My ICICI Emeralde Private Metal Saga: A Caution of Misleading Promises

[yashtag]

I wanted to share a recent, and frankly, quite shocking experience I've had with ICICI Bank while applying for the Emeralde Private Metal card. I’m hoping to get some advice from the seasoned members here, as I feel I've been led down a garden path.

For context, my family and I are long-time premium banking customers with HDFC (Imperia), and Axis (Burgundy). We were seriously considering making ICICI our primary bank, starting with the EPM card and followed by a home loan of over 3 crores. The initial interactions with our RM and his manager were positive, and they were the main reason we decided to proceed.

It all started on August 5th when we logged in the application. We were given absolute assurance that my eligibility was a non-issue and that the card's approval was more or less a formality. I already hold an HDFC Infinia and Magnus Burgundy with high limits.

The first strange turn was when we were strongly advised to open a Demat account. The reasoning given was that having multiple product relationships strengthens the profile and is almost a necessity for a smooth approval for a card like the EPM. In good faith, we went ahead and opened one. Looking back, this feels like the first step in a classic case of mis-selling.

For the next two weeks, the application status on the portal never moved from "Information being collected." When I followed up, I was told the application was with the "State Head" for a pre-login approval, and just a couple of days ago, the RM confirmed that this approval had been received.

This is where it gets bizarre. Despite this supposed "approval," the online status remained unchanged. Then, this morning, I checked the portal only to be greeted with a message: "We are sorry to hear that you have withdrawn your application."

To be crystal clear: I never withdrew my application.

This entire experience feels like a bait-and-switch. I was given false assurances, induced to open a new product under the pretense that it was required, fed inaccurate updates, and then had my application terminated without my consent. All this while the same team is actively pushing me to log in a multi-crore home loan, a decision that hinges entirely on trust.

I've since spoken to a representative from the office of Mr. Anish Madhavan (Head of Credit Cards), who escalated it internally and I also wrote to the Principal Nodal Officer and the Head of Service Quality.

My question to the forum is, what now?

1. Has anyone else faced any similar experience with ICICI?
2. What's the best way to approach the PNO escalation to not just get an apology, but to actually get the card they promised?
3. How would you handle the ongoing home loan discussion? I'm inclined to put it on complete hold.

I feel like I've been played, and it's left a very sour taste. Any suggestions on how to navigate this would be hugely appreciated.

TLDR: Applied for EPM and almost logged in my home loan application of more than 3 crores, but got misled and deceived by the RM and his team.

 

[akshayhs]

While I certainly haven't had any experiences of any kind with ICICI, I have heard similar stories from a couple of my friends. After experiencing it, they decided to end any new relationship with ICICI immediately despite requiring the card. They proceeded not to go ahead.

One was an industrialist and the other was a product manager at a Fortune 500.

 

[Talkwithfino]

How would you handle the ongoing home loan discussion? I'm inclined to put it on complete hold.

All this while the same team is actively pushing me to log in a multi-crore home loan, a decision that hinges entirely on trust

If I was in your place for this scenario - I would put the Home Loan case on COMPLETE HOLD!

(unless the ROI is lesser and I have significant benefits) - even in that case - Look out for some other reputed Branch. I don't think I can trust these Branch people after reading your story

 

[yashtag]

While I certainly haven't had any experiences of any kind with ICICI, I have heard similar stories from a couple of my friends. After experiencing it, they decided to end any new relationship with ICICI immediately despite requiring the card. They proceeded not to go ahead.

One was an industrialist and the other was a product manager at a Fortune 500.

That's quite disappointing though. Lately it has become the trend and hearing a lot such stories from ICICI.

I am hoping that the escalation will bring some positive change

 

[AllThatStuff]

I had an unpleasant experience where the BM herself of newly operational branch nearby location would call every quarter end and ask me to park all my savings into the newly activated ICICI savings account.

When asked for benefits against this, I was told that if I let this money sit in the account for 8-10 months, I may start getting some good pre approved CC offers…but no assurance!!

