[top_gear]

I am looking for someadvice/guidance from banking domain expert or anybody who has gone through similar situation especially with ICICI Bank Ltd.


Context : I have been banking with ICICI for decades now (Personal and Dmat accounts). They have something called Wealth Customer.

Faced DMAT KYC issue with them in past when their mumbai office was flooded and they lost all customer documents (before 2010) and they asked for Re-KYC. They blocked my online dmat and trading access even after doing Re-Kyc multiple times. Seems my KYC documents used to get lost in sytem or at branch. Lost lot of money as i could not execute my Sell/Buy calls at "Right" time as my trading accounts were frozen by them.

So took my learnings and "Partially" moved to other banks like Kotak and HDFC. However, i still have couple of saving accounts with ICICI.

Problem Statement : I have pending KYC with ICICI for my saving account that has multiple joint holders.

I totally understand KYC is RBI circular and it needs to be complied. It is for account holder security.

Challenge is ICICI insist all account holders should come together to branch and submit KYC. My challenge is some account holder are outside india and ICICI has no branch in that country. Pandemic also added to overall ordeal as international travel was restricted. So plan to do KYC when member come to india. i have informed same in written to ICICI.

However, they have still made my account inaccessible and now i am not able to use my funds in account.

1. I am not able to use Debit card to withdraw cash at ICICI Atm.
2. My "self" cheque was not cleared sighting KYC
3. Online banking is blocked and now online banking ID is expired due to non utilisation.
4. As no transaction, account is dormant now.
5. However, even though account is dormant, they keep deducting periodic charges for locker/SMS/Annual debit card charges etc. They are not able to explain, if transaction (Dr/Cr) are happening, why account is marked as Dormant.

On other hand, similar KYC requirement are not as frequent with Kotak/HDFC and they allow online KYC through internet banking.I have successfully done my KYC for other banks online. Interesting to know, all banks are under RBI guidelines then how come icici has different protocols in name of KYC mandate.

Seeking Opinion/advice/guidance :

1. Can ICICI really block me out of my funds in name of KYC?
2. I have tried resolving it with polite discussions with branch manager/customer care appraising them of situation and requested for some way out or allowing duly signed form submission through mail while rest of account holder can walk in to branch.But no avail.
3.What is best approach to resolve this? out of your personal experience or banking domain expertise?
4. If it is not legal, how and whom to complain?

Thanks,


PS: Admins, I could not find relevant info hence started new thread. Feel free to delete/merge with similar thread. Thanks.

[ABHI_1512]

Perfect case for redressal through the Banking Ombudsman. Please get through to the banking ombudsman of the said branch under whom the jurisdiction falls and make a detailed complaint regarding your issues if you have not got any redressal from the bank. For your perusal, attaching a link from the RBI.

https://rbidocs.rbi.org.in/rdocs/Con...06_2302017.pdf

P.S- I am satisfied customer of ICICI Bank for more than two decades now and I have even done KYC through a branch situated in another city as well. Your ordeal is certainly unwarranted.

[infotech58]

Some of this may be because one of the account holders is not in India? Based on my experience (with another bank), if at least one of the account holders is a non resident then the entire account gets tagged as (or should be converted to) NRO account (which has its own unique set of paperwork (such as: tax ID from foreign country)).

[top_gear]

Originally Posted by infotech58

Some of this may be because one of the account holders is not in India? Based on my experience (with another bank), if at least one of the account holders is a non resident then the entire account gets tagged as (or should be converted to) NRO account (which has its own unique set of paperwork (such as: tax ID from foreign country)).

This is another complex aspect. Ideally, account holder needs to initiate action of NRO conversion provided they are earning outside India along with residency outside India for 180 days and above.

In my case, along with this, I am struggling to get all inside India at same time to visit branch physically.

[Fx14]

This news article today clarifies RBI views on the matter :

https://wap.business-standard.com/ar...0501005_1.html

[saisree]

Why the OP didn’t use the internet banking where the documents can be uploaded? No need to visit the branch.

