Beware of ICICI Banks Verbal Promises -. Review on ICICI Bank

Beware of ICICI Banks Verbal Promises Always Get Everything in Writing!

I usually dont make a big deal out of things, but this situation with ICICI Bank felt like they took advantage of the circumstances. I want to share my experience so others can be cautious and "never trust verbal assurances from any bankalways get everything in writing!"

ICICI Bank was slowly but surely building my trust, but unfortunately, one transaction completely destroyed it. Heres what happened in the month of March 2025.

It all started on March 3rd, when I spoke with my Relationship Manager(RM), Hariharan, at ICICI Bank. I had informed him about my plan to make a lump sum payment, and he immediately introduced me to the MONEY2INDIA ICICI app. I was a bit skeptical, but my RM guaranteed that the platform was beneficial, citing examples of his customers who had benefited from it. Plus, the exchange rate offered was better than other options.

Before proceeding, I asked him multiple times: Are you sure about this? What if the exchange rate changes? To which he confidently assured me: No sir, once the rate is locked, you will get the agreed rate. Just make sure to note the reference code and mention this Note without fail "M2X11719409", Charges: OUR without fail.

Since it was my first time using the platform, I was cautious but decided to proceed. The rate was locked at AED 23.74 with a VIP code for the best possible rate. Following their instructions, I transferred the amount to ICICI Banks account in Emirates NBD.

Everything seemed fine until 24 hours later, when the amount was finally credited to my account. To my shock, the amount was lower than expected! Since it was late evening, I couldn't immediately reach my RM. The next morning, I emailed him to ask why the funds were short.

At first, even Hariharan was surprised and reassured me that it must be an error, promising to get back to me. Later that day, he came back with a shocking response:

"Sir, due to the exchange rate dropping at the time of transfer by ICICI Bank, the new rate was 23.64. Hence, the bank sent the funds at that exchange rate."

Yes, its true that the rate had come down, but if the bank had given me a locked rate of 23.74, and if the rate dropped while the money was still in ICICI Banks Emirates NBD account, they should have called me! They could clearly see that my rate was locked at 23.74, so under what circumstances or rights did they decide to proceed with the transfer at a lower rate? I would have never completed the transfer on a day when the rate was lower. So who gave them the right to decide on my behalf and transfer my money at a lower rate?

I was in total shock. I immediately called my RM and asked, Do you even understand what youre saying? This is not a small amount that I can just ignore the difference!

I had to argue, fight, and escalate the issue. Unfortunately, my RM was just following instructions and had no real authority. I dont blame him, but rather the senior management who made this decision, completely disregarding the promises made to customers.

Lesson Learned: Always Get Everything in Writing!

This experience has made me rethink my relationship with ICICI Bank. I had even planned to make investments with them, but after this, I have lost trust and will limit my transactions with ICICI Bank moving forward.

I wont tell others what to do, but I strongly advise everyone:

Never trust verbal assurances from the bank.

Always get written confirmation for any financial commitments.

Be extremely cautious with their communicationone mistake, and youll lose your money!

I hope this review helps others avoid a similar experience. Don't let "One bad transaction flush away your hard-earned money!"

Date of experience: March 04, 2025