ICICI Direct
Reviews and Complaints

I have a De mat account in ICICI Bank Demat Services. My client ID is [protected]

ICICI Bank seized my demat account without any reason.

From last one year I have deposited all the details about my demat account twice in ICICI bank and One time in ICICI Direct.

Mr. Inder Mewara of ICICI Direct has taken application form from me two times, but he informed me that my request has been rejected. Every times he said that a new form to be filled.

Please help me.

Sudhir Kumar Tambi

C/O Fortune Rubbers,

2, New Motor Market,

Near Jain Motors,

Kota - 324007

Rajasthan

Already followed up numerous times through registered email id at all provided icici demat grievance levels but is of no help.

PAN number and AADHAR number are already linked long back and have shared the screenshots still irrelevant response resulting to complexity.

Wrong PAN card detail is being displayed in the system in my profile which is a mistake from the ICICI DEMAT end during the process of data entry. I am unable to access my account since last 3 months but for this facility they have charged the annual fees.

I have requested them for the correction sending them copy of my pan card and following up about it from last 4 months but is of no help. I am out of country which is another issue to get hold of this issue.

Request id with icici demat-SR927403023

There has been an awful experience with ICICIDirect helpdesk / compliance manager and chief operating officer from complaint department.

I am surprised to not to receive any update despite of following up relentlessly beyond 2 days of service level agreement for something like double time deduction of AMC charges from my ICICIDirect - RMA [wallet] and from my ICICIBank account.

Surprisingly [protected]@icicidirect is useless, there's no response you get except thank you for your mail - will revert withing 2 working days [standard reply].

I am an NRI and My Status on the IT Portal is also NRI . For months I was getting messages to Link PAN and AADHAR , so I asked the ICICI Direct staff why am I getting these messages as NRIs do not need link Aadhar/PAN. Also, your system knows I am an NRI because you have been deducting my taxes also at NRI rates. The Customer Service of ICICI Direct NRI services told me to ignore the messages and it will dissapear after June 30th. To my UTMOST HORROR , on June 30th I was not allowed to take fresh positions and lost money as they share I wanted to buy went up substantially and today I am not even able to login to my account. WHAT NONSENSE IS THIS ICICI DIRECT. THIS IS A FINANCIAL CRIME ...you CANNOT stop me from accessing my account because of your own stupid negligence. YOU SHOULD FIRE THE PERSON IN_CHARGE Imeediately. I am thinking going to RBI and Sueing ICICI Direct for this gross negligence , can anyone let me know who I should get in touch in RBI or SEBI for this ?

My account number [protected]

Since day 1

1. Their software has technical fault.

2. They never communicate before selling shares due to margin shortfall, unlike Kotak and Ventura I have an account with.

3. I bought 800 shares of Gujarat Gas on 15th May 2023, and wanted to sell on May 25th, but to my surprise they were not there in my Demat Holdings but were showing in my portfolio. I tried hard to sell them as I was gaining but but (with ICICI you can't expect to earn profit) I was unable to sell them as message was coming "Insufficient stocks in your demat account". I called each person I could but they themselves did not have answer and told that it is a case of short delivery..I called customer care on 26th May and they promised to call back in 1 hour but no call from them (It is permanent they never call, pathetic customer care) I feel really pity of myself why should I suffer loss due to their technical fault... Thinking of changing the company as soon as possible, ICICI pls close this business of yours when you don't know the value of other's money and time

I have opened a DP cum Trading Account No [protected] Online with ICICI Direct. It took them 4 days to activate the same. Meanwhile they lured me for opting for their Neo Brokerage Plan, which I opted. After activation, I wanted to trade in F & O Section only, which they didn't allow. They said that I have to purchase at Rs, 100 of Equity shares to do business in F & O, which I am not prepared to do. So I want to close the Account without doing any trade. But meanwhile they have debited my Account with Rs. 10.62 for GOD knows what reason? They have not replied to my e mails for the same.

My wife and I are ICICI customers for over 20 years and have received terrible service from your bank's new account opening people specifically Priti Pandey. My NRI Application ARN [protected] started in early November 2021 and I responded to all the paperwork as needed. Priti refused to repeatedly return call back requests to my USA cell phone number and failed to explain why it is so difficult to open a Single holder NRE bank and Demat account in my name. The apparent explanation she once gave in an curtly written e-mail was that it was not possible to do this since my wife and I hold joint NRE bank and linked accounts since early 2000. My experience with all this is so bad that I have initiated paperwork to open my new single holder accounts with Kotak Bank.

I have little expectation that you will respond to my frustration as an NRI with this whole long torturous process and specially the complete incompetence of Priti Pandey who is I assume in charge of this NRI Application ARN [protected] application. If you wish to call me or text me please do so at [protected] my USA cell number.

Subhash Hanamant Risbud

icici joint account for trading closed by ICICI Direct on April 3, 2022. Head service quality does not accept emails

COO does not accepts emails.

Customer service are no t having any information and response is they are working on it as a special case.

Registered email: bgarg.[protected]@gmail.com

Location USA

Name: Bhawana Garg

Pathetic service by Link Intime, ICICIDirect.com for Tata Motores Fixed deposit
I had invested in Tata Motors FD through ICICIDirect in April 2009 for 1 year.

The rate of interest promised to me was 10% plus additional 0.5% as I was holding Tata Motors shares at that time.

I'm currently in USA on a project deputation. Today, I was told by my father that he has received a cheque of amount Rs.9858 on his name. I don’t know why the cheque has been issued on my father's name

At the time of subscribing to this scheme, I had chosen auto-credit of interest and principal amount to ICICI Bank account which is linked to my ICICIDirect account. Also, the tenure of my deposit was 1 yr.; I have no information about my principal amount. I don’t want to auto-renew it. Last week I received an email from ICICIDirect asking me whether I want to renew my FD, to which I replied back saying I don’t want to renew. I didn’t receive any communication after that. I have no clue where my money is is right now? I really don’t expect such a poor service from ICICIDirect. I'm really feeling unsure about Link Intime's capabilities to handle such matters keeping in my previous experience with one of other fixed deposit.

Request / Suggestion to all - Never ever use ICICIDirect.com to open a fixed deposit and especially if its registrar is Link Intime.Both of them are highly incompetent and will make you run door to door once you lock your money with them.

Any escalation made to the highest possible officer with them didnt yeild any results.

one word best describe them - PATHETIC

It's so poor to hear from ICICI Direct helpdesk that their system can't print "/" (say 9/45 ) in the customer's address.
Stupid representative who couldn't speak proper english came to my house and collected all the documents with Rs.975 cheque to open the ICICI Direct account.Cheque cleared but i didnt receive my trading password yet.

People learn from their mistakes but ICICI Direct never did this.

Irresponsible managers, helpdesk even their courier service 'First Flight' ...

I have been sending emails to the helpdesk, calling customer care, calling courier service for the past 45 days...

no help!

In all, It's the worst trading platform in India.. DON'T GO FOR IT ! DUMP IT IF YOU HAVE ONE !

Requested a statement of account for Demat Account for the period 01/04/2006 to 31/03/2007. This should take 10 days as per the web site. More than 3 weeks and still not received.

ICICI