ICICI Bank Limited
Zero Balance Facility withdrawn unilaterally

My account was opened as a 3-in-1 account (Bank Account, Web Trading Account and Demat Account) as a Zero-Balance Account in 2001. Now suddenly bank says I have to maintain a Average Quarterly Balance of Rs 10, 000. This is clearcut unprofessionalism by the bank. I have included below my Communication with the Bank.

Dear Mr. Rane,

We regret to inform you that zero balance facility for normal account has been stopped.

You may further confirm the same by visiting any nearest bank branch.

Sincerely,

Malti Kandari

Customer Service Manager

ICICI Bank Limited

&--Original Message&--

Subject: Re: Product: Bank / Old Customer /paragrane@yahoo.com

Just by informing me does not mean your action is Justified I customer is liable to pay whatever charges you claim. My account is a Zero Balance account since inception and should remain so. Please let me know if you do not want to do this. Regards,

Parag Rane.

.

From: ICICI Bank Customer Care

To: Parag Rane

Sent: Mon, December 6 7:29:06 PM

Subject: RE: ICICICARE=039-902-023 Product: Bank / Old Customer / paragrane@yahoo.com

Dear Mr. Rane, We understand that branch official has spoken to cm on 9820192015 and convey that zero balance facility for normal account has been stopped and all the accounts Average Quarterly Balance has been revised.

Sincerely,

Malti Kandari

Customer Service Manager

ICICI Bank Limited

&--Original Message&--Subject: SUSPECTED SPAM: Re: Product: Bank / OldCustomer / paragrane@yahoo.com

My account is a Zero Balance Account since opening so no QUESTION of QAB charges. No further discussion on this matter.

Regards,

Parag Rane.

.

From: ICICI Bank Customer Care

To: Parag Rane

Sent: Tue, November 23 3:15:25 PM

Subject: RE: ICICICARE=039-902-023 Product: Bank / Old Customer / paragrane@yahoo.com

Dear Mr. Rane,

Please note that the balance in trading/deemat account will not be considered for calculating QAB of savings bank account. According to our records the status is a general savings bank account wherein you need to maintain the QAB of Rs.10000. The QAB charges for not maintaining the quarterly average balance were levied in your account on October 12 and as a one time gesture, the charges of Rs.1405 was reversed in your account on November 14. We request you to co-ordinate with the branch where you have your account for further details.

Sincerely,

Sudhir Kumar

Customer Service Officer

ICICI Bank Limited

&--Original Message&--

From: Parag Rane (paragrane@yahoo.com)

Date: Monday, November 22 10:12 AM

To: ICICI Bank Customer Care (customer.care@icicibank.com)

Subject: SUSPECTED SPAM:

Re: Product: Bank / OldCustomer / paragrane@yahoo.com

My account was opened as Zero Balance account because it was a 3-in-1 account (Savings, Web Trading and Demat). You cannot change the status unilaterally. It should remain a Zero Balance Account as I am Maintaining the same 3-in-1 account and the combined balance as on date is Rs. 30000 in Shares, 5000 in Mutual Funds and 7000 in Savings which is more than Rs 10000. And as I am maintaing all the three accounts the account must remain a Zero Balace account.

Regards,

Parag Rane.

.

From: ICICI Bank Customer Care

To: Parag Rane

Sent: Sat, November 20 11:44:09 AM

Subject: RE: ICICICARE=039-902-023 Product: Bank / Old Customer / paragrane@yahoo.com

Dear Mr. Rane,

According to our telephonic conversation, please note that your account status is a general savings bank account wherein you need to maintain the QAB of Rs.10000. According to our records as a one time service gesture, the charges of Rs.1405 was reversed in your account on November 14. We request you to co-ordinate with the branch where you have your account for further details.

