ICICI Bank saving interest query

POSTED BY MKK ON June 21, 2014 4:14 pm COMMENTS (5)

ICICI Bank has changed the date of credit of interest into your saving bank accounts. Earlier, i.e till last year, the interest in the accounts are credited in the months of April and September but now they have changed it to June and December, Without Informing any customers. People generally take interest credit as a default activity and not very much concerned to check whether interest has been credited or not on time. This is evident from the fact that April has gone by almost 2 months back and this issue is not highlighted anywhere ( I searched the internet ).

Now you need to understand the big catch here that by doing so how the bank has try cutting a hole out of your pocket. By delaying the interest credit for 2 months i.e from April to June , on lakhs of lakhs of saving bank accounts, the bank as earned a huge profit. To understand , take this example , if you had 1000 rupees in your account , then at  the end of April you will be getting around 40 rupees as interest and from May 1st interest calculation will be on Rs 1040 ( remember banks are now calculating interest on daily basis with everyday closing balance of your account).

So in earlier case from May 1st till 30 June your account interest calculation will be on Rs 1040 . But Now with changed timelines for interest credit….till June 30th  the calculation will be on  Rs 1000 only. This is a example with small amount of Rs 100o , just imagine if you have more amount the more loss are at you. And Bank is doing this with lakhs of saving accounts so they are getting rich by crores.

This action of ICICI bank is clear cut violation of their own policy that interest has to be paid every six months .Therefore We should raise our voice to ICICI bank and should ask them to pay  the cumulative interest for two months to its account holders by doing calculations accordingly,  as this will be one time activity and going forward the routine of six months will be followed in December.

I request to call / write to your respective branches /relationship manager  and raise this concern if you don’t want to lose interest on your hard earn money. Remember banks don\’t forgot to charge interest even for a single day delay on your emi / payment due…

5 replies on this article “ICICI Bank saving interest query”

  1. MKK says:

    Also please check with them ..will they be providing the additional cumulative interest for the two months delay in interest payment ( i.e from april to june ) ?

  2. Hemanth Chandra says:

    I mailed customer care and I got a call back from them….they are telling that from December 2013, they have changed the dates…. I asked them why are the customers not informed about it, as it is no where mentioned in the website also. That guy said that he will check with the concerned team and will confirm me whether it is updated in the website or not…. 2 days over…. still I didn’t get any call….

  3. MKK says:

    They have changed the dates without informing customers so as to gain undue profit of crores of rupees . They have lakhs of lakhs of accounts …even if they save between Rs 100 to Rs 1000 per account …they total profit for the bank is in crores. For you it may be just Rs 100 but for bank it a big money making strategy. Importantly no one questioning it !

  4. Hemanth Chandra says:

    I received interest in Mar 2013, statement of which I got in Apr 2013.

    When I checked the statement of Mar 2014, I didn’t get any interest….. This is really unfair….

    If the amount is less, it is ok…. but I have seen people who have good amount of money in savings account, for them it is a loss….

  5. Hemanth Chandra says:

    Yes…. this is really unfair…. did you get any info why they have changed the dates….

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today