I closed my account with ICICI Bank as soon as my 1 year term deposit matured this past winter.
I can honestly say that no matter how much I complain about my main, Canadian bank, ICICI Bank is at least 1000 times worse!
From the time I opened the account to the time I requested the account be closed, I have had nothing but problems with this bank.
Anyone else concerned about having your private, personal information being held by a non-Canadian bank? Surely Canada’s Privacy Laws cannot be enforced on a foreign country.
To my fellow Canadians thinking about opening an account with ICICI Bank Canada, I have two words for you: THINK TWICE!
Bobby says:
ICICI is a joke. I know someone who works there and wants desperately to get out. The entire corporate culture is backwards. There is no upward mobility for employees, all senior positions (like branch managers etc.) are recruited exterally or (usually) someone is brought in from the Indian operation. There is zero motivation for employees at the branch level to improve customer service etc. because they are dead end jobs (and very low paying). They don’t promote from within which does not exactly foster loyalty or motivation to work for the organization. Virtually everyone who works there wants out. They let go of their CEO Harry Panday who was the only one with experience in the Canadian banking industry!! The executives are all brought in from India and have no idea of how to run a North American bank! One idiot executive wanted to have employees where uniforms!! Would you have confidence in giving your money over to someone who looks like they work at Tim Horton’s?? They need to hire non-Indian executives who understand the Canadian banking industry and they need to adopt a corporate culture that rewards employee innovation and mobility not one that tries to hold employees down. And, the Indian parent company needs to complety seperate itself from the Canadian arm and allow it to operate as a seperate entity at arms length from the parent company according to Canadian norms, values and standards. But, I don’t see it happening any time soon.
Nimesh says:
I went through above comments. I noticed that many people had similar experience like me.
1) Opepning bank account: The rep told me that I could open account without SIN card. I had to give SIN details later on anyway to make the account active. I had to give my SIN in Canadian Bank as well to open account. They did not play with words.
2) Documents needed for opening an account: The speed they demonstrate while filling up form in a grocery shop, make it look like the account opening is quick and easy. Once the process starts it takes many days to end mainly because of misrepresentation about documents needed to activate the account. A Canadian Bank has a list of documents needed to open bank account. It becomes easy after knowing what is needed. ICICI needs the same documents as any other Canadian bank.
3) Holding period : There is a holding period on cheques at Canadian Banks 5 days for canadian cheque and 3 weeks for travellers cheques and sometimes foreign cheques. It’s just that sometimes Canadian Banks allow you to use funds at the manager’s descrition. ICICI goes one step further. There is holding period for cash deposit and bank transfers as well.
4) In Branch Experience : This bank has working procedures that is way different than RBC, TD, CIBC, BMO and HSBC. I had to plug in my ABM card to get a queue number. There are only three customers and two tellers in the bank, why can’t you serve me like other banks? TD has brought down walls around counters recently. It is in line with RBC, BMO, CIBC and HSBC. I still have to visit ICICI branch to see if similar things happened there.
NRI branch of Canara Bank in India treated me nicely when I went to the branch. No high walls or counters. I was sitting in front of branch employee across the desk. One employee took care of all my requirements, just like a Canadian Bank.
5) Selling tactics : When I opened account, the rep said you need to maintain CAD 100 minimum balance for not getting charged. Now, minimum balance is CAD 500. The monthly charge is $5. Hopefully, in next two years minimum balance will shoot to $1,000 or more. These charges do not provide monthly statement by mail. If you maintain minimum balance, you don’t get interest as well. At least provide interest on minimum balance maintained to keep customers interested.
I hope each employee at ICICI tries to improve the image of the bank. Jobs are hard to come by.
Nimesh says:
I visited ICICI recently. There is change in the bank.
1. Holding period: There is no holding period for cash deposit. What a relief!!
2. In branch experience: It was okay. It looked like even if the employee is available, the software did not allow every employee to log-in. Result, till the log-ins are released, employee will try to avoid looking at you. At least, they offered seat to the customers.
There was positive attitude to serve customers.
RK says:
ICICI Bank Canada sucks and is soon windidng up their business from here and the jokers that were leading the show will soon leave as well except the ones who applied for PR as they will stay here to spread their dirty, ugly, infectious germs. So, beware of not only those jokers but the biggest malicious infection ……..Hari Panday…their ex CEO, the biggest & shameless fool in the Canadian banking industry so far.
People watch out…….OSFI is looking at them closely, we should too!!!!
Norah says:
ICICI Bank Canada…will soon be have to cover their ass….OSFI can not be quiet for long now!!!!!!!!!!!! They just add zeros in their Excel Balance Sheet to portray…”all is fine”…if the employee opens 9 accounts VPs will tell their India bosses as they opened 90 accounts…may be 900. Adding zeros is in the ICICI executives’ blood….any renovation at Branch/head office ends up renovating some corner of BIG BOSSES home!!!!!!!!!!What a shame?????
