Dear Sir,
I received a mail from ICICI Bank in regards to a settlement on my credit card fr 14,500/-.....that to it was supposed to be taken in 2 installments, august & september............icici bank has withdrwan 41,000/- from my account against the credit card after giving me the settlement amount...........
a copy of the mail has been sent below:

Dear Ms. Dcruze,

We refer to our earlier e-mail of August 18, 2010 regarding your ICICI Bank Credit Card.

The outstanding balance due on your ICICI Bank Credit Card 4477 xxxx xxxx 7001 is Rs. 41,431.07 as on August 24, 2010.

On receipt of the credit card and first usage of the card, you interalia agreed to abide by the terms and conditions governing the usage of the card and assured to make payments regularly to the bank as per the periodical Statements of Account. Subsequent to such usage, you were liable to pay the amount on receipt of the card statement, wherein the due amount and a due date for such payment is specified.

As per terms and conditions, if the customer makes a payment of only the Minimum Amount Due or any amount less than the Total Amount Due, then appropriate charges and interest are levied on the account. This has been clearly explained in the terms and conditions governing the usage of credit card sent to you at the time of issuance of card.

You have utilized the card for your personal benefit without any deficiency in the services offered by the Bank. You have failed and neglected to make payments of the total amount due within the specified due dates, thereby attracting interest and other charges in your card account. We further clarify that payment of only the minimum amount due, does not absolve you of the responsibility of paying the outstanding dues on the card account. You have to make payment of the total amount due within the specified due dates to prevent the incidence of interest and charges on the card account.

In this regard, we clarify that ICICI Bank has a statutory right under Indian Contract Act 1872 to place a lien on a customer’s bank account with respect to the unpaid outstanding dues payable by such customer and set off the balance available in the bank account against the dues payable in the event of the customer's refusal to pay the dues. This is reflected also in the terms and conditions supplied to you along with the "Welcome Booklet" sent with your credit card.

The relevant extract of the terms and conditions is given below for your reference:

"In addition to the general right to set off or other right conferred by law or under any other agreement, ICICI Bank may, without notice, combine or consolidate the standing balance on the Card Account with any other account(s) which the Card-Member maintains with ICICI Bank and its Group Companies, and se off or transfer money standing to the credit of such other account(s) in or towards the satisfaction of the Card-Member’s liability to ICICI Bank under his/her Card Account".

Accordingly, lien was marked on your ICICI Bank Savings Account 017701544606 towards the unpaid dues. Thereafter, we again requested you to clear the dues outstanding on the aforesaid card. We sent you the lien intimation letter on July 29, 2010 at the address available in our records to intimate you about the lien marked and you should revert within 7 days or the amount will be debited from your saving account.

Subsequently, an amount of Rs. 11,576.31 was debited to your ICICI Bank Savings Account 017701544606 on August 6, 2010 towards the unpaid dues on your card account.

Further, again we sent you the lien intimation letter on August 9, 2010 at the address available in our records to intimate you about the lien marked. We regret to remove the lien marked towards your savings account.

Further to our telephonic discussion with our collection manager we have arranged to offer you a settlement on your ICICI Bank Credit Card 4477 xxxx xxxx 7001 for an amount of Rs. 14,500.00 in 2 installments.

We clarify that incase the offer of settlement is not availed off by August 26, 2010, the settlement would be void and the offer amount would change as per the current outstanding on your card account.

Please note that non payment on the card outstanding leads to accumulation of charges each month.

We hope you would meet the above explanation with understanding and acceptance.

Further, we request you to contact our collection manager Ms. Vidoshe Kaul on landline number 011 - 45580400 or mobile number 09650909347 / 09873567208 or visit our regional office at ICICI Bank Ltd., Videocon Tower, E1, Jhandewalan Extension, Delhi - 110055 between 10:00a.m. to 05:00p.m., to enable us to assist you further.

Sincerely,

Arunjyothi E
Office of Head Service Quality

Hi,

We have made note of your account number.We'll contact you and work to address your issue at the earliest.

Regards,
ICICI Bank Customer Service Team.