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  1. #1

    ICICI Bank in India cheats in Gold Coin sales

    Beware! If you have purchased or planning to purchase GOLD coins
    from ICICI Bank, India be watchful!!! Normally people who buys /
    plans to buy gold from ICICI are supposed to be elite customers
    who do business with them on trust. We take it for granted with
    the belief that banks like ICICI is trust worthy! NEVER TAKE
    ANYTHING FOR GRANTED! PLEASE CHECK OUT!! They never mention PER
    GRAM price on their invoice or seldom give you an invoice when you
    buy gold coins. Now let me tell you how we got cheated! My wife
    has been purchasing gold coins from local gold merchants. When I
    heard about ICICI bank selling gold, I asked my wife to buy it from
    them since I thought they would be more trust worthy. We never checked
    their price and have been purchasing since last one year. When he heared
    the gold price was going so high, I asked my wife to note down the price
    during her last purchase in November, 2005. To our surprise, we found
    that they were taking a margin of over Rs 100 per gram over the market
    price. To be specific, the market price of 99.99% gold on 14th November
    2005 was $469.75 per ounce in the international market and Rs 705.50 per
    gram in Indian market. However, they charged us Rs 813.36 per gram for
    50 gram coin, Rs 839.19 per gram for 8 gram coin and Rs 921.91 per gram
    for 2.5 gram coin!!!! These prices are exclusive of Sales Tax. Now you
    get an idea about how ICICI Bank loots its customers! If anyone want more
    detail or documentary proof, please contact me. I also request you to spread the news by trusting me or if you want check it out yourself by directly contacting any branch of ICICI Bank which sells gold coin before spreading the news. MY WIFE AND I WANT TO MAKE SURE THAT NO ONE IN INDIA GETS CHEATED BY DOING BUSINESS WITH GIANTS LIKE ICICI.

  2. #2

    ICICI Bank in India cheats in Gold Coin sales

    Beware! If you have purchased or planning to purchase GOLD coins
    from ICICI Bank, India be watchful!!! Normally people who buys /
    plans to buy gold from ICICI are supposed to be elite customers
    who do business with them on trust. We take it for granted with
    the belief that banks like ICICI is trust worthy! NEVER TAKE
    ANYTHING FOR GRANTED! PLEASE CHECK OUT!! They never mention PER
    GRAM price on their invoice or seldom give you an invoice when you
    buy gold coins. Now let me tell you how we got cheated! My wife
    has been purchasing gold coins from local gold merchants. When I
    heard about ICICI bank selling gold, I asked my wife to buy it from
    them since I thought they would be more trust worthy. We never checked
    their price and have been purchasing since last one year. When he heared
    the gold price was going so high, I asked my wife to note down the price
    during her last purchase in November, 2005. To our surprise, we found
    that they were taking a margin of over Rs 100 per gram over the market
    price. To be specific, the market price of 99.99% gold on 14th November
    2005 was $469.75 per ounce in the international market and Rs 705.50 per
    gram in Indian market. However, they charged us Rs 813.36 per gram for
    50 gram coin, Rs 839.19 per gram for 8 gram coin and Rs 921.91 per gram
    for 2.5 gram coin!!!! These prices are exclusive of Sales Tax. Now you
    get an idea about how ICICI Bank loots its customers! If anyone want more
    detail or documentary proof, please contact me. I also request you to spread the news by trusting me or if you want check it out yourself by directly contacting any branch of ICICI Bank which sells gold coin before spreading the news. MY WIFE AND I WANT TO MAKE SURE THAT NO ONE IN INDIA GETS CHEATED BY DOING BUSINESS WITH GIANTS LIKE ICICI.

  3. #3

    Re: ICICI Bank in India cheats in Gold Coin sales

    :( Subject Matter :- Public issue of ICICI Bank Limited worth Rs 5750 Crores, closed on 6th December 2005 was based on false information and concealing the true facts in their red herring prospectus in regards to the criminal court case No. 1648/2001 pending in the court of law at Jaipur against them including their Chairman, Managing Director and other senior official u/s 420, 120-B and 500 of Indian Penal Code, after dismissal of their revision petition by the Hon'ble High Court of Rajasthan at Jaipur bench, Jaipur on 18.07.2005.
    In order to mislead and cheat the public at large for selling their shares of a face value of just Rs 10/ for the price of Rs 525/- per share, they also abuse the Indian Judiciary System by rising false allegations against the Honíble High Court of Rajasthan at Jaipur Bench, Jaipur, in contemptuous manner, in front of more then 1000 millions persons, vide their declaration on oath, in red herring prospectus circulated among the public of India, in order to achieve their illegal motives.