WAtch out….the day is coming soon!!!!!!!!
Max says:
if u dont like the bank, just leave..open your account somewhere else. the bank doesnt need you. get lost. people who come to canada from other countries can understand ur “canadian accent” or rather try to understand without getting frustrated. if u have issues with people with accent, then TRY TO LEARN THEIR ACCENT. peace.
John says:
Very well said Max.
Linda says:
I really need to understand that most of the people who have commented in the article have much issue with bank or with the accent???
Have you ever called call centers IBM, HP, CISCO or other big players, they are all located in India and you deal with ALL THOSE heavy accent Indian voices but they still resolve your issues in a much better and quick way then the so called CANADIAN Not HEAVY accent voice when you call call centers in Canada for big companies like BELL, ROGERS etc.
Coming back to financial institutions- i remember when i opened my account with Canadian bank i was asked for the SIN card as well.
Now regarding the issue you people had while login for the first time to your online account with ICICI ….. that has been intentionally placed for security reason. Don’t you have to call your bank to activate your VISA, Master Cards to activate once you receive them in mail. This is THANKS to CANADA POST who have been fantastic in delivering mail for one home to a different home. Don’t tell me that you have never experienced this situation with Canada Post.
Anon says:
IMO, ICICI Bank is one of the worst banks in India. Disorganized, shoddy customer service. They deal mainly with lower income group profile in India.
John says:
Surprising..people living in Canada talk about Indian accent? It is like, if you are looking for a job..Canadian Employer does not understand your accent but if you are buying some something from Canadian Companies like Rogers/bell or may be a best buy, then they understand your accent at the first instance.
hahahaha
Shaun says:
DO NOT open a savings account with ICICI Bank in Canada. I’ve been trying to log into my account for 3 months, each time being told by a pop-up window that my account is “Dormant” because I haven’t made any transactions in six months. Okay, that was fine 3 months’ ago, but after speaking with several ICICI customer service people I’m still being told my account is dormant but they’ll fix it “within two business days.” That hasn’t happened. If I ever do manage to log into my account again I’m moving all of my money to another bank.
We are sorry to hear about your experience.Please email us your contact details at care@icicibank.com and we will get back to you at the earliest to make sure necessary action is taken. Kindly refer “1537748” in the subject line.
Regards,
ICICI Bank Customer Service Team.
Sariretard says:
What can I say….. horrible bank.
Hopefully OSFI will figure out what is going on there….and shut that place down.
I closed my account with ICICI Bank as soon as my 1 year term deposit matured this past winter.
I can honestly say that no matter how much I complain about my main, Canadian bank, ICICI Bank is at least 1000 times worse!
From the time I opened the account to the time I requested the account be closed, I have had nothing but problems with this bank.
Anyone else concerned about having your private, personal information being held by a non-Canadian bank? Surely Canada’s Privacy Laws cannot be enforced on a foreign country.
To my fellow Canadians thinking about opening an account with ICICI Bank Canada, I have two words for you: THINK TWICE!
ICICI is a joke. I know someone who works there and wants desperately to get out. The entire corporate culture is backwards. There is no upward mobility for employees, all senior positions (like branch managers etc.) are recruited exterally or (usually) someone is brought in from the Indian operation. There is zero motivation for employees at the branch level to improve customer service etc. because they are dead end jobs (and very low paying). They don’t promote from within which does not exactly foster loyalty or motivation to work for the organization. Virtually everyone who works there wants out. They let go of their CEO Harry Panday who was the only one with experience in the Canadian banking industry!! The executives are all brought in from India and have no idea of how to run a North American bank! One idiot executive wanted to have employees where uniforms!! Would you have confidence in giving your money over to someone who looks like they work at Tim Horton’s?? They need to hire non-Indian executives who understand the Canadian banking industry and they need to adopt a corporate culture that rewards employee innovation and mobility not one that tries to hold employees down. And, the Indian parent company needs to complety seperate itself from the Canadian arm and allow it to operate as a seperate entity at arms length from the parent company according to Canadian norms, values and standards. But, I don’t see it happening any time soon.
I went through above comments. I noticed that many people had similar experience like me.
1) Opepning bank account: The rep told me that I could open account without SIN card. I had to give SIN details later on anyway to make the account active. I had to give my SIN in Canadian Bank as well to open account. They did not play with words.
2) Documents needed for opening an account: The speed they demonstrate while filling up form in a grocery shop, make it look like the account opening is quick and easy. Once the process starts it takes many days to end mainly because of misrepresentation about documents needed to activate the account. A Canadian Bank has a list of documents needed to open bank account. It becomes easy after knowing what is needed. ICICI needs the same documents as any other Canadian bank.
3) Holding period : There is a holding period on cheques at Canadian Banks 5 days for canadian cheque and 3 weeks for travellers cheques and sometimes foreign cheques. It’s just that sometimes Canadian Banks allow you to use funds at the manager’s descrition. ICICI goes one step further. There is holding period for cash deposit and bank transfers as well.
4) In Branch Experience : This bank has working procedures that is way different than RBC, TD, CIBC, BMO and HSBC. I had to plug in my ABM card to get a queue number. There are only three customers and two tellers in the bank, why can’t you serve me like other banks? TD has brought down walls around counters recently. It is in line with RBC, BMO, CIBC and HSBC. I still have to visit ICICI branch to see if similar things happened there.
NRI branch of Canara Bank in India treated me nicely when I went to the branch. No high walls or counters. I was sitting in front of branch employee across the desk. One employee took care of all my requirements, just like a Canadian Bank.
5) Selling tactics : When I opened account, the rep said you need to maintain CAD 100 minimum balance for not getting charged. Now, minimum balance is CAD 500. The monthly charge is $5. Hopefully, in next two years minimum balance will shoot to $1,000 or more. These charges do not provide monthly statement by mail. If you maintain minimum balance, you don’t get interest as well. At least provide interest on minimum balance maintained to keep customers interested.
I hope each employee at ICICI tries to improve the image of the bank. Jobs are hard to come by.
I visited ICICI recently. There is change in the bank.
1. Holding period: There is no holding period for cash deposit. What a relief!!
2. In branch experience: It was okay. It looked like even if the employee is available, the software did not allow every employee to log-in. Result, till the log-ins are released, employee will try to avoid looking at you. At least, they offered seat to the customers.
There was positive attitude to serve customers.
ICICI Bank Canada sucks and is soon windidng up their business from here and the jokers that were leading the show will soon leave as well except the ones who applied for PR as they will stay here to spread their dirty, ugly, infectious germs. So, beware of not only those jokers but the biggest malicious infection ……..Hari Panday…their ex CEO, the biggest & shameless fool in the Canadian banking industry so far.
People watch out…….OSFI is looking at them closely, we should too!!!!
ICICI Bank Canada…will soon be have to cover their ass….OSFI can not be quiet for long now!!!!!!!!!!!! They just add zeros in their Excel Balance Sheet to portray…”all is fine”…if the employee opens 9 accounts VPs will tell their India bosses as they opened 90 accounts…may be 900. Adding zeros is in the ICICI executives’ blood….any renovation at Branch/head office ends up renovating some corner of BIG BOSSES home!!!!!!!!!!What a shame?????
WAtch out….the day is coming soon!!!!!!!!
if u dont like the bank, just leave..open your account somewhere else. the bank doesnt need you. get lost. people who come to canada from other countries can understand ur “canadian accent” or rather try to understand without getting frustrated. if u have issues with people with accent, then TRY TO LEARN THEIR ACCENT. peace.
Very well said Max.
I really need to understand that most of the people who have commented in the article have much issue with bank or with the accent???
Have you ever called call centers IBM, HP, CISCO or other big players, they are all located in India and you deal with ALL THOSE heavy accent Indian voices but they still resolve your issues in a much better and quick way then the so called CANADIAN Not HEAVY accent voice when you call call centers in Canada for big companies like BELL, ROGERS etc.
Coming back to financial institutions- i remember when i opened my account with Canadian bank i was asked for the SIN card as well.
Now regarding the issue you people had while login for the first time to your online account with ICICI ….. that has been intentionally placed for security reason. Don’t you have to call your bank to activate your VISA, Master Cards to activate once you receive them in mail. This is THANKS to CANADA POST who have been fantastic in delivering mail for one home to a different home. Don’t tell me that you have never experienced this situation with Canada Post.
IMO, ICICI Bank is one of the worst banks in India. Disorganized, shoddy customer service. They deal mainly with lower income group profile in India.
Surprising..people living in Canada talk about Indian accent? It is like, if you are looking for a job..Canadian Employer does not understand your accent but if you are buying some something from Canadian Companies like Rogers/bell or may be a best buy, then they understand your accent at the first instance.
hahahaha
DO NOT open a savings account with ICICI Bank in Canada. I’ve been trying to log into my account for 3 months, each time being told by a pop-up window that my account is “Dormant” because I haven’t made any transactions in six months. Okay, that was fine 3 months’ ago, but after speaking with several ICICI customer service people I’m still being told my account is dormant but they’ll fix it “within two business days.” That hasn’t happened. If I ever do manage to log into my account again I’m moving all of my money to another bank.
Hi,
We are sorry to hear about your experience.Please email us your contact details at care@icicibank.com and we will get back to you at the earliest to make sure necessary action is taken. Kindly refer “1537748” in the subject line.
Regards,
ICICI Bank Customer Service Team.
What can I say….. horrible bank.
Hopefully OSFI will figure out what is going on there….and shut that place down.