Hello everyone,
Today, I would like to share my ongoing dispute with ICICI Bank. In February 2023, they charged me 12,000+GST (annual fees) for my ICICI Emeralde credit card. However, in February 2022, ICICI Bank issued me a first-year free ICICI Emaralde credit card, and using that card, I spent more than Rs. 15,00,000 until February 2023. According to the MITC, ICICI Bank should provide me with a second-year annual fee waiver as I spent 15 lakhs in the last year. But to my surprise, they charged me Rs. 12,000+GST on 26th February 2023 as the second-year annual fee.
I immediately raised the issue with ICICI Bank, thinking that they might have charged me by mistake, or I would get a refund in the next statement. However, they replied that the annual charge posted on my card was valid, and if I spent Rs. 15,00,000 within the next one year (February 2023 to February 2024), then the annual charges would be refunded. I was surprised to know this kind of rule because no bank charges annual fees in advance.
Therefore, I decided to check their MITC and, as expected, found the reversal criteria:
"If total spends on the Credit Card is equal to or more than this amount during an anniversary year, the Annual Fee applicable on the Credit Card for the subsequent year shall be reversed. If total spends on the Credit Card is less than this amount during an anniversary year, the Annual Fee applicable on the Credit Card for the subsequent year shall not be reversed. Spends through EMI transactions on Credit Card are not included in total spends calculation."
*This amount = Rs. 15,00,000
*MITC Link- https://www.icicibank.com/ms/Person...alde-credit-card/images/pdf/MITC-Emeralde.pdf [ICICI Bank might change the MITC, so attaching the current MITC here as PDF]
This means that if I spent 15 lakhs in the last year, my next year's annual fees would be reversed. So I sent this to ICICI Bank again and requested a refund of the charges. However, they denied my request. Therefore, on 6th April 2023, I filed a complaint with the RBI Banking Ombudsman.
Today, on 21st April 2023, ICICI Bank replied with the same copy-pasted email, which I am attaching the screenshot of here:
I am really confused about what to tell them. Are they not aware of their own MITC? Their reply itself has the MITC attached. Therefore, I replied to ICICI Bank to check the MITC wording again and reply to the RBI. Let's see what happens and what the RBI thinks about the issue. I will post an update here. If the RBI does not help me in this case, I will definitely file a complaint in the consumer court.
Cheers ✌️
Sumanta Mandal
Update: (25/04/2023)
The complaint was closed by the RBI Banking Ombudsman under clause 16(2)(a), and I'm left wondering if the officers thoroughly reviewed all the documents submitted. I had provided a copy of the MITC, which is the primary evidence against ICICI Bank, yet the RBI rejected my claim. It appears that the RBI Banking Ombudsman frequently closes cases under clause 16, without granting customers the opportunity to appeal.
Email Screenshot:
Update (25/04/2023):
I've filed complaint against the RBI on PG Portal for closing my ombudsman complaint without listening to me and not checking the submitted proofs properly.
Update on 27th June:
As you are aware, I filed a complaint on the PG portal against the RBI regarding the closure of my case against ICICI Bank without carefully considering my side or thoroughly reviewing all the documents. On June 1, 2023, the RBI responded stating that the ombudsman case number "N202324005000288" is still under process and that they will inform me of the final decision soon.
However, upon checking my pending cases with the RBI banking ombudsman, I discovered that the case "N202324005000288" had already been closed.
Consequently, on June 2, I filed an appeal, but received the same response from the RBI, stating that case number "N202324005000288" is still under process.
It appears that government departments like the RBI, PG Portal are not meticulously reviewing documents and customer inputs; instead, they seem to be relying on copy-pasted replies from larger organizations.
It now seems that I must seek justice through the consumer court. I am determined to file a consumer court complaint against ICICI Bank. However, I am genuinely surprised by the RBI's responses. Do they truly not review all the documents before making a decision? If this is their modus operandi, how can an ordinary person effectively fight against a bank for their mistakes?
Update: (22 November, 2023)
Today, I filed a case against ICICI Bank at my district consumer court. I have submitted all the PDF copy of all email communications, the old MITC of ICICI Emeralde credit card, and the new MITC of ICICI Bank credit cards (where they have removed the term "subsequent year") dated 2nd November 2023, via an advocate. I have claimed almost 2 Lakhs as compensation and fees reversal.
One interesting thing I noticed is that ICICI Bank literally changed their MITC terms for 3 credit cards (Emeralde Private Metal, Emeralde Private & Emeralde Card) recently after I escalated this matter to ICICI bank officials and RBI.
New MITC terms:
In both cases, they rejected my request. But if they were correct, then why did they change their fees reversal terms on the MITC PDF? Isn't it funny? 😄
I'll keep you guys posted here.
Update 25th September 2024:
A case has been filed in my local district consumer court. The first hearing is complete, and the next hearing is scheduled for 11th November 2024.
