ICICI bank fixed rate bond renewed at incorrect rate

newbshr

I would strongly recommend that anyone who has taken out a fixed rate bond with ICICI recently check that the interest rate given to them at renewal date is correct.

We renewed a fixed rate bond with ICICI bank back in mid-May, but agreed to the renewal (they phoned us up, and we thought how efficient!) in mid-April, when the interest rate was higher than on the actual renewal date.

We neglected to check that the bond had the correct agreed interest rate on renewal, and I discovered last week that the bond had been set up at the rate at the time of the renewal, rather than the agreed rate, which is backed up by their Interest Rate Renewal Guarantee.

However - SUCCESS!! They have now changed the interest rate to the agreed rate. It has taken 3 phone calls to ICICI bank, including a heated argument about when the bond was renewed, that the rate on the bond WAS correct (their view), and my insistence that therefore the Interest Rate Renewal Guarantee wasn't worth anything even though it was stipulated on their website and was therefore misleading. (Oh, and one non-serviced Service Request - a 24 hour call back)

I shall not be taking out another bond with them however. Too much hassle.

But please check, and if necessary quote from their website their interest rate renewal guarantee!