ICICI Bank has changed the date of credit of interest into your saving bank accounts. Earlier, i.e till last year, the interest in the accounts are credited in the months of April and September but now they have changed it to June and December, Without Informing any customers. People generally take interest credit as a default activity and not very much concerned to check whether interest has been credited or not on time. This is evident from the fact that April has gone by almost 2 months back and this issue is not highlighted anywhere ( I searched the internet ).
Now you need to understand the big catch here that by doing so how the bank has try cutting a hole out of your pocket. By delaying the interest credit for 2 months i.e from April to June , on lakhs of lakhs of saving bank accounts, the bank as earned a huge profit. To understand , take this example , if you had 1000 rupees in your account , then at the end of April you will be getting around 40 rupees as interest and from May 1st interest calculation will be on Rs 1040 ( remember banks are now calculating interest on daily basis with everyday closing balance of your account). So in earlier case from May 1st till 30 june your account interest calculation will be on Rs 1040 . But Now with changed timelines for interest credit....till June 30th the calculation will be on Rs 1000 only. This is a example with small amount of Rs 1000 , just imagine if you have more amount the more loss are at you. And Bank is doing this with lakhs of saving accounts so they are getting rich by crores.
This action of ICICI bank is clear cut violation of their own policy that interest has to be paid every six months .Therefore We should raise our voice to ICICI bank and should ask them to pay the cumulative interest for two months to its account holders by doing calculations accordingly, as this will be one time activity and going forward the routine of six months will be followed in December. I request to call / write to your respective branches /relationship manager and raise this concern if you donot want to lose interest on your hard earn money. Remember banks don't forgot to charge interest even for a single day delay on your emi / payment due...
CAclubindia
