ICICI BANK CREDIT CARD-PAY BILL CASH PAY 100 RS CHARGES

SHARE:

Dear Friends,

Leading Banking company in providing Credit card Facility In India ICICI Bank has started a Innovative scheme to increase its revenue ,They have started charging RS 100 for credit card bill payment in cash in Bank Branch.Yes ,you have correctly read it ,if you are a credit card customer of ICICI Bank and paying Credit Card bill payment in bank branch in Cash then your credit card will be debited by Rs 100/- irrespective of the amount of bill in the credit card wef 01.06.2008.

ICICI bank generally publishing in each Ads "free credit card " than do you think its actually free ????,suppose you have bill of 2500 per month and paying bill in cash ,Now a charge of 100 rs on bill payment in cash lands your credit card credit @ 4 % per month or 48 % per annum.

The ICICI bank official has their version ,they said that due to short staffer branches, we have to reduce foot fall in bank branches ,so to discourage customers to deposit credit card bill payment in cash ,we have taken this step..

In my opinion these type of charges will not beneficial to bank at all.... and not helpful in achieving the purpose either ....I have given some points in support of my opinion .....

  1. These type of charges only give free bad publicity ,like I am doing here ,and some time damage are beyond control.
  2. People do more things on encouragement ,then discouragement ,like in present case same results can be achieved if Bank have started a system in which they encourage people to pay credit card bill payment by cheque or through online and get rewards points like 25 points for bill payment through cheque and 50 points payment through internet or standing instructions.
  3. The people who are paying credit card bill through cash ,have to deposit in their other account like saving or currant account and have to visit the branch again to deposit the cash so purpose to reduce the foot fall in bank branches will not achieved a all
  4. lets assume ,Such type of charges will be successful in reducing the visitors in bank branches then to whom the customer care executive at branch level will sell Insurance policies ,mutual funds,gold coins and other products ,remember person who have credit cards in their pockets are generally do more expenditure than the other who don't have...
  5. ICICI bank and other banks has start charging for check leafs and excessive use of checks also cost you more ,Now if the customer pays the bill through check even than it will cost him additional 12 cheques in a year ,and second option cash is we are discussing also cost him 100 rs per bill,,,
  6. To pay through cheque it will take generally 2-3 days means now you have to pay your bill 2-3 days early so effective credit period also reduce.......& moreover if delay in payment due to late opening of drop box also cost you 350 as late payment surcharge .......and you have no proof what so ever that you have dropped the check on such and such date......
  7. To pay the bill through ICICI bank cheque through saving is also a dearer option as you have to park a bare minimum of 10000 in your account otherwise 750 per qtr will be reduced from your account ,and if you park ten thousand in saving account then opportunity cost to you will be fixed deposit rate - saving rates that is (9.5%-3.5%)=6 % on 10000=loss of 600 per annum ......
  8. Such a arbitrary and innovative charges discourage potential credit card user to have ICICI BANk CREDIT Card
more points can be added in this regards ,but all other points I have left for you ,so add your comment in comment section ,and if you have are ICICI bank customer or OTHERWISE want to communicate your feelings to public and to ICICI bank officials than fill the form given below select the services you are using from ICICI BANK add your comment and press submit and a message will be send to the ICICI bank officials from you and also comment will also published in form given below with your name ,so let them force to rethink on this decision now.................
UPDATE 11/09/2008(ICICIBANK has now give option to pay online from other banks netbanking)
 

Online Payment of Credit Card Bills using the NEFT facility
You can now make payment of your ICICI Bank credit card bill from any bank that has enabled the NEFT capability on its Internet banking facility. This feature is an additional convenience for ICICI Bank credit cardholders who do not have an ICICI Bank savings account*.
How making your ICICI Bank credit card payment through NEFT works:
1.Log in to the Internet banking facility of your bank and go to its online funds transfer module.
2.Add your ICICI Bank credit card as a beneficiary to receive the funds transferred.
3.Initiate an online funds transfer with the ICICI Bank credit card as the beneficiary.
4.Please make sure that you enter the following information correctly while transferring funds to make your credit card bill payment using the NEFT facility:
Name of Destination Bank ICICI Bank
Name of Destination Branch Mumbai (RPC)
Type of Destination Account Credit Card
Number of Destination Account Your 16-digit credit card number
Transaction Code 52
IFS Code ICIC0000103
*If you have an ICICI Bank savings account, go to ICICIBank.com and transfer funds from your savings account to your card account using the Bill Pay facility.
Remember:
  • Choosing a wrong IFSC code will result in delay or cancellation of your funds transfer.
  • You need to make your ICICI Bank credit card payment at least two business days before the due date.
  • The terms and conditions of the Internet banking facility of your bank will apply. The payment is subject to acceptance of ICICI Bank as a payee by the Internet banking module of your bank.
  • The NEFT facility is subject to the rules and guidelines of Reserve Bank of India, as applicable from time to time.
ICICI Bank reserves the right not to accept a request for NEFT, without assigning any reason.

