Horrible Service from ICICIDirect.com

Hi,

I just wanted to share my experience with ICICIDirect.com, so that one can rate the quality of service provided by this leading financial institution.

I wanted to open a demat and trading account with icicidirect.com.
I approached the bank through internet and phone, they took my details and said that their executive will visit me to collect the documents. But no ICICI staff contacted me to proceed further and collect documents.

After a week, I directly went to a ICICI Bank branch (at Bangalore) and filled the application form for opening the demat and trading account. I was having all the photocopies of the requried documents but they collected only few. They didn't took the copy of PAN card and asked me to sign the Form-60. The reason they said is, One of my initial is not shown in PAN Card, so they don't want to take it now, but can update this data once the account is opened. And thereby other formalities are completed and I gave a cheque for Rs.750/- towards account opening charge. They said it will take 2 weeks to get the account opened. OK, Fine.

After 10 days, when I check the status of my application form, they said that my application was got reverted from Mumbai because of signature mis-match. I wondered and said it is not possible. Then they said it is not my signature mis-match, it is their SM's signature is not matched with bank records, that's why it got returned. (I guess SM means Sales Manager). I was not able to do anything when they told this reason shamelessly. Again they said, it will take 10 more days to get the account opened.

The cheque for Rs.750 towards account opening fee got cleared on 17th day. So I thought that the account got opened and expecting the username & password. But, after 20 days the bank sales staff calls me and asked me to put a signature across the photograph in the application form. And said that the account will get opened in another 10 days...! I got irritated, because of the bank staff's ignorance I had to wait for 10 more days to get my account opened. I controlled myself and waiting for another 10 days with patience.

After a month of submitting the application form, the bank staff called me again and said that I need to give a copy of my PAN card to get my demat account opened. And it will take another 10 days.
Think about my situation, For account opening itself this much problem means, think about the customer care for the account life time. I blasted them and on next day I went to bank and gave a letter asking them not to open any account for me and stop this account opening process with my application form. They happily took the letter and said it will take upto 60 days to return the application opening amount that they collected through the cheque clearing.

When their competitors are able to open the account in a week's time, why not these guys? Is it the in-efficiency of bank operating procedures or the inefficiency of bank staffs? Whoever it is, ICICI Bank staffs are happily losing the business for ICICI.

Regards,
Jeyakumar C.K

u r better off than me...it took 6 months to get my acount on track with them....

Satya

Each site has some pros and cons

I think its incorrect to dismiss ICICI Dir entirely... they do have their pluses

But their Research content is sloppy ... sloppy

For instance, background on the co starts with 1990 and ends at 2001 ... what abt 2001 onwards ??

AGILENT

It's not legal to do so. A person having PAN card should not fill up Form 60. For everybody, it's better to read the contents of the documents he is signing.

SEBI has made it mandatory that all demat accounts can be opened only when the person willing to open account has a PAN card. All such Demat account holders who have not submitted their PAN card have been given a time period of 6 months to comply with the directive. I guess that directive came after you case was under process and thats why the PAN card was demanded mid way.

They have the worst customer care centre which believes that telling white lies is good than accepting the mistake.

Go file a suit in the consumer forum for harrasment, lost opportunities and interest on the amount paid due to delay in refund.

Best Regards,

friends u r absltly rite. . though icicidirect is the first to bring the net trading to us. but they remain there at the 1st stage. never went for any further development. u r bound to loose valueble mony for the time lag btn ur decision and actual xecution.

abt the research........... well sloppy is very modest.

samudrya

Go ahead and file a suit and address ur issues...I agree with most of the experts suggestions on this..Research reports, cus care...are pathetic.

I just closed my DEMAT account last week with them.

I am using ICICI direct since over 4 yrs. It is good only thier agents do not have the proper background to help.

But I do agree their research is crappy. There is lot of scope for improvemnt.
But I was able to open my account with in 4 days even though at that time I was out of India. Problaby they are not able to maintain the standards set.

I agree that ICICIDirect has one of the worst serivices and one of the most expensive brokerage charges. And asking their help team for any doubt is like asking a first grade student to do a heart transplant. They simply dont understand the matter as most of them do not have any demant account of their own and almost all of them have never traded, so no surprise that we people hear such foolish things from them.

Very poor service of icicidirect.com

Hi!

I think ICICI direct is okay, not so good, not so bad. My a/c was opened with them in two weeks and I admit that it was okay. I sometimes feel bad when there site gets congested and ur not able to log in. But I think their research and study material like CANSLIM, etc is still better than many other online brokers. One more think, there is no chance of any fraud in case of ICICI or HDFC like brokers, but in case of franchise model you can have fraud. I think ICICI is safe bet. Some persons may have experienced difficulty opening with a/c or sometimes with log in for short time, but otherwise they are good. One more thing, there brokerage is too high, which is a bad thing.

I will sum that up as okay kind, not good, not bad.

Thanks a lot for your experiences. I was about to open my account with ICICI but now I have 2 go for other options. Could u people suggest any1 to go with?
Thanx
Mukul