Subj : Illegal charges and holding up info for reduction in Interest rates

Dear Sir,

I and my friend are ICICI bank home loan account holders (LBABD000003524000) for past 5 years. On several occasions the bank has reduced the interest rates as per the RBI guidelines and financial condition in the market.
During that period I have got to know that bank has deliberately withheld to inform us reduction in interest rates so as to switch over to the lesser rate. It has been repeatedly brought to the notice of the bank authorities during personal visit to SG highway branch and also spoken telephonically on their customer service no 66309890.
They would have an explanation that we have already released an Ad in news paper for the same (which newspaper nobody knows) since it’s difficult for them to send letters to every customers though even our mobile no is registered. Strange but true that when there is a hike in the rate of Interest there is immediately letter issued to our residence stating the hike as well as increase in no of installments. Clear case of open manipulation.

Secondly when I have gone to the bank for changing the interest rate on the existing loan bank has also been charging switch charges (.2%) Is that LAW VALID AS PER RBI RULES? CAUSE OTHER PVT BANKS LIKE IDBI DO NOT CHARGE THE SAME.

Even was informed when I asked the bank for closing my loan account and transferring it to other bank, we shall be forced to PAY FORECLOSURE CHARGES which is NOT VALID AS PER RBI RULES ( AS PER NEWS INFO IN TIMES OF INDIA DATED 22ND SEPT)

We request to take up the matter with ICICI sternly and get a permanent suitable solution for the same cause otherwise we will approach to consumer court as well as file an RTI to this effect.

Your’s Faithfully

Pirzad N Ginwala
09825566809
[email protected]