IDFC FIRST Bank Limited - IDFC First Bank Ltd

Recommendation: Upheld | Medium: Government Body

The ASCI had approached the advertiser (yourself) for its response in addressing the grievances of the complainant and forwarded the details of the complaint, verbatim, to the advertiser with a request to respond to the same. The advertiser was offered an option to seek Informal Resolution (IR) of the complaint by modifying or withdrawing the claims objected to in the advertisement, or alternately to substantiate the claims with the required supporting data. The advertiser was also offered an opportunity for a telecon with the ASCI Secretariat, which they did not avail nor did they submit their written response. The Consumer Complaints Council (CCC) noted that no response was received from the advertiser prior to the prescribed due date for this complaint. The CCC viewed the TVC and the YouTube advertisement (https://www.youtube.com/watch?v=wIdU0eYT8p0) The CCC observed that a celebrity, Amitabh Bachchan is claiming that IDFC bank provides 7% annual interest to their customers having savings account with them and is seen inviting the consumers to have a savings account with IDFC. Upon careful consideration of the complaint, and in the absence of any comments or response from the advertiser, the CCC concluded that the claim, “7% interest per annum on every single savings account” was not substantiated with any verifiable supporting data for validation. The claim is misleading by exaggeration and is likely to lead to widespread disappointment in the minds of consumers. The TVC and the YouTube advertisement contravened Chapters 1.1, 1.4, and 1.5 of the ASCI Code. This complaint was UPHELD.