Today, I would like to share my ongoing dispute with ICICI Bank. In February 2023, they charged me 12,000+GST (annual fees) for my ICICI Emeralde credit card. However, in February 2022, ICICI Bank issued me a first-year free ICICI Emaralde credit card, and using that card, I spent more than Rs. 15,00,000 until February 2023. According to the MITC, ICICI Bank should provide me with a second-year annual fee waiver as I spent 15 lakhs in the last year. But to my surprise, they charged me Rs. 12,000+GST on 26th February 2023 as the second-year annual fee.
I immediately raised the issue with ICICI Bank, thinking that they might have charged me by mistake, or I would get a refund in the next statement. However, they replied that the annual charge posted on my card was valid, and if I spent Rs. 15,00,000 within the next one year (February 2023 to February 2024), then the annual charges would be refunded. I was surprised to know this kind of rule because no bank charges annual fees in advance.
Therefore, I decided to check their MITC and, as expected, found the reversal criteria:
"If total spends on the Credit Card is equal to or more than this amount during an anniversary year, the Annual Fee applicable on the Credit Card for the subsequent year shall be reversed. If total spends on the Credit Card is less than this amount during an anniversary year, the Annual Fee applicable on the Credit Card for the subsequent year shall not be reversed. Spends through EMI transactions on Credit Card are not included in total spends calculation."
*This amount = Rs. 15,00,000
*MITC Link- https://www.icicibank.com/ms/Person...alde-credit-card/images/pdf/MITC-Emeralde.pdf [ICICI Bank might change the MITC, so attaching the current MITC here as PDF]
This means that if I spent 15 lakhs in the last year, my next year's annual fees would be reversed. So I sent this to ICICI Bank again and requested a refund of the charges. However, they denied my request. Therefore, on 6th April 2023, I filed a complaint with the RBI Banking Ombudsman.
Today, on 21st April 2023, ICICI Bank replied with the same copy-pasted email, which I am attaching the screenshot of here:
I am really confused about what to tell them. Are they not aware of their own MITC? Their reply itself has the MITC attached. Therefore, I replied to ICICI Bank to check the MITC wording again and reply to the RBI. Let's see what happens and what the RBI thinks about the issue. I will post an update here. If the RBI does not help me in this case, I will definitely file a complaint in the consumer court.
Cheers ✌️
Sumanta Mandal
Update: (25/04/2023)
The complaint was closed by the RBI Banking Ombudsman under clause 16(2)(a), and I'm left wondering if the officers thoroughly reviewed all the documents submitted. I had provided a copy of the MITC, which is the primary evidence against ICICI Bank, yet the RBI rejected my claim. It appears that the RBI Banking Ombudsman frequently closes cases under clause 16, without granting customers the opportunity to appeal.
Email Screenshot:
Update (25/04/2023):
I've filed complaint against the RBI on PG Portal for closing my ombudsman complaint without listening to me and not checking the submitted proofs properly.
Update on 27th June:
As you are aware, I filed a complaint on the PG portal against the RBI regarding the closure of my case against ICICI Bank without carefully considering my side or thoroughly reviewing all the documents. On June 1, 2023, the RBI responded stating that the ombudsman case number "N202324005000288" is still under process and that they will inform me of the final decision soon.
However, upon checking my pending cases with the RBI banking ombudsman, I discovered that the case "N202324005000288" had already been closed.
Consequently, on June 2, I filed an appeal, but received the same response from the RBI, stating that case number "N202324005000288" is still under process.
It appears that government departments like the RBI, PG Portal are not meticulously reviewing documents and customer inputs; instead, they seem to be relying on copy-pasted replies from larger organizations.
It now seems that I must seek justice through the consumer court. I am determined to file a consumer court complaint against ICICI Bank. However, I am genuinely surprised by the RBI's responses. Do they truly not review all the documents before making a decision? If this is their modus operandi, how can an ordinary person effectively fight against a bank for their mistakes?
Update: (22 November, 2023)
Today, I filed a case against ICICI Bank at my district consumer court. I have submitted all the PDF copy of all email communications, the old MITC of ICICI Emeralde credit card, and the new MITC of ICICI Bank credit cards (where they have removed the term "subsequent year") dated 2nd November 2023, via an advocate. I have claimed almost 2 Lakhs as compensation and fees reversal.
One interesting thing I noticed is that ICICI Bank literally changed their MITC terms for 3 credit cards (Emeralde Private Metal, Emeralde Private & Emeralde Card) recently after I escalated this matter to ICICI bank officials and RBI.
New MITC terms:
In both cases, they rejected my request. But if they were correct, then why did they change their fees reversal terms on the MITC PDF? Isn't it funny? 😄
I'll keep you guys posted here.
Update 25th September 2024:
A case has been filed in my local district consumer court. The first hearing is complete, and the next hearing is scheduled for 11th November 2024.
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