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.
  • 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.


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.


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...


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