ICICI Direct unable to process MF procurement....

[rrmhatre72]

Hi,

I am facing following problem with ICICI Direct account.
I am having 3in1 account (Saving, Demat & online trading). This account is opened three months back. My wife(YUGANDHARA) & myself we are joint account holder.
When I tried to buy MF through ICICI, It gives me below error message.

"Kindly note that your online trading account which has been opened in the name of YUGANDHARA RAHUL MHATRE is operated as SINGLE HOLDING. As your bank account is in Joint Holding Mode, online investments in Mutual Funds are not allowed at present. You may contact your RM at ICICIdirect Branches or contact customer service numbers for further clarifications."

I am communicating with ICICI for last three month to resolve the issue. They have got several new forms signed from me to activate this.
but is is not done till date.

Now I am understanding that there is BUG is ICICI software. This software is not compatable to authorise MF buying in joint holding. It will take two more months to activate this facility on their site.

I wanted to know
1. If any one of you faced simillar problem with ICICI?
2. Is software reason given to me correct?

 

[rrmhatre72]

Hi,

I am facing following problem with ICICI Direct account.
I am having 3in1 account (Saving, Demat & online trading). This account is opened three months back. My wife(YUGANDHARA) & myself we are joint account holder.
When I tried to buy MF through ICICI, It gives me below error message.

"Kindly note that your online trading account which has been opened in the name of YUGANDHARA RAHUL MHATRE is operated as SINGLE HOLDING. As your bank account is in Joint Holding Mode, online investments in Mutual Funds are not allowed at present. You may contact your RM at ICICIdirect Branches or contact customer service numbers for further clarifications."

I am communicating with ICICI for last three month to resolve the issue. They have got several new forms signed from me to activate this.
but is is not done till date.

Now I am understanding that there is BUG is ICICI software. This software is not compatable to authorise MF buying in joint holding. It will take two more months to activate this facility on their site.

I wanted to know
1. If any one of you faced simillar problem with ICICI?
2. Is software reason given to me correct?

Has anyone come across this issue with ICICI?

 

[rrmhatre72]

Hi,

I am facing following problem with ICICI Direct account.
I am having 3in1 account (Saving, Demat & online trading). This account is opened three months back. My wife(YUGANDHARA) & myself we are joint account holder.
When I tried to buy MF through ICICI, It gives me below error message.

"Kindly note that your online trading account which has been opened in the name of YUGANDHARA RAHUL MHATRE is operated as SINGLE HOLDING. As your bank account is in Joint Holding Mode, online investments in Mutual Funds are not allowed at present. You may contact your RM at ICICIdirect Branches or contact customer service numbers for further clarifications."

I am communicating with ICICI for last three month to resolve the issue. They have got several new forms signed from me to activate this.
but is is not done till date.

Now I am understanding that there is BUG is ICICI software. This software is not compatable to authorise MF buying in joint holding. It will take two more months to activate this facility on their site.

I wanted to know
1. If any one of you faced simillar problem with ICICI?
2. Is software reason given to me correct?

Hi,

pls advice me if anybody has any more info about this ICICI issue.

 

[yodlee99]

My query to you is: Are you going to wait until they fix their technical issue? What if it takes them 1 year... I am not saying it will, but what if it does?

Or are you going to have another account in your name (with your wife as nominee that gives them almost equal rights as you have) and start investing without waiting.

If I were you, I would start an online 3-in-1 account with HDFC as they don't have any transaction charges per SIP, if you were to take the SIP route in investing in mutual funds. Read other emails in this group or google about "ICICIdirect and 33.09Rs" !

 

[rrmhatre72]

My query to you is: Are you going to wait until they fix their technical issue? What if it takes them 1 year... I am not saying it will, but what if it does?

Or are you going to have another account in your name (with your wife as nominee that gives them almost equal rights as you have) and start investing without waiting.

If I were you, I would start an online 3-in-1 account with HDFC as they don't have any transaction charges per SIP, if you were to take the SIP route in investing in mutual funds. Read other emails in this group or google about "ICICIdirect and 33.09Rs" !

Thanks Yodlee for your inputs.
I had enquired at HDFC also & I undertood they have quartely fix charge for mutual funds. I think its Rs400/quarter(Or Year). You can buy as much as you can. In this case again I will end up in paying some charges to HDFC.
ICICI does not have any charge if my MF portfolio is bigger than 8L & I will have my portfolio above 8L. Hence decided to go with ICICI.
ICICI is claiming problem resolution by Sept end.
Anyway I like your suggestion to check alternative. My requirements are as follows.
1. I do not want to do any paperwork every time.
2. I should able to buy/sell MF online.
3. My banking account should get linked to to my MF account for all auto transactions of money for buy & sell.
4. I should able to deal with "ALL" fund houses through one cetralise place (like ICICI or HDFC)
5. I should not pay any additional charges on my transation for buy/sell of MF.
6. My portfolio should get auto maintained based on daily NAV & my buy sell status.
7. I want to buy it with join name along with my wife.
All these requirements were meeting with ICICI. Only point no7 is not met due to software problem.

Appreciate if you can let me know if any other option available who can meet my requirement.

 

[palka]

I agree that IDirect offer fantastic integration of your bank account and investment portfolio. Form your posts it appears to me that you are interested only in MF transaction. If that is so, you may consider opening an INVESTMENT ACCOUNT with IDirect, instead of a trading account. You do not have to pay Demat Charges.

 

[rrmhatre72]

I agree that IDirect offer fantastic integration of your bank account and investment portfolio. Form your posts it appears to me that you are interested only in MF transaction. If that is so, you may consider opening an INVESTMENT ACCOUNT with IDirect, instead of a trading account. You do not have to pay Demat Charges.

Hi,

I do trade in shares, F&O also. hence demat is required by me.
but i want it in joint name with my wife & she as first holder. She is housewife hence tax liabilities can be managed accordingly.

 

[palka]

If she is a house wife and has no source of income wouldn't there be clubbing of income?

 

[rrmhatre72]

If she is a house wife and has no source of income wouldn't there be clubbing of income?

Hi Palka,

I have not got your point. Pls elobrate.

 

[yodlee99]

Since you must be filing your taxes jointly, do you have to have your investments done jointly too? In my understanding, correct me if I'm wrong, you can make investments in your name or your wife's or jointly and still file the taxes jointly.

Hi,

I do trade in shares, F&O also. hence demat is required by me.
but i want it in joint name with my wife & she as first holder. She is housewife hence tax liabilities can be managed accordingly.