  4. #4
    Join Date
    Dec 2008
    Posts
    3

    Re: ICICI Bank in India cheats in Gold Coin sales

    I don't think there are any scams involved here. Basically, Any gold coin that certifies 9999 purity or more will have a premium. For example. Canadian Maple Leafs have a premiums between $30-$45 per coin. So, If ICICI is certifying the purity and if it has a resale value by through the brand, you have to pay the premium. Also, when you sell these coins, you will not get your premiums back (You will only get the market rate back).

  5. #5

    Re: ICICI Bank in India cheats in Gold Coin sales

    We are only discussing here about pure (24 carat) gold. You can buy the same type of premium gold (certified and sealed from the similar sources) from gold shop (they sell both 22 and 24) for lesser price. Besides, the price you get for selling the premium gold purchased from ICICI or gold shop is the same. No additional price for ICICI gold!! This is again proved since ICICI does not buy back any gold. True, if you want to show case ICICI gold then there is no issue, but my point is do not buy gold from ICICI if your purpose is investment. ALL I AM SAYING IS CHECK OUT MORE THAN ONE SOURCE BEFORE YOU BUY YOUR GOLD IF YOU CARE ABOUT YOUR HARD EARNED MONEY.

  6. #6
    Join Date
    Dec 2008
    Posts
    3

    Re: ICICI Bank in India cheats in Gold Coin sales

    That I agree!. since gold trading has started in India, You can look for better coins with 9999 purity. Again, Premiums are sky high today as there is a huge demand for these coins. But be prepared to pay a $30-40 premium for a good coin.

  7. #7

    Re: ICICI Bank in India cheats in Gold Coin sales

    It seems that you're ICICI Bank man. We don't care whom you represent. Truths cannot be hidden. You talk about premium for pure gold. Ask your management, why they don't they buy back the gold they sell? Let me put it this way - Tell me what percent of premium you paid that you will get back when you sell? None. If anyone wants to buy GOLD for investment do not buy from institutions like ICICI BANK who is to make unreasonable profit for the same gold of same purity sold by GOLD merchants. You wouldn't get a penny more than the market price for any gold (whether it is 9999 or otherwise) regardless of whether you buy it from heaven (sources like ICICI BANK) or hell (gold merchants, to make you happy)! All this is happening since there is no law prevailing to control these crooks. Don't worry... Someone will open their eyes sooner or later. To me, anything above $5-10 premium per coin is looting!!

  8. #8
    Join Date
    Dec 2008
    Posts
    3

    Re: ICICI Bank in India cheats in Gold Coin sales

    Dude, Dont make me laugh, I dont work for ICICI. I have been trading gold in the US markets for the past 7 years. You are kidding me If you can buy certified gold without premiums in any market/institution. and you dont get this premium back when you sell it. Please read my previous posts. checkout the current market prices for certified coins such as canadian maple leaf, buffalos etc, you will know that ICICI has a lesser premium. ICICI gets their gold from PAMP refinery, hence the premium.

    http://goldinfo.net/pamp.html

    Also, Please read up and understand about gold coin certification/backing. It is this certification/backing that you pay the premium for.

  9. 06-06-2009, 07:11 AM

    Reason
    seems to be one-liners to display his ad in signature - if you find anything valuable in all of it, you can un-delete.

  10. #9
    Join Date
    Oct 2009
    Posts
    1

    Re: ICICI Bank in India cheats in Gold Coin sales

    Saleem, i agree with you. If anyone is thinking of investment in gold, then icici bank should never be anyone's consideration.
    I have been victim of this fraud since i trusted in them.

  11. #10
    Join Date
    Oct 2009
    Posts
    1

    Re: ICICI Bank in India cheats in Gold Coin sales

    Saleem, I agree with what you have mentioned... Thanks for enligtening. I have been doing this for last 3 years and found there is premium attached in fact as ICICI customer they have also provided me with some 1-2% discount on their listed price.....But friend let me share with you in present day Scenario you cannot trust any Private bank .You need to do your Home work and then take decision.. all are here to make money... the balance is between convinience and the cost...This time I have taken decision to buy it from SBI...They I feel be best to give the best price but still I am checking on other merchant as well.. Also... I plan for ETF fund too(anohter option)...