 

[spazz]

I wanted to share a recent, and frankly, quite shocking experience I've had with ICICI Bank while applying for the Emeralde Private Metal card. I’m hoping to get some advice from the seasoned members here, as I feel I've been led down a garden path.

For context, my family and I are long-time premium banking customers with HDFC (Imperia), and Axis (Burgundy). We were seriously considering making ICICI our primary bank, starting with the EPM card and followed by a home loan of over 3 crores. The initial interactions with our RM and his manager were positive, and they were the main reason we decided to proceed.

It all started on August 5th when we logged in the application. We were given absolute assurance that my eligibility was a non-issue and that the card's approval was more or less a formality. I already hold an HDFC Infinia and Magnus Burgundy with high limits.

The first strange turn was when we were strongly advised to open a Demat account. The reasoning given was that having multiple product relationships strengthens the profile and is almost a necessity for a smooth approval for a card like the EPM. In good faith, we went ahead and opened one. Looking back, this feels like the first step in a classic case of mis-selling.

For the next two weeks, the application status on the portal never moved from "Information being collected." When I followed up, I was told the application was with the "State Head" for a pre-login approval, and just a couple of days ago, the RM confirmed that this approval had been received.

This is where it gets bizarre. Despite this supposed "approval," the online status remained unchanged. Then, this morning, I checked the portal only to be greeted with a message: "We are sorry to hear that you have withdrawn your application."

To be crystal clear: I never withdrew my application.

This entire experience feels like a bait-and-switch. I was given false assurances, induced to open a new product under the pretense that it was required, fed inaccurate updates, and then had my application terminated without my consent. All this while the same team is actively pushing me to log in a multi-crore home loan, a decision that hinges entirely on trust.

I've since spoken to a representative from the office of Mr. Anish Madhavan (Head of Credit Cards), who escalated it internally and I also wrote to the Principal Nodal Officer and the Head of Service Quality.

My question to the forum is, what now?

1. Has anyone else faced any similar experience with ICICI?
2. What's the best way to approach the PNO escalation to not just get an apology, but to actually get the card they promised?
3. How would you handle the ongoing home loan discussion? I'm inclined to put it on complete hold.

I feel like I've been played, and it's left a very sour taste. Any suggestions on how to navigate this would be hugely appreciated.

TLDR: Applied for EPM and almost logged in my home loan application of more than 3 crores, but got misled and deceived by the RM and his team.

Happened to me as well. I was already using a 3in1 ICICI account which also received my salary. My home loan was at HDFC and they asked me if I would move it to ICICI. it’s a loan of only 1.02 CR and they said I would get a better rate than what HDFC was giving me. They gave me the same reason. To be considered for the EPM one needed to have a basketful of varied services taken from ICICI. After I got the rate confirmation I decided to move it from HDFC as it was a better option. Every single step of the way their mortgage department representative has been an incompetent nincompoop while my RM has been trying to sell me insurance on the side. During the process I realised that I should just forget getting the EPM because if the bank can’t do shit about properly onboarding a customer for a home loan, I shouldn’t bother about requesting their premium credit card either. And just to cement my belief, after the home loan was logged in, my BM tells me just a home loan isn’t enough. There needs to be insurance, activity in the demat account and activity in account in general plus activity in the existing credit card account etc after the customer is selected by some AI which will then prompt the system to send an invite for the card. He says all of this can take up to 3 months.

I just smiled and nodded my head. I have since then opened a burgundy account and updated my salary transfers to that account and will be funding my ICICI account only for the EMI debit for the home loan.

My company has had a “basketful” of relationship with ICICI bank for about 25 years now and my own salary account has been with them for a while now. Doesn’t count for shit I guess.

Save your investment. Take your loan with any other bank.

 

[aggarwal]

I wanted to share a recent, and frankly, quite shocking experience I've had with ICICI Bank while applying for the Emeralde Private Metal card. I’m hoping to get some advice from the seasoned members here, as I feel I've been led down a garden path.

