ICICI Bank freezes many NRI accounts

ICICI Bank has frozen the accounts of many non-resident Indians (NRIs) in the UAE after they failed to submit personal documents demanded by the Bank.

The Bank had asked for the documents after the 2005 Mumbai floods damaged documents originally given by the customers, including papers submitted for opening savings and current accounts, demat accounts for trading and investing, NRI home loans and auto loans, and ICICI Direct online trading accounts.

Apart from NRI customers, the damage has also affected several account holders in India.
While the bank had given its customers in India until December 25, 2006 for submiting the required documents, NRIs in the UAE were given a deadline of January 31, 2007.

"Several accounts of customers who have failed to meet the deadline have been deactivated," an official at the ICICI Representative Office in Dubai said.

The official, however, said that the accounts would be reopened after the documents were submitted.

"It will definitely affect our customers. At least that way we can expect them to quickly come and rectify the problem," he said.

Source: hindu.com