  12. #11
    Join Date
    Apr 2010
    Posts
    2

    Re: ICICI Bank in India cheats in Gold Coin sales

    worst customer service+ICIC bank Begumpet

    I am also one of you

    Any one know how ICICI bank works:rasta:. if you want to open any saving account any bank it will be take max 5 days..but in ICICI bank it will take min 15 days if you submit all documents if not it might take min 30 days.. :zx11pissed:it my personal experience with ICICI bank (Hyderabad - Begumpet ).. i submited my docments on 5-April 2010..:judges: My next post will tell name of excative and phone no.. i am want to wait more 3 days. then i will come back..name.

    One of the world most slow bank its a ICICI bank (Hyderabad - Begumpet ):zx11pissed: (they are not working only they are makeing fools with using ADS. ex : TV
    ADS, banner ads ets.

    thanks every one..

  13. #12

    Re: ICICI Bank in India cheats in Gold Coin sales

    I am really sad with your experience but I must say that there is no scam or fraud in it.

    First : They are charging you extra money for Gold because they are giving you a guarantee of 99.9% purity. It is know to all their customers also. If you don't know it then you should be aware of this fact. Also not only ICICI Bank but HDFC and all other banks sell gold at premium price.

    If you still feel buying with local Jweller will be good then you are free to buy from them but you will feel cheated when after few years, you will find that the gold which jweller told you is 22 Caratte is not so. Then you will feel that giving extra money for guarantee was justifiable.

    Second: If you guys faced any problem with customer care or any other service of Bank then you can complaint to Banking Ombudsman, the contact no to your region is always given in every bank.

    So there is no scam if anyone is charging premium money for quality product. I may wonder that tomorrow you will say that John Players is scamming people because the same cloth is available at Footpath shop for cheaper price ??

    PS: I am not an employee of ICICI or any other bank.

  14. #13

    Re: ICICI Bank in India cheats in Gold Coin sales

    Hi,
    We are the customer service team at ICICI Bank. If you can email us with your contact details and your application number at care@icicibank.com (Subject line: UID 401175), we can check on why the delay is happening. We'll be glad to help you resolve the issue at the earliest.

    Regards,
    ICICI Customer Service Team.

    Quote Originally Posted by manny1984 View Post
    worst customer service+ICIC bank Begumpet

    I am also one of you

    Any one know how ICICI bank works:rasta:. if you want to open any saving account any bank it will be take max 5 days..but in ICICI bank it will take min 15 days if you submit all documents if not it might take min 30 days.. :zx11pissed:it my personal experience with ICICI bank (Hyderabad - Begumpet ).. i submited my docments on 5-April 2010..:judges: My next post will tell name of excative and phone no.. i am want to wait more 3 days. then i will come back..name.

    One of the world most slow bank its a ICICI bank (Hyderabad - Begumpet ):zx11pissed: (they are not working only they are makeing fools with using ADS. ex : TV
    ADS, banner ads ets.

    thanks every one..

  15. #14
    Join Date
    Nov 2010
    Posts
    1

    Re: ICICI Bank in India cheats in Gold Coin sales

    Looks like there are many ICICI bank agent posting replies here
    Please read this article if you really want to buy gold for investment. Bank charge around 5-7% for just giving you the certification. Which doesn't matter that much when you are out for selling it

    http://economictimes.indiatimes.com/...ow/4934841.cms

  16. #15
    Join Date
    Jan 2011
    Posts
    11

    Re: ICICI Bank in India cheats in Gold Coin sales

    Thanks for making aware about this matter but it may possible that the making charge of small coins are higher than big ones. ICICI is one of most well recognized private banks of India. Its gold quality is better than local gold sellers.

  17. #16
    Join Date
    Jan 2011
    Posts
    1

    Re: ICICI Bank in India cheats in Gold Coin sales

    Todays ICICI quote is 18255 for 8gms ( after elite members discount against their own price 19,421).
    However, It is still a question how the prices differ among the banks too.

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