ICICI Bank- levying fines and not crediting interest
Usurping my interest

In the year 2005 I purchased GOI 8% savings bonds from the ICICI bank and authorised the six monthly interest of Rs. 8000/ to be credited to my savings account no. 006901000995 with the ICICI Bank, Habshiguda branch. For some time this arrangement worked well because the minium balance to be maintained by the account holder was reasonable when I had opened my account. After a couple of years however the bank suddenly changed the minimum balance rule without asking the customers if they would continue under the new regime. The bank does not issue any passbook which while renewing will intimate the customer as to what is happening to his savings.

Last month when I visited the bank to withdraw some mony, I was shocked to learn that my entire savings have been amalgamated/usurped by the bank by way of fines for not maintaining the arbitrarily chosen high minimum balance and presently I am having a negative balance. Now I feel this is totally unjustified. The bank should have given me a chance to either close my account or to continue under the new rules. I therefore request that my interest should be restored and I may be allowed to close my account.

Company: ICICI Bank- levying fines and not crediting interest
Country: India

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