For context, my family and I are long-time premium banking customers with HDFC (Imperia), and Axis (Burgundy). We were seriously considering making ICICI our primary bank, starting with the EPM card and followed by a home loan of over 3 crores. The initial interactions with our RM and his manager were positive, and they were the main reason we decided to proceed.

It all started on August 5th when we logged in the application. We were given absolute assurance that my eligibility was a non-issue and that the card's approval was more or less a formality. I already hold an HDFC Infinia and Magnus Burgundy with high limits.

The first strange turn was when we were strongly advised to open a Demat account. The reasoning given was that having multiple product relationships strengthens the profile and is almost a necessity for a smooth approval for a card like the EPM. In good faith, we went ahead and opened one. Looking back, this feels like the first step in a classic case of mis-selling.

For the next two weeks, the application status on the portal never moved from "Information being collected." When I followed up, I was told the application was with the "State Head" for a pre-login approval, and just a couple of days ago, the RM confirmed that this approval had been received.

This is where it gets bizarre. Despite this supposed "approval," the online status remained unchanged. Then, this morning, I checked the portal only to be greeted with a message: "We are sorry to hear that you have withdrawn your application."

To be crystal clear: I never withdrew my application.

This entire experience feels like a bait-and-switch. I was given false assurances, induced to open a new product under the pretense that it was required, fed inaccurate updates, and then had my application terminated without my consent. All this while the same team is actively pushing me to log in a multi-crore home loan, a decision that hinges entirely on trust.

I've since spoken to a representative from the office of Mr. Anish Madhavan (Head of Credit Cards), who escalated it internally and I also wrote to the Principal Nodal Officer and the Head of Service Quality.

My question to the forum is, what now?

1. Has anyone else faced any similar experience with ICICI?
2. What's the best way to approach the PNO escalation to not just get an apology, but to actually get the card they promised?
3. How would you handle the ongoing home loan discussion? I'm inclined to put it on complete hold.

I feel like I've been played, and it's left a very sour taste. Any suggestions on how to navigate this would be hugely appreciated.

TLDR: Applied for EPM and almost logged in my home loan application of more than 3 crores, but got misled and deceived by the RM and his team.

I had also applied for EPM through an agent. After 21 days, status was updated as "We are sorry to hear that you have withdrawn your application.". Of cource it was not withdrawn. Agent told me that application is approved but is withdrawn because max 15 days period elapsed before approval. He said he will apply again, and this time approval phase will not be required. New application took 5 days for card dispatch and finally I got EPM.

 

[cc_dc_explorer]

Can you pls DM the contact detail of the agent?

 

[Avatar Aang]

I had also applied for EPM through an agent. After 21 days, status was updated as "We are sorry to hear that you have withdrawn your application.". Of cource it was not withdrawn. Agent told me that application is approved but is withdrawn because max 15 days period elapsed before approval. He said he will apply again, and this time approval phase will not be required. New application took 5 days for card dispatch and finally I got EPM.

Please Share your story with a bit of background

 

[aayusharyan]

I had a weird but similar incident where twice:
1. When I was applying for a home loan, the agent opened a Platinum CC for me (I told him I already hold gemstone), but still he proceeded to open.
2. For my company account, the RM was very eager to open the account, however later when I asked 2 separate net banking credentials for both the directors, they couldn't give. When I asked a Debit Card, they said it's RBI rule that Pvt. Ltd. cannot get Debit Cards in case what if one director withdraws all the money.

Needless to say, I am migrating to HDFC as my primary bank. They opened the Current account and both the directors got their credentials and their Debit Cards.

 

[spazz]

That debit card rule only exists in ICICI Bank ka rule-book.

 

[Kabir_1112]

From a banking perspective, I believe ICICI has been declining over the past 7–8 years. It used to be a very good bank to bank with, but since around 2018, things haven’t been going particularly well Maybe due to tough competition from other private banks and their past goodwill they had. Icici has been taking things lightly now over the years. My very 1st credit card 14 years back was with ICICI bank and even my 1st auto loan 17 years back was with ICICI bank, but today I would never think or recommend for their loans.
I do like their Internet and mobile banking to be honest compared to Axis and hdfc.