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Grievance Redressal Process for ICICI Bank Private Banking customers

Introduction of Business Operation Structure

Private Banking Business of ICICI Bank is carried on the basis of Marketing Centre and Booking Centre model. Each transaction of the customer is linked to a Booking Centre and a Marketing Centre.

  • Understanding the customer’s requirements and showcasing the requested products and services
  • Sharing marketing material, product documentation, application/ subscription forms, research reports; collecting and forwarding customer instructions to respective booking centres. Servicing existing investments of the customers by facilitating product updates wherever applicable and addressing/ redressing customer grievances, if any.

  • Booking of investment products and services except any advisory services; thereby stand as the contractual party to the Customers in respect of the Products
  • Act as a custodian for holding investments on the Customers’ behalf upon the execution of an Investment & Custodial Services Agreement (“ICSA”) by the customer;
  • Basis the execution of such ICSA, making the investment in the Products for and on the customer’s behalf, either through itself or through a third party custodian;
  • In case of non direct route investments, hold the investments so made, in its name as a nominee for and on behalf of one or more other customers as applicable.
  • In case of investments held as nominee, the role of booking centre is limited to holding the customer’s investment on customer’s behalf and communicating to the customer all information that it may receive from the third party product provider in relation to the investments held by it.


The management, operations and performance of any third party products shall at all times be the sole responsibility of the respective third party product provider and neither the Marketing Centre nor the Booking Centre is responsible for the same.

For further details on Booking Centres and Marketing Centres, please refer to the document ‘Disclaimers and Risk Disclosure Booklet’ (DRDB). The DRDB has been communicated to customers and is also available on our website.


Mechanism to handle Private Banking Customer issues:

At ICICI Bank, we strive to deliver a convenient and hassle-free customer service experience in keeping with our ‘Khayaal Aapka’ philosophy.

ICICI Bank follows a robust process to review and resolve customer grievances independently, effectively and promptly. This is key in providing an assurance to our customers that their concerns and feedback are dealt with fairly and professionally. We regard complaints as potential indicators of areas for improvement.

Complaints are handled at the respective regions by a superior and trained independent complaint officer, under the supervision of senior management. Every complaint is recorded with a unique complaint number, which is shared with the complainants for future reference. The process for handling and resolution of the complaints would be as below:

- An acknowledgement would be shared with the complainant within 2 business days after the date of receipt of the complaint, acknowledging receipt of complaint by the Bank.

- Details of the discussion during the interview of interaction with the complainant, if any, would be shared with the customer by the Bank along with the final response from the Bank with regards to the complaint. 

- Bank will endeavour to respond to the complainant within 20 business days (or lesser as warranted by the Regulatory Authority) after the date on, which the complaint has been received by the Bank.

- In case of an unforeseen delay owing to the nature of the complaint or otherwise, Bank would send a written response informing the complainant regarding the reason for the delay and the indicative timeframe within, which the complainant may expect to receive the final response from the Bank.

If you have any query/concern, please follow the below process to facilitate resolution of the issues faced by Private Banking customers.

Step One: In case your expectations are not met by any of the products/services, we request you to approach your Relationship Manager (RM) immediately for required clarifications/solutions.

Step Two: In the unlikely event that you are dissatisfied with the clarifications/solutions provided by your Relationship Manager or you have not received it, you may raise your grievance to

In case you are following up on an already raised grievance, then please quote the earlier reference number in all communication to us pertaining to the grievance. We would contact you within 2 business days from the date of receipt of your communication.

  • Please also inform us about:
    • Your name and Customer ID/ Account number;
    • The reasons behind your grievance;
    • The product/ service, if applicable, that your grievance refers to;
    • The name/s of the person/s that you dealt with earlier on the matter;
    • A suggestion of what you would like the bank to do to resolve your grievance.
    • Submit copies of any documentation relevant to your grievance.

In case the resolution within prescribed timelines is beyond our control, we will provide you with a revised timeline.

