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ICICI Direct / poor service!

1 India Review updated:

This complaint is on my father's behalf who is over 70 is having the hardest time with ICICI direct customer service. Just over a year ago he visited India and set up a trading account to sell his one and only share holding. He was told he could only do so through a trading account. Hence his decision to open the account. The rest is a nightmare:

1. Account opening took much longer than anticipated ( acceptable given it is a Indian company and given the general bank experience in India)
2. It got worse with the whole process called DEMAT. This is where you have to submit the certificates to ICICI so they can put it into electronic format and sell it on your behalf... this was a nightmare. They sent the shares back (very big pile given the amt of shares... and charged the cost to his trading account )... not to mention this was after making three trips to the local branch in Toronto where they did not feel comfortable in "attesting" his signature. The branch actually will tell you they are "related" to the Indian company (rep. Mr Gandhi)... after a long 3 month process... have skipped over a lot of pain... shares were "dematerialized".

3. It continues...you don't see the shares in the account... you need a PAN number...

4. Keeping in mind my father is over 70 plus... they told him his shares were with the bank but he could not see them in his account as he did not have a PAN number. Certainly the thought of fraud cross his mind given the holding a a big part of retirement nest egg... but he patiently asked me to help again...

5. After obtaining the PAN forms, pictures taken... we again had to get everything attested... once again were told by the branch..."we are not related to ICICI India" although it is the ICICI branch in Brampton... they did not want to attest the documents.

6. Phoned ICICI India, were told we could go to the local branch or the Indian Embassy. The Indian embassy wanted 80$ per application ..would have been 160$. Given the que and my parents age, they could not wait that long and I told them I would try to do it for them.

7. Tried ICICI Bramtopn... again... this time the Manager (Mr Avtar) attested the forms making several comments about how his cannot be crossed reference by ICICI India... not sure why they want you to use us as ICICI India does not have their employee code or signatures on file... nonetheless... for $10, he did sign it and off went the application.

8. I sent the application to address provided on the ICICI web site. Turns out its not a real address according to UPS post. I had to redirect to where the original application was sent... delay of three days.

9. In the mean time, the company has decided to delete the shares through Management buyout... shares stop trading in early Sept.

10. PAN application sent Jul 10th.

11 My mother PAN gets updated on file Sept 4th. Fathers is not updated.

12. Receive both PAN NDSL cards in the mail in Canada.

13. I quickly scan the card and sent it via email to ICICI customer service and receive a rejection notice a couples of days later. Its seems the middle initial does not match the middle initial on the pan card. Now, I ask you... if the company used to get the PAN card is referred by ICICI for 500 rupees and they make this mistake... who should correct it?

14. I have kept a number of things out to keep it short... such as my numerous email and failed calls to ICICI... when you tell them to call you... don't be surprised to receive an answer....we tried calling you at the number ****, can you provide an alternative... now all my numbers have a voicemail (never got a voicemail) and call display (never saw the number as a missed call... hmmm).

All in all... this has been a nightmare... I have tried asking for names of management staff... never have been provided... its always a different customer service rep... never does anyone take any accountability... certainly no sympathy give the age of the client... to any senior who is thinking of dealing with icici I strongly urge you to consider alternatives as the experience with ICICI will certainly be heart-stroking. I truly believe if I had not been there for my father... he could not have made it... surely at least one heart attack... I feel sooo sorry for him and seeing his physical health and knowing full well what this money could mean to him... I try... I just hope to cross path with some on ICICI that will close this story for him and I...

UPDATE: I requested they send back the physical certificates... they need a PAN number to do so... back again to the beginning... and the shares can no longer be sold through the exchange... management needs the physical certificates.

Ma
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Comments

  • Um
      4th of Oct, 2007
    0 Votes

    I am also going through a similar experience. It is more than 45 days that I had forwarded my application for opening a DMAT account and till date neither the ICICI-DIrect, Kalyaninagar, Pune branch has bothered to intimate the state of my account nor they have opened my account.

    This is not the first time that this has happened with me but in the year 2003 one of the representative of this branch came to my place of work and gave me false promisses that the housing loan will be processed very fast. Believing him I kept on spending 15 days of my time in furnishing him various documents and on fine morning when I visited their Deccan Branch, Pune I was told that ICICI does not provide loan facility to ARMY OFFICERS.

  • Pr
      5th of Oct, 2007
    0 Votes

    icici is the worst bank i a have ever seen .they just torture their employees like hell they also charge a deposit of 10,000 to get employed with them and the officials are the worst they treat their juniors like slaves.its just like the britishers back in action ###!!!!!!!!!!!!!!!!!!!!!!!

  • Sa
      28th of Oct, 2007
    0 Votes

    I submitted the following complain a number of times to various possible locations. But there is no resolution. I am wondering any one can get compensation for such harassment happened?

    I am Sandip Kothari. Since last couple of years I have a number of accounts and loans with ICICI bank and ICCI direct. But since last couple of weeks I am facing problem with your services. I want to make complains regarding my ICICI direct account (Account Number xxxxxxxxx).

    Complain No. 1 : Last year the account contract documents went in the flood. Even though it is a fault of ICICI direct, I contacted your call centers a couple of time to send an executive to collect the required contract papers signed again. However no one has contacted me in last 1 year.

    Complain No. 2 : Without any notice on 18th October they suspended my trading account and stopped my access of the account.

    Complain No. 3 : In place of sending executive they told me to visit the nearest branch. (something like the documents re-submission is my requirement)

    Complain No. 4 : I visited the suggested branch (Thank you complex, Kandivali east, Mumbai). The relation ship manager over there was Mr. Adesh Sharma. Firstly he hasn’t time for the customers because he was so much occupied with his personal trading account. In the branch no one has time for the customers. They were all busy with market talks and their personal trading stuff.

