Tuesday, January 25, 2011

Beware of ICICI QAB Charges

ICICI charged me Rs. 827 last week for not maintaining Rs. 10k as QAB (Quarterly Average Balance). 
I am republishing the email i received from icici bank for all of you so that you don't commit the mistakes that i did. There are many hidden aspects to it as seen in the below email.

Dear Mr. Deshpande,

I appreciate you getting in touch with us for clarification on the debit of Rs. 827.00 in your account.

This is to confirm you that the amount of Rs. 827.00 debited from your account on January 19, 2010 towards the charges for non-maintenance of Quarterly Average Balance (QAB) in your account for the quarter ended October 01, 2010 to December 31, 2010

The account that you hold is a ‘General Savings Account’ for which the Average Quarterly Balance to be maintained is Rs. 10000. However the Average Quarterly Balance maintained during that period in your account was Rs. 9945.33

For your reference, please find below the calculation of average quarterly balance
The closing balance in your account on each day for that quarter is added.
The added balance is divided by the number of days in that quarter.
 If the resulting amount is less than Rs. 10000, then charges are levied in your account.
The charge for non-maintenance of QAB is Rs. 750.
In addition to the above charges, the below transaction charges are also applicable for General Savings Account: 
For every new cheque book you request, Rs.5 per leaf will be charged.
The first three cash transactions (withdrawals or deposits) at the branch in a quarter will be free of charge and thereafter Rs.60 per transaction will be charged.
Please also note that Service Tax of 10.30% on the service charges is also applicable on all the above charges.

Should you require further clarification on this, please feel free to get in touch with me, I will be glad to assist you.


Md Sirajuddin
Account Manager
ICICI Bank Limited

"If you receive an SMS from ICICI Bank with a Unique Reference Number or URN without you having added a new payee in your account through internet banking, report to us immediately. Do not disclose the URN to any stranger, even if the person claims to be our employee"

"Please do not reply to any e-mail that asks you for your bank-account-related information / details. These are called phishing e-mails and are designed with intent to fraudulently capture your bank account and personal details for misuse etc."

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