ICICI BANK REPLY

Dear Customers

It is interesting to note that the customer's most preferred mode of payment is "payment by cheque" for credit cards vis a vis other modes of payment like ECS, auto-debit or online funds transfer or payment in cash.

We had to make this change taking into consideration the volume of such transactions and the prime concern of convenience of our valued customers at branches so as to reduce the wait time at branches. I am sure you would appreciate the fact that, handling of cash payment is far more cumbersome and time-consuming for both, banks and customers and it is true that there is considerable increase in cost of handling of cash transactions, globally.

We confirm having given a due notice in the credit card statement sent to respective customers for the month of May'08 which is reasonably highlighted on the first page of such statement with a clear heading in bold "IMPORTANT MESSAGES", to ensure attention of our valued customers.

We wish to clarify that while payment of ICICI Bank credit-card dues can be made by various convenient modes, charges are levied only when payment is made in cash. None of the other modes of payment attract any such charges.

We also wish to share that that every branch has important notices along with the Code of Commitment displayed prominently and carries a schedule of charges which highlights the services provided.

We take this opportunity to reiterate that ICICI Bank, has at all times, acted in good faith and with no intention to prejudice the interest of the customer. Customer Service has always been a top priority with us and we beseech feedback from well wishers of bank like you, so as to ensure that the complaints are minimised and we are always on the right path of service excellence.

We trust the above clarifies the issues raised by our valued customers and thank you for giving us an opportunity for clarification and for bringing these case studies to our attention.

Sincerely,

Rakesh Sah
Office of Head Service Quality






NOTE:This issue is pinching me, so I have given this ,otherwise we will concentrate more on taxes only...

