Sir
I am using this card from 2004. At that time I was having deposit with ICICI bank and On Maturity the bank operation manager showed me all details for this EDC card.
He informed that this is a Fixed Deposit and Use as Credit Card, So they have not mentioned in the card as Credit Card, instead of that this card is called EASY DEPOSIT CARD. AND THIS CARD IS PROVIDED BY THE ICICI BANK FOR YOUR LIFE TIME AS ONLY EASY DEPOSIT CARD and the Depositor instead of taking FD loan from the deposit, one can use the card and repay the amount through revolving credit system with Nominal Interest and it is totally governed by Fixed Deposit Rules and Facilities given to you for your life time till you have your deposit with the bank. And he showed all proof at that time and on reading all I agreed to take this Deposit Card.
He also informed that, as per Fixed Deposit Rules, the rate of interest and charges for FD loan cannot be changed. And It is like a contract between banker and customer. So the same will be applicable to Easy Deposit Card. On saying and seeing all the proof I accepted to take this Deposit card.
Now I received a surprise mail from ICICI credit card division that they are going to charge interest more than 36% to 42% for revolving credit. Now I feel I have been cheated by ICICI bank since they have simply forced me to accept the card in 2004 by showing that it is a life time agreement card. Then how the bank is charging as they like. Now I have more than Rs.60000 in my EASY DEPOSIT ACCOUNT. I have used Rs.25000 under revolving credit system under 0.99% interest per month as per the life time offer given in 2004.
I sent a mail to cancel my card and for that I received a call from credit card division that they are accepting my card under old rules and regulation with out any change and when i asked to send the same reply to my mail and at last i have not received any reply so for and waiting still...
Thanking you.
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