ICICIdirect - buying not allowed message

Zulzana is bang right. Here is my experience with icici:

I dont know about other but avoid I direct. Here is my expereince with them.

I had heard that in spite of high brokerage, service of icici direct is bad. However I decided to open an account with them only because of lack of a better option. What happened after that was totally unexpected even from their notorious customer service.

I do not trust sales agents of any bank. So, I took the trouble of going to the icici direct center near BSE in fort, Mumbai and submitted my application form there around 15th may. I was told by a smiling (financially illiterate) “executive” that account would surely be opened within 15 days. However, I knew that I should get a confirmation call from the bank before the account is opened. So when I did not receive any call within one week I called the salesman and he again cheerfully assured me that I would get a confirmation call soon. After another one week I called him again. This time he told me that the proof of address given by me was not acceptable. Obviously he didn’t check my form when I submitted it or even when I called him after a week. And he kept assuring me that the application was under process! Of course, I don’t expect icici to call me when there is some problem with the application- its too much to expect from them. But at least they could have told me of the problem when I called them. Anyway, next day I went with my bank account passbook and told them to get photocopy of entire passbook if they want. The executive kept smiling shamelessly and again assured me that the account will be up and running in 10 days.

Once again I waited for a week and then called him. He told me that he has lodged my form and I will soon get a confirmation call. This went on for another week and then another week. Finally I suspected some foul play and called their customer care instead of the executive who had been dealing with me. The customer care told me, “Your application has not yet been received”!! So I again called up this guy and asked him about it. Now the height of shamelessness- he had the guts to assure me again that the form had been lodged. He said that it takes some time before customer care can locate it in their system! - That’s complete lie, as I know now.

This game between customer care and the executive went on for 3-4 times before I decided that it was best to record these things in writing rather than on phone. So I sent a mail to customer care on July 18, 2007 giving all details. Magic! the very next day this salesman calls me up and says “we have misplaced your form. You will have to fill a fresh form”… now that’s something even for lousiest customer service in the world! Naturally, I told him that I wouldn’t be a fool to open an account with a bank that has employees like him. Thanks God the form was lost!

Unfortunately that didn’t end my encounter with icici direct. The next day I got a call from their customer care with the salesman on conference call. The salesman had found the form and lodged it in the system. To be fair to them, the form was actually lodged on 25th July after more than a month of harassment. Then the very next day the status of the form was changed to “rejected”. This is what the website says:

“Your application for opening an Idirect account has been rejected on 26-Jul-2007 on account of the following reasons:
BANK STATEMENT SUBMITTED SHOULD BE LATEST OF THREE MONTHS. PL. CONFIRM THE BANK BRANCH NAME AND CODE..
Our Sales executive from MAHALAKSHMI - REGION will get in touch with you for rectification of the application within 2 days.”

This, when I had given them the whole passbook and they could have photocopied whatever was needed. I am also sure that they photocopied at least last 12 months transactions!

Of course, no one contacted me to rectify it. So I called up the customer care again on 1st August and asked them to register a request for the same and the call center promptly replied that they couldn’t take a request before two days have passed. I tried to explain her that its four days between 26th and 1st august. But, trust icici to employ people who cant count. What about introducing a training program for employees for counting and alphabets!

Meanwhile, I have mailed the customer care about it on 2nd august. Their reply was a short and sweet one “ we have registered your request regarding arranging an executive for rectification of the account opening form 9001668020. The Service Reference number is SR33033782. We will confirm the status by SMS or e-mail within 4 working days.” Knowing how they measure days in icici direct, I have decided to apply for an account with reliance money.

same of a kind. ha ha.

THanks for the Support

And if we Quit from icici direct will the Annual Maintaince Chareges will be stopped,,, and wats is the procedure for quitting from icici.. ?
And will it affect our savings account in icici...

Please help me in this issue,,,

Thanks in advance

The demat and savings account are seprate things and you should be able to close demat and trading account without affecting your savings account. if they mess around then just close even the savings account and open a new savings account in same bank...hope that helps

hai buddies


in ICICI wat is the intra day brokerage Charge..!
Wat is the minimum intra day brokerage in ICICI .. for eg wat will be the charge for 1000 Rs Intra day trade,,?

can Any on help me regarding this ..
Thanks in advance..

this happens for the shares which they fit are not good for trading {z group}

for example antartica {icici code = antart}
lcc infotech {code=lccinf}

hai buddies


in ICICI wat is the intra day brokerage Charge..!
Wat is the minimum intra day brokerage in ICICI .. for eg wat will be the charge for 1000 Rs Intra day trade,,?

can Any on help me regarding this ..
Thanks in advance..
Edit/Delete Message

hi guys, as per what i know about icici direct , it is come to my knowledge they have their own risk monitoring team bedind the scene. which decides about which stock to be allowed for trading on their platform and which not . hey scorpicity, ur talking about some scrip less then .55, have u checked the performance of that stock in the last year or two. check how many delivery trades are resuting in actual delivery of the stock , how many cases of non delivery the stock is going through. tell me man what is the fun of buying a stock if the counterparty who has sold it to you does not even deliver it to the exchange, how the hell are u going to catch the exchange if the conterparty defaults.
its better not to buy the scrip rather then saying things about icicidirect. one more thing i wish to tell you here , i too wanted to buy some chindi company on which buy was not allowed on icicidirect, i rang up the customer care and asked for the reason, the reason that guy gave me is that ther risk team has disabled it, but the next thing he did is that he took my request and forwarded to the risk team mentioning that i wanted the scrip to be enabled and after a couple of days the scrip was enabled on the site. so i dont think customer care for icicidirect is not working. infact i found icici customer care as the most accesible one and i got the resolution everytime i rang those guys.

anyone listening from icici direct heheheheh

happy investing friends

hi vishnu icici have its own intraday products which ones u are talking about, namely margin margin plus or intraday in equity rolling segment.
let me brief u about all of them , in margin and margin plus brokerage rate is 0.05 % of ur trade value minimum rs 15/- per trade , either buy or sell.
eg if u buy for lets say 100 * 100 = 10000 buy then brokerage is 5 rs but they will charge u minimum rs 15 for buy
again for the sell lets say it is 100*102=10200 sell then brokerage is 5.1 rs but again they will charge u rs 15 so in total for buy and sell together they charge u 30 this is minimum they charge. plus some taxes like service tax @ 12.36 % on brokerage amount and STT @.025% on sell value of ur trade. STT is not charged on BUY side.

for equity rolling segemetn if u buy and sell on the same day thats intraday i guess . in that case the rate is the same. i.e 0.75% of trade value , but they will charge it on first trasaction only . second trasaction will be free. eg if u buy first and sell later. then brokerage will be calculated on buy only and the sell will be with no brokerage, plus again stax and STT. remember in this also the STT will be on sell only the rate is the same i.e 0.025%.
therefore in ur trade book you wil find buy trasactin with brokerage plus service tax and in sell trasaction u wil find only STT.

hope i cleared some points for u

chao

happy trading vishu.

hey where is my reply ipostted it just now. i gues its gone. see for it friends.