COMMENTS

BLOGGER: 1
Loading...
Get Latest Updates In your Inbox

$show=index

Name

. SECURITIES (MNP) (TDS)2007-08 ` 01.07.12 01.09.2008 01.10.2012 06.07.2009 07.08.2012 1 PERCENT EXCISE ITEMS LIST 1 sep 1% excise 10 year nsc 10(10C) 1000 court cases judgements supplied to ITO 1000 rupee note 11-2008 11-2010 130 items 14.08.2008 15 august 150 Rs coin 15g 15h 18-12-2009 192(1A) 192A 194 I 194A 194c from 01.10.2009 194H 194j 194LC 1981-2007 2% cst 2% excise 2004 2008 2008-09 FY 2010 206AA 234A 234B 234C 234c interest calculator 234E 23AC 23ACA 23B 24C 24q annexure II 25 paisa coin 271(1)(c) 271B 271H 272B 27A 280 280 challan 281 282 283 29 AUGUST 29.04.2010. 29/08/2008 29/2008 service tax 2g meaning use 3 idiots 30 MARCH 31st March 32-2010 33 of 2009 35(2AA) 35(2AB) 3CD 3g meaning use 40(b) 43B 44 AB EXEMPTED INCOME 44AA 44AB AGRICULTURE 44AB new limit 44AB NON RESIDENT 44ad 46/2012 45/2012 49C 5 day week 5 years post office deposit 5/2011 50 paisa coin 54b 54EC 54ee 54f 54gb 5th paycommission punjab 6 % excise 6 crore advance limit 6/2005 69/2010 6th cpc 6TH PAY COMMISSION 70% of pan etds 7th Central Pay Commission 8 tips to save tax 80C 80ccc 80CCD 80cce 80CCF 80CCG 80d 80DDB 80EE 80G 80GG 80GGA 80GGB 80ggc 80tta 80U 85% of pan etds 86/2008 DATED 13-08-2008 87A rebate 89(1) 89(1) relief calculator 9.5 % rate for private epf 92E 95% of pan etds 98 dated 04/01/08 aadhaar aakash tablet aam admi aar Aayakar Sampark Kendra abatement abolished ACCOUNT PAYEE DRAFT Accounting ACCOUNTING CODE accounting code for services ACCOUNTING FOR GOVT GRANTS accounting standards ACES ADD IN Add-Ins additional relief in budget 2010 adjustment of advance FBT with advance Tax advance rullings advance salary ADVANCE TAX CALCULATOR advance tax challan ADVANCE TAX CUT OFF AMOUNT ADVANCE TAX DATES AFFIDAVIT AG Projects Technologies Ltd RT age 80 addition pension aibea wage revision aibea wage revision latest news aiboa aiboc aiboc wage revision AIG AIR airline ticket booking tds airlines all is well allowances allownces alphabet of inspiration alteration on check allowed alternate minimum tax AMENDED 3CD amendment in companies bill 2011 amendment in gratuity act 2010 amendment in registration service tax AMENDMENT IN SERVICE TAX ON RENT amendment to finance Bill 2010 AMNESTY SCHEME 2007 amt Anna Hazare anna hazzare bill vs govt lokpal bill appeal apply for new pan card against old pan card aqb arbitration arrears of salary arrears of sixth pay ARRERS TAX AS-12 ASBA assessee in default ASSESSMENT REOPENING ASSESSMENT YEAR 2008-09 REFUND atm atm 100 per day atm cash without card atm tips atm wrong debit audit cases itr filing audit limit enhanced Audit Questionaire AUDIT REPORT AUS VS IND.INDIA VS SL Automated teller machine AUTOMATION OF CENTRAL EXCISE AND SERVICE TAX ay 2010-11 bad debts Bank Bank account bank audit bank audit 2012 bank charges BANK SALARY bank strike 06/07/09 and 07/07/09 banking law amendment banknotes banks npa provisioning BARE ACT bare rules BASE RATE BY BANKS bcct BIMAL JAIN biometric pan card black and white form not acceptable black money BLOCK PERIOD blogging bobay refund BONUS bonus share book discount BOOK ON EFILING BOOK REVIEW books of accounts BOOMING INDIAN ECONOMY both House rent allowance both hra and house loan Brass Scrap BRIBE CASE BROKER BSE bsnl broadband bsnl broadband usage bsnl land line sms alert BSR CODES BUDGET 2009 budget 2010 budget 2010-11 budget 2011 BUDGET 2012 budget 2013 BUDGET 2014 BUDGET 2014 CONTEST budget expectations BUDGET HIGHLIGHTS budget live on computer budget live telecast budget notification budget on tv budget speech BUDGET SPEECH DOWNLOAD Budget-2014 Budget-2015 BUDGET-2016 BUDGET08 Business BUSINESS AND PROFESSION MEANING BUSINESS COVERED UNDER 44ab BUY HOUSE C FORM CA CAN ONLY AUDIT MVAT CA CLUB INDIA CA GIRISH AHUJA CA NITIN GUPTA CA PARDEEP JAIN CA ROHIT GUPTA ca services CA sudhir Halakhandi CA Swapnil Munot CA Vikas Khandelwal calculate arrear CALCULATE NEW PAY calculate your emi calculation of tax on salary arrears CALCULATOR CALCULATOR REVISED capital asset capital formation huf Capital gain capital gain account scheme 1988 CAPITAL GAIN INDEX capital gain on repayment of loan capital gain on tenancy rights capital goods capital revenue CAPITAL SUBSIDY CAR LOAN RATE INCREASE carry forward of losses in late return cas cash flow statement CASH PAYMENT DIS ALLOWANCE CASH PAYMENTS EXCEEDING 20000 CASH SUBSIDY cbdt cbec CBI ARRESTED centeral sales tax rate CENTRAL PAY COMMISSION CENTRAL PROCESSING CENTER CENTRALISED PROCESSING OF RETURNS Cenvat CENVAT Credit Rules cgas 1988 challan challan 281 CHALLAN 289 challan correction challan Form 17 CHALLAN STATUS INQUIRY change change in cst rate change in excise duty rates CHANGE IN PAN ADDRESS CHANGE IN PAN DATA change in tds rates in budget changes CHANGES IN SERVICE TAX ACT changes in new itr forms CHANGES IN TDS CHARGES ON CASH PAYMENT OF CREDIT CARD BILL charitable organisation check name from PAN check tds deducted online Cheque cheque bounce cheque payment before due date cheque tender date /realisation date Cheque Truncation CHEQUE VALIDITY child care leave CHILD DEPENDENT PREMIUM CHILD MARRIED PREMIUM child plan childeren name children education allownces chip based atm card cibil cibil for companies CII 2007-08 CII 2008-09 CII 2010 cii 