Sincerely,

Sudhir Kumar

Customer Service Officer

ICICI Bank Limited

&--Original Message&--

From: Parag Rane (paragrane@yahoo.com)

Date: Thursday, November 18 05:20 PM

To: ICICI Bank Customer Care (customer.care@icicibank.com)

Subject: Re: Product: Bank / Old Customer /paragrane@yahoo.com

As far as I am concerned my Account is a zero Balance Account and should remain so.

Regards,

Parag Rane.

.

From: ICICI Bank Customer Care

To: Parag Rane

Sent: Thu, November 18 2:48:36 PM

Subject: RE: ICICICARE=039-902-023 Product: Bank / Old Customer / paragrane@yahoo.com

Dear Mr. Rane,

On account of revision of Quarterly Average Balance (QAB) requirement from Zero to Rs. 10, 000/-, letters will be sent to customers informing them to maintain the revised QAB. As per our records your account is general saving account to maintain 10, 000. Further any clarification we request you to contact your ICICI Bank branch.

Sincerely,

Pratiksha P Garud

Account ManagerICICI Bank limited

&--Original Message&--

From: Parag Rane (paragrane@yahoo.com)

Date: Tuesday, November 16 04:25 PM

To: ICICI Bank Customer Care (customer.care@icicibank.com)

Subject: Re: Product: Bank / Old Customer /paragrane@yahoo.com

Please note that my account was opened as a Zero Balance Account and should remain so. In 2009 you have stopped offering new accounts as Zero Balance but my account is a Zero Balance account since inception. So their is no question of CONVERTING. It should remain a ZERO balance account only. PERIOD.

Regards,

Parag Rane.

.

From: ICICI Bank Customer Care

To: Parag Rane

Sent: Tue, November 16 4:18:51 PM

Subject: RE: ICICICARE=039-902-023 Product: Bank / Old Customer / paragrane@yahoo.com

Dear Mr. Rane,

We understand your concern and apologize for the inconvenience caused to you. The scheme of zero balance was offered for a limited period. Accounts, opened during the scheme are offered zero balance account. We have stopped offering the zero balance account from January. Also, you would be unable to convert your existing account to a zero balance account. Hence, you need to maintain sufficient balance in your Bank Account to avoid AQB charges. Your account is a general Savings Account, for which the the Average Quarterly Balance to be maintained is Rs. 10000.

QAB Calculation: ·

Adding the closing balance in your account on each day for that quarter · Dividing the sum by the number of days in that quarter · If the resulting amount is less than Rs. 10000 charges are levied in your account · Penalty of Rs. 750 flat is charged for non-maintenance of QAB. In addition to this, the below transaction charges are also applicable:· For every new cheque book, Rs.5 will be charged per leaf. · First 3 cash transactions (withdrawals or deposits) at the branch in a quarter will be free of charge and thereafter Rs.60 per transaction will be charged. Note: Service Tax of 10.30% on the service charges is also applicable on all these charges. Looking forward to your co-operation in helping us serve you better.

Sincerely,

Pratiksha P Garud

Customer Service Officer

ICICI Bank Limited

&--Original Message&--

From: customer.care@icicibank.com (customer.care@icicibank.com)

Date: Monday, November 15 05:11 PM

To: customer.care@icicibank.com (customer.care@icicibank.com)

Subject: Product: Bank / Old Customer / paragrane@yahoo.com

Title: Mr.

First Name: Parag

Last Name: Rane

An ICICI Bank Customer: Yes

Product: BankAccount

No: XXXXXXXXXX

What would you like to say: I am a account holder since 2001. My account was opened as a Zero Balance account under a scheme that time for new Accounts with a Demat and web trading Account. Now last 15 days I got a message that my balance is less than Rs.10, 000. Please note that my account is a zero balance account and any charges related to minimum balance are not acceptable. Such charges were charged to my account two year back my mistake by you and had been reversed. So please make a note that you do not charge any Minimum Balance charge.

E-mail address: paragrane@yahoo.com

Company: ICICI Bank Limited
Country: India

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