I have taken a home loan from ICICI in the year 2006. At that point of time the interest rate was fixed as 7 %. later when the interest rate gone up to 13.25 %. Now when the interest started falling they are not reducing the interest rate to existing customers. reduced interest rate is applicable only for the new borrowers. In the month of January I visited their Pune branch and inquired about the new interest rates available. One of their executive informed that I can get the new interest rates provided I pay 0.5 % processing fees on my outstanding and take some of ICICI insurance policies. Accordingly I paid the processing fees and taken an life stage pension plan for Rs. 50000. Last week again some body called from ICICI and informed me that now they are giving loans to new customers at a rate of interest of 9.75 %. I told the executive who called me that I already paid the processing fees in January to change the rate of interest. He advised me to visit the same branch and meet the same executive to discuss the issue. When I visited the branch today (Ghole road branch of of Pune) to inquire about the new interest and the experience was very bad. The executive informed me that I have to pay the processing fees again and have to make some fixed deposit in ICICI bank. Lot people were making complaints in the branch bank staff also shouting on customers for small things. Vulgar language were using by the bank staff. After seeing all this and my bitter experience today I have decided to shift my home loan to some nationalized bank. The work culture and the attitude towards the customer is changed now and it looks like the bank will go to it's bad times in near future. I am banking with ICICI since last 10 years and I have my savings bank account in two of it branches and have one demat account. After today's incident I have decided to withdraw all my deposits in ICICI bank and soon will shift my other business also.
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