[revvharder]

Originally Posted by top_gear

Challenge is ICICI insist all account holders should come together to branch and submit KYC. My challenge is some account holder are outside india and ICICI has no branch in that country. Pandemic also added to overall ordeal as international travel was restricted. So plan to do KYC when member come to india. i have informed same in written to ICICI.

However, they have still made my account inaccessible and now i am not able to use my funds in account.

I have done this several times as my parents used to have joint accounts decade back which went dormant with funds stuck in it for years and nowadays if one is free the other isn't, the accounts were in PSU's so what i did was got an authority/NOC letter stating that the other holder won't be able to visit and i want to make the other holder the sole operator of the account and converted the joint account to normal account then did the KYC and then closed the account.

[top_gear]

Originally Posted by Fx14

This news article today clarifies RBI views on the matter :

https://wap.business-standard.com/ar...0501005_1.html

I hope this changes outlook for sure. Waiting to get it roll out at branch level/online. Will be a big relief.

[panchi]

Dear Team BHPians,

I have ICICI resident savings and current accounts for decade plus. However, after moving to the USA, these accounts remained dormant since 2015. In my previous visit India, I tried closing my accounts twice (!) once in December 2022 and then again in Feb 2023 since they had not yet closed. Even to this day they have not closed my accounts.

I tried tweeting them, no use ! Emailed, they ask me to contact the nearest branch in person ! I can not call them since I don't have neither the ATM card nor the access to the phone number that I used with the bank account. Any suggestions on what can I do further to ensure my accounts are closed ?

Mods: Can you please move this post if it is not in the right thread ?

-Panchi

Wagon R | Ertiga | Camry | Stratus | Odyssey | Highlander

[top_gear]

Originally Posted by Fx14

This news article today clarifies RBI views on the matter :

https://wap.business-standard.com/ar...0501005_1.html

Almost 5 months since this RBI announcement, no change in ICICI process/stance. Seems going to branch is only option while other banks are doing it online without any hassles.

[top_gear]

I have update on this concern with ICICI Bank.

ICICI bank closed my wealth saving account (it was pending for kyc) March 2024 without any prior written notice and till date i am not in receipt of funds in that account (more than Rs 50,000). I could not withdrew it as account was locked by ICICI.

Over last 6+ months, tried talking with bank, customer care, wealth team and even nodal officer over call and mail, but i have reached no where. All they have informed me is account was pending for KYC and they sent an SMS and then closed it. Thats all.

Ideally, how can they close account with a notice on SMS (with no proof of my acknowledgement or SMS receipt).

Of course, next step is Banking Ombudsman.

But can ICICI or any other bank really do this? especially account holder is senior citizen (wherein RBI has specific guidelines towards basic banking including KYC to be done at door step etc.)

1. Is sending SMS is enough without any acknowledgement towards closure of wealth account member?

2. Why no written communication was sent to registered email id & communication address registered with ICICI Bank?

3. providing proof of SMS sent. (date, time, from which sender id , to which mobile number and most important “Delivery receipt” from telecom operator)


4. Under which RBI provisions, ICICI is entitled to close a savings account without informing customer in written without any acknowledgement.

Bank is not providing any information for above. I am seeking your advice for my options on procedural as well as legal front as i need this account reinstated and access to my (missing) funds. Has somebody been through similar situation and guide me for best possible course of action.

Thanks in advance for all your input / opinion.

[Fuldagap]

Approach banking ombudsman and also raise a complaint on CPGRAMS simultaneously.
You should also visit the branch and write a complaint in the complaint register yourself.
If unable to visit the branch, then just follow banking ombudsman and CPGRAMS route.

As you have already followed up all chains of redressal at ICICI, no point in keeping in conversation with them. If you can find the email id of the CEO then write an email to that too. A team keeps track of all emails received on that id and they are 24x7 on it replying positively.

ICICI guys don't know core banking, they just know how to sell insurance and credit cards. They have a robust IT framework but your experience has been bitter so it makes sense not to waste more time speaking with the likes of customer care or branch officials.

The other thing that will almost certainly work is in person going to the concerned branch and making a huge scene with explicitives involved Highly unadvisable but it works in India.