Please note that handling of grievance will depend upon relevant Booking Centre, Marketing Centre, and any involvement of matters related to management, operations and performance of any third party products. Hence in the process of grievance resolution, the relevant information may be required to be shared across different groups/ divisions of ICICI Bank, its distribution network and with external bodies. Customer will have no right to raise an objection on such sharing of information.

Step Three: You are unsatisfied with the response given by the Bank. In this unlikely event, you may write to the respective Regulator/Banking Ombudsman.


Escalation to respective Regulator/ Banking Ombudsman:

After having followed the above process, if:

(i) Your concerns have not been fully addressed by the Bank
(ii) You are unsatisfied with the response given by the Bank
(iii) You do not hear from respective officials of the Bank in the time period indicated then

  • You may write to the regulator of your Marketing Centre for Marketing Centre related matters.
  • You may write to the regulator of Booking Centre for Booking Centre related matters.
  • We shall help you get in touch with the respective product providers directly, in case of other matters relating to management, operations and performance of any third party products.
  • You may directly approach the India Banking Ombudsman for redressal, in case of India based products and services.

  • You should have made a written representation to ICICI Bank which would have been followed by the below mentioned outcomes:

    • The Bank has rejected the complaint
    • The Bank has not replied within a period of one month after the complaint was received
    • The Bank did not give you a satisfactory reply

  • Provided that the grievance is not the subject matter of proceedings before any court, tribunal, arbitrator or any other forum and such grievance is not frivolous or vexatious in nature.
  • Other eligibility criteria for filing of such grievance(s) with the respective regulators as prescribed with reference to the parameters like filing of earlier complaints with other forums, earlier proceedings with the same regulator, limitation period for filing such grievances, time lines etc. are met.


Contact details of the regulators

Serial No. Region Booking Centre / Marketing Centre Name of Regulator / Dispute Resolution Centre Contact Details
1 India Booking Centre and Marketing Centre Reserve Bank of India (RBI) RBI Ombudsman: Contact details of the regional Banking Ombudsman is currently available at following web link, (In this link, please visit relevant section for grievance)
2 Bahrain Booking Centre and Marketing Centre Central Bank of Bahrain (CBB) Compliance Directorate, Central Bank of Bahrain Manama, Kingdom of Bahrain
3 DIFC Marketing Centre Dubai Financial Services Authority Dubai International Financial Center (DIFC), The Gate, Level 13 P.O. Box 74777, Dubai, UAE
4 Singapore Booking Centre and Marketing Centre Monetary Authority of Singapore (“MAS”) Email:
Tel: (65) 6225 5577
Financial Industry Disputes Resolution Centre Limited (FIDReC) Complaints Centre - 112 Robinson Road #13-03,
Singapore 068902
Tel: (65) 6327 8878
Fax: (65) 6327 8488 / (65) 6327 1089
5 South Africa Marketing Centre Financial Advisory and Intermediary Services Ombud (FAIS) Address: FAIS Ombud, Eastwood Office Park,
Baobab House Ground Floor,
Lynnwood Ridge,
0081 Postal Address: P.O. Box 74571,
Lynnwood Ridge 0040
6 UAE Representative Office Marketing Centre Central Bank of UAE (CBUAE) PO Box: 854, Abu Dhabi, UAE
7 UK Marketing Centre Financial Conduct Authority (FCA) The Financial Ombudsman Service,
Exchange Tower,
E14 9SR


Please note that we will be unable to share confidential information about the customer or transactions related to the grievance in case the grievance is raised through:

  • An e-mail ID which is not the customer’s e-mail ID registered with the Bank.
  • Complainant who is a person other than the customer (unless the customer has provided written authority to such representative to deal with the Bank for the customer issues and informed the Bank about the authorisation.)


Please note, that we reserve the right to refuse any transaction instruction as part of grievance resolution in case:

  • The transaction is not allowed based on electronic instructions
  • The transaction is allowed based on electronic instructions but the customer has not submitted the Electronic Communication Indemnity (ECI) to the Bank.
  • The transaction is initiated by the person who is not authorised to instruct such transactions for the respective customer.