2012-13 CII2011-12 cin CIRCULAR 3/2010 DT 2.03.2010 CIRCULAR 8-2010 CIT v. Emilio Ruiz Berdejo (2010) 320 ITR 190 (Bom.) cloning of atm card clubbing of income COLLECTION CHARGES COLOR SCHEME COMMISSION ON SMALL SAVINGS common error in 2009-10 common error in itr 4-5-6 compa companies bill 2012 COMPANIES RATE COMPANY BILL 2011 company deposit Company Law Settlement Scheme COMPANY REGISTRATION complusory payment of taxes Composition scheme service tax COMPUTER AS FAX MACHINE computer sytem at ito office CONCEPT PAPER configure yahoo mail in outlook express consolidate account statement construction purchase of house Consultancy Service Consumer Price Index continues services CONTRIBUTION TO NEW PENSION SCHEME CONTRIBUTORY PENSION FUND CONVERT FIGURES INTO WORD EXCEL COPARCENER CorpMcash corporation bank correction etds CORRECTION IN PAN DATA correction in section CORRECTION RETURN CORRECTION RETURN.ETDS cost accounting cost audit cost inflation index cost inflation index 2012-13 COST INFLATION INDEX FY 2010-11 COST INFLATION INDEX FY 2011-12 COST OF INDEXATION CALCULATOR court case in entry tax punjab cpc phone number cpf Credit card CREDIT CARD BILL PAYMENT ICICI BANK credit scores cricket team critical illness CROSSED DEMAND DRAFT CRR crr reducred CS DIVESH GOYAL CST CST 3% OR 2 % cst act 1956 cst form CST FORM STATUS cst rate changed CST REDUCE RATE ctt currency CURRENCY TRADING ILLEGAL custom custom changes in budget cusual leave DA MERGE da rate da rate 01.07.2012 da rate january 2013 da rate july 2012 da rate wef 01.01.2012 date extension DDO ASK RENT RECIPT ddt dearness allowance Debit card DEBT EQUITY RATIO debt funds debt trap declared goods DEDUCTION 80C deduction for higher studies deduction on saving bank interst deduction u/s 80DD Deemed income of employee deemed services defective return defence officers defence pay defence pay scales DELAY IN FILING delete ledger in tally DELHI HIGH COURT demat deposit tax of two quarter in single challan depreciation depreciation on car depreciation on commercial vehicle. DEPRECIATION ON INTANGIBLE ASSETS depreciation rate depreciation rate 2009-10 DETAIL AFTER E FILLING DETAIL OF TIN Determination of value DIFFRENT TYPE OF TAXES digital signature din direct payment in bank account DIRECT SUBSIDY direct tax bill direct tax changes in budget direct tax code direct tax code 2009 Disability insurance discussion Paper distribution of salary dividend distribution tax dividend striping dnd do not call. document identification number document ientification number documents required for service tax registration domestic transfer pricing donation dot double taxation dow jones download download 89(1) relief calculator download direct tax code 2012 download form 16A download fvu download idfc INFRA BONDS FORM draft reply drawback rates dtaa dtc DUE DATE AY 2010-11 due date ay 2011-12 due date extended due date extended to 31.08.2012. due date for service tax return due date form 16 due date form 16a due date June due date march tax due date of return 2008-09 due date pf esi due date to deposit tds DUE DATES DUE DATES CALENDAR DUE DATES CALENDER DUE DATES INCOME TAX DUE DATES SERVICE TAX DUE FAMILY PENSION DULICATE PAN DUPLICATE TAN dvat e book Income Tax rules e book on service tax E ERA OF TAXES e filing do and don'ts e filing of audit report e filing processing status e filing software excel free e filing through evc e filing utilities e mode for notice to shareholder e notice to share holder e payment of epf E PAYMENT OF EXCISE DUTY e payment of income tax E PAYMENT OF SERVICE TAX e payment of tds E STAMP DUTY e tutorial for TAN registration E-1 FORM E-1 SALE e-commerce E-FILE SERVICE TAX RETURN e-Intermediary e-payment from friends account E-PAYMENT OF SERVICE TAX e-payment of taxes E-SEVA BY ICAI e-TDS/TCS statements earn from home earned leave Easy Exit Scheme ebay EBOOK EBOOK ON SERVICE TAX economic survey economic survey 2010 economic survey 2011 economic survey 2012 Edible Oils EDITABLE INCOME TAX FORM education cess EDUCATION LOAN eet EFFECTIVE DATE CST RATE REDUCTION effective date of allowncs efiling errors efiling free efiling income tax return efiling of excise return efiling registration problem Electricity act ELECTRONIC FOREX TRADING Electronic Verification Code (EVC) elegent card on holi ELSS EMANAGEMENT OF TAXES EMI CALCULATOR empanelment as branch auditor EMPLOYEE PROVIDENT FUND employee state insurance employee state insurance act 1948 employee state insurance act Limit employer e sewa eMudhra Consumer Services entries r off in 50 paisa entries rounded off in rs ENTRY TAX entry tax punjab epf epf challan epf claim epf e passbook EPF FAQ epf int rate 11-12 epf interest exemption epf interest rate epf interest rate for fy 2010-11 epf limit epf online EPF ONLINE CHALLAN GENERATION epf statement EPF TRUST epf withdrawals epfo equal monthly installments equity funds ER-1 ER-2 er4 form online error in etds return error in st-3 esi esi contribution esi limit 10000 esi limit 15000 esi limit from 01.05.2010 esi return ESOP ETABF ETAX etcs etds etds correction etds defualts etds due date ETDS FVU 3.1 ETDS PAYMENT ETDS Q4 ANN II etds retur with insufficient pan etds return ETDS RETURN DUE DATES etds return less deduction of tax. ETDS RTEURN SOFTWARE etds software etds without pan etrip Excel