ICICI bank playing games

Originally Posted by shanvy

KAvta,

that was good suggestion. thank for the info..

u r welcome Shanvy. The Card my husband gave me when I was in India is in his name only.We never encountered any problems regarding that.The Only thing is they charge Rs6/- or something for each transaction no matter how much we are withdrawing.Hence instead of withdrawing frequently it will be better to take huge amount(if needed) at once.

Dear Kavta

Thanks for the info.

Read your post and took some time off to check the details...got to know that it is not legally correct to do this...take a card in our name and give it to our parents. It will get very messy if they are caught using our card,so pls be aware.

Also,the transaction fee is something that is charged by the off-us bank(in this case HDFC) because you are using the card at their ATM.But there is something called an interchange fee that is charged by the onus bank(this case CHASE) which you will not know about.The dollars that you are depositing into your a/c here when it is converted into rupees while withdrawing,does not get converted fully.The end result is dollars-interchange fee=rupees.So,if you deposit $ 100,you will not be able to withdraw Rs.4000(if exchange is Rs.40=$1),but you will get only Rs.3900+.Hope I have clarified.

Originally Posted by sunitha

Dear Kavta

Originally Posted by sunitha

Thanks for the info.

Read your post and took some time off to check the details...got to know that it is not legally correct to do this...take a card in our name and give it to our parents. It will get very messy if they are caught using our card,so pls be aware.

Also,the transaction fee is something that is charged by the off-us bank(in this case HDFC) because you are using the card at their ATM.But there is something called an interchange fee that is charged by the onus bank(this case CHASE) which you will not know about.The dollars that you are depositing into your a/c here when it is converted into rupees while withdrawing,does not get converted fully.The end result is dollars-interchange fee=rupees.So,if you deposit $ 100,you will not be able to withdraw Rs.4000(if exchange is Rs.40=$1),but you will get only Rs.3900+.Hope I have clarified.

Hi Sunitha ..appreciate ur time,patience & study on this thing. Coming to my case my husband spoke to the respective bankmanager regarding this and got no issues .
Anyways kEEPING IN MIND OF Sunitha's post I would like to suggest everyone who wants to adopt this method to Make Sure abt this with the bank manager before opening an account ASKING HIM/HER IF YOU CAN MAKE USE OF THAT CARD IN THE OTHER PARTS OF THE WORLD EVEN IF dat particular ATM COUNTER IS NOT THERE. That would certainly make things clear .

Dear Kavta

I am not telling you cannot use the card of one bank at any other bank ATM...this is definitely possible,there will be a small fee,that's all.

The issue is with the use of one person's card by another person.There is a concept in which the owner of the card gets the other person also as a signee in the a/c,then it is ok,otherwise no.The second issue is with the conversion like I said in my post earlier,because that info is generally not available to the public. I got this info because I have worked in a MN Bank for 10 yrs myself and also from my better half who is incharge of the Fraud & Risk operations here in one of the largest MN banks.

Originally Posted by sunitha

Dear Kavta

I am not telling you cannot use the card of one bank at any other bank ATM...this is definitely possible,there will be a small fee,that's all.

The issue is with the use of one person's card by another person.There is a concept in which the owner of the card gets the other person also as a signee in the a/c,then it is ok,otherwise no.The second issue is with the conversion like I said in my post earlier,because that info is generally not available to the public. I got this info because I have worked in a MN Bank for 10 yrs myself and also from my better half who is incharge of the Fraud & Risk operations here in one of the largest MN banks.

If you worked in an MNB for 10 years then i buy what you say.

shashwathi,

you tell the truth.


asha

Hi,
I read all the feedback on ICICI given in this thread. My salary account is with ICICI and thinking on a means to put some money in Savings.
I saw the Fixed / Recurring deposit option in their website. Thro ECS they tfr the amnt to FD/RD every month or in the interval we specify. Has anyone used it??
I am just skeptical about availing that option after reading all the feedback here.
Any inputs pls!!