Over the last few years I have tried to simplify my personal banking by reducing the number of Bank Accounts and Credit Cards to two each. Some of these accounts you sign up for a specific purpose but then managing them, maintaining the minimum balance is a pointless hassle.
I began this route in 20th August 2009, when ICICI introduced 3D Secure and I noticed few indemnification clauses that put me in risk as a consumer even for their technical faults which it doesn’t sound fair to me. I couldn’t find these clauses used even by the Foreign banks like Citibank and Standard Chartered. I called them and closed the credit card immediately. The previous month in July 2009, in the monthly statement from them, I noticed they require Employer to deduct and pay from Salaries any credit card dues of their employees. To my hearsay Indian labour laws don’t allow any room for the Employer to even touch the salaries, so I am not sure whether this clause by ICICI is tenable under present laws.
I have had pleasant experiences too with ICICI Bank, their Netbanking is one of the most convenient amongst all banks in India. In 2006, ICICI obliged to reverse a transaction in ebay on my request.
With my primary Demat Account, Bank Account all checked, I managed to get my ICICI Demat and Bank Account closed. It took a visit to their local branch, few original documents (PAN Card, Passport) and lot of persuasion from my side, but job got done. I feel elated.