funds from the bank. This is where the customer service department of ICICI should get the excellence award in providing total dissatisfaction to the customer. I am really furious with the kind of responses I am getting from their Customer support who is staffed with people which I guess get paid by number of tickets replied rather than resolved to customer satisfaction. One CSR said I can open the FD online and sent me the direction to navigate to the link. Another CSR said I can not open FD account with the amount in Lien (I do not have any clue what that means, where does this lien come in picture?). I am really frustrated with the customer service department of ICICI. I even tried calling their customer support number in US but again they do not have any answer about the provisional credit. They are bunch of rookies just sipping coffee and covering night shifts. I even filled up their complaint form that supposedly sends email to Mr. Harshil Mehta, Head-Customer Service Quality but I have not heard back from him. It looks to me that ICICI is misleading customers by not clearly stating the terms in their terms and hiding the information in some fine print. They just want to sit on my money and eat the interest. I have almost come to the conclusion that ICICI mantra is not to resolve any issue and let 21 days pass by and I will probably forget the issue and move on. Any suggestion to pursue this company is welcome.

laguy
same happens with citibank nri account also.
but this happens only to amount >$4999.

so last time i did three different transaction of $4500 each and all went through.

Dude,

It's clearly stated on their website that checks will have holding period(21 days if I remember right). You should have gone with power transfer.

Your dissatisfcation is due to your negligence to do your due dilegence. Don't go about blaming the company for that and misleading people about it.

7. How much time does it take for the funds to reach your beneficiary in India?
The completion of your remittance request would take the following number of days after we receive your cheque at our lockbox:
CURRENCYSLAB1SLAB2*USD100 - 5000 : 1 working dayAbove 5000 : 21 calendar daysGBP100 - 3000 : 3-4 working daysAbove 3000 : 8 calendar daysCAD100 - 8000 : 1 working dayAbove 8000 : 8 calendar daysEUR100 - 5000 : 3-7 working daysAbove 5000 : 15 calendar daysSGDAbove 100 : 2 working days

Please note :
1. The beneficiary account is credited as per SLAB 1,however the amount cannot be withdrawn until the stated calendar days are completed. This 'provisional credit' is standard practice in order to accommodate the complete clearing cycle in your country.
2. The credit policy for SLAB 1 is not applicable for credits to accounts in select cities in India. SLAB 2 policy would be followed in these cities. Please get in touch with customer service for more details on the same.

I have transferred amounts of 17500 and 8000 twice using power transfer. The money was credited the next day and I was able to pay for some real estate transactions within a day.

I have used ICICI service to transfer funds before for 10000 + GBP for few times and it has been spotless service.

There was some system issue for a couple of days once but they credited funds with effect from earlier date and were ready to compensate me even for the phone calls.

ICICI bank chief booked for dacoity

New Delhi: ICICI bank CEO M V Kamath and seven others have been charged with dacoity after a car financed by the bank was allegedly forcibly repossessed.

The offences under Section 395 (punishment for dacoity), 120 (b) (criminal conspiracy), 29 (document) and 506 (b) (punishment for criminal intimidation) of the IPC were registered against Kamath and others after a local court directed police to do so on a complaint by a borrower.
http://www.ibnlive.com/news/icici-bank-chief-booked-for-dacoity/37368-7.html

I have been using them for 7 years. Never a single problem and good exchange rates. Their website is a bit slow but more functions and useful than my UK bank.

Several posts in this thread discussing money transfer options are moved to:

http://www.r2iclubforums.com/clubvb/showthread.php?t=785

Pls continue money transfer options in that thread. And leave this thread to discuss ICICI bank service issues..

Admin

I have been using ICICI for last two years and their service is far far better than any other indian banks.