    Once he found time for me, he doesn’t know at all what form I should submit to re-execute my form. He has no such form available in the branch. He told me that I don’t have any other option, I should just wait for some executive come to me and collect the form. He promised me that in 2 hours executive will contact me to get the form signed. No one has come for the next 8 hours.

    After that I made a couple of calls to the same branch and finally they send Mr. Santosh with required form. All these took 10 hours to finish and that is also after at least 10 calls to the concerned department and all.

    Complain No. 5 : When I submitted the form, Mr. Santosh told me that in 48 hours I should get the account access. Also I called at your customer care center and Mr. Samir spoke to me with same words ( complain no. given at that time is SR42089277). This promise was never met.

    Complain No. 6 : After that since 5 working days I am daily calling to call centers. They are just giving me some new complain no. (Complain Nos. SR42512629 and SR42513975). Before 3 days the executive told me that it will be solved in 24 hours and I will get the account access. It was never happen till now. They told me that they have not received the documents yet and I should contact the person to whom I submitted the documents. Is this right? A customer has to track the documents after they submit to ICICI executive or is it ICICI’s responsibility?

    Complain No. 7 : Then also I called up Mr. Adesh Sharma, a relation ship manager at Thakur Complex, Kandivli East Mumbai branch. But his reply was quite strange that he has just sent an executive to collect the form. After that whether it will reach to the correct place or not is not his responsibility? I want to know is this correct that branch manager is not responsible for their executives? Then whom they are managing?

    Complain NO. 8 : Finally I called your call centers. There I spoke to Miss. Sundari (team leader). She told me on 27th Oct. that my account will be activated on same day and she will call me before 5 o’clock on 27th Oct. None of this happened. After that I tried to reach her, but not available. The telephone executive replied me in 3 other consecutive calls that I don’t have any other option but just wait and watch.

    I request you to kindly look into the issue. I would like to apply for the mental harassment and monitory loss compensation as well. Kindly guide me if I am wrong anywhere.

    With regards,

    Sandip

  • Sh
      3rd of Nov, 2007
    0 Votes

    I & three of my colleagues have submitted all the necessary documents & the form duel filled to the Executive representing ICICI direct for opening an D MAT account. He verified all the documents & promised to open the account within 10 days.
    It is almost one & a half month i am continuously following up with the executive as well as the customer care cell but they just say it is in process. I haven't received a verification call either. Now a days the executive don't receive my phone & on asking for his reporting BOSS's contact number he says he doesn't have it. This is truly mental harassment. First, representative who came to me was so very indisciplined that as if i was a bagger and he was the one offering me something.

    Experience with the second executive was as mentioned in the beginning. There are many many tons of complaints i have but its useless to run after those shameless banks like ICICI. ICICI executives used to run after me, Used to call me every day and once i have completed the formalities they are least bothered.

  • Vi
      9th of Jul, 2008
    0 Votes

    I agree with all of you, I am customer of ICICI From long time but my recent past experience has been pathetic and I am planning to close my accounts with ICICI for the same reason.

  • Pr
      20th of Sep, 2008
    0 Votes

    Sir,


    I want to know the full information of dulijan branch of assam
    because I am really very upset by this kind of poor services and behavior with the clients from this branch, I have already applied
    for a salary account in this branch and also send all the required
    information from me and my company and still i did not get any thing
    from ICICI nor they communicate with me from last 15 days, so i want
    to contact directly with these branch's concerned people.

    Please do the needful, I still want to stay with ICICI because of their fast response and ggod banking services, don't prove me wrong.



    Thank you,



    Prasenjit Mondal
    Nazire, Assam

  • Ra
      15th of Oct, 2008
    0 Votes

    SIR I SENDED MONY FROM KSA TO INDIA BY TELEX MONY TRANSFOR ON 30 04 2008 FROM AL RAJHI BANK BUT UNTILL NOW YOUR BANK (ICICI BANK)NOT ISSUE MONEY TO MY ACCOUNT IN SBI BANK PLESE KINDLY I REQESTING YOU TO CHECK IT AND ISSUE MY MONY I INQER TO MY AL RAJHI BANK THEY SAY THE AMOUNT OF YOU ON 15 5 2008 SENDED TO ICICI BANK FORGINE BRANCH IN INDIA
    MY ACCOUNT NUMBER IS 1074077404-6 SBI CHINTAMANI BRANCH ( PIN563125)
    THANKING YOU

  • Di
      5th of Aug, 2009
    0 Votes

    I TOO OPENED AN ACCOUNT WITH ICICI FOR TRADING PURPOSE, BUT THEY MADE ME RUN FOR WEEKS TO GET MY USER ID AND PASSWORD...HAHAHA. I NEVER FELT IT IS A PRIVATE BANK. IT WORKS AS IF IT IS A GOVERNMENT FIRM, WHO IS LEAST BOTHERED ABOUT OTHERS. YOU SHOULD CHECK THEIR COUNTER STAFF, U WILL FEEL THAT U HAVE COME TO ASK SOME HELP FROM THEM. THEY R THERE TO JUST COLLECT HIGH BROKERAGE FROM THEIR CUSTOMERS...

  • Mo
      18th of Jan, 2010
    0 Votes

    I have been coordinating with ICICIDirect to activate my account from last 12 months... They lost my documents due to mumbai floods... I have sent the documents 4 times but still they did not active my DEMAT account.

    I never seen this type of stupid service from any bank.
    Do anyone know to whom we need to complain about our issue?
    I'm ready to talk to attorney to file case against ICICI Direct.
    Just I want know anyone else filed case again them previously?

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