First of all, Sorry for poor English.
So, I am a Non-Resident Indian customer of ICICI Bank Pvt Ltd India. I hold two NRI savings accounts, 1 insurance and 4 Fixed Deposits with them. I have never had any issues with them until the last 12 days. I thought I will share it with you guys so you all understand how shitty current Banking system is.
My Business Partner in Kenya made a transaction of $100,000 (USD) to my ICICI NRE account on April 30, 2018, which is my profits from investments in Kenya. His Bank processed the transaction on the same day and told him that the funds will reach ICICI account in 2-3 days time.
3 Days went past and I called my Business partner and told him to collect SWIFT Transfer status copy from his Bank. On the SWIFT Transfer status copy, I could see that the transfer was successful but my ICICI Bank didn't credit the funds in the account.
I called my friend in ICICI and asked for an explanation for the delay. They said it will be credited by next day and so I decided to give them a couple more days. I didn't hear from them for the next two days. No Phone calls, No Emails, No SMS. Nothing.
6'th Day. I decided to call them again to ask what's going on because I needed the Funds urgently to make payment for a Property. This time they said it will be credited by today evening. I did get angry but I had no better choice than simply waiting for them to credit funds in my account.
Nothing happened by EOD but by midnight, I received an email from ICICI mentioning that the funds are on HOLD and I need to provide proof of Relationship with the Remitter and Purpose of Remittance. I immediately sent the proof needed. After 5 minutes I received an email saying that the service request has been received and it will be processed in 2 days. So I decided to wait.
8'th day. I received another email from ICICI saying that the Service Request has been forwarded to the concerned party. I was like, WTF, I waited two days for this shit? So I immediately called the Bank directly to report a grievance. Again they said it will be processed in 2 days. Just like before…
10'th day. Nothing yet, So I called ICICI Head Office asking for an update on the Grievance. This time they said that this will take another 2 more days because they have sent an email to the Remitter asking for the proof of Relationship with the Receiver and purpose of remittance and waiting for a response from him. I immediately called my Business partner and asked. He said he had responded to their email 1 day ago.
13'th day. I gave ICICI Bank three more days to verify the emails, proofs, and credit the funds. Still nothing. I called ICICI again an hour ago. They said it will be credited by today evening or tomorrow if there are no other problems with the transaction.
I really wished I could throw a punch on his face…
Now, What I think could be the real reason for the Delay is… ICICI 2018 Q1 Profits were down by 50% because of Bad Loans. They need funds in their accounts to keep the Bank running. They are probably holding on to my Money to lend-out to some other person or business and make some profit from it. They could have returned the fund by now if the proofs were not okay or there was some other problem with the transfer. I can only hope that they will release funds soon.
This is first and worst experience I have ever had with a Major Bank and from now on, I will promote Bitcoin with 100X more dedication. There should be only one Banking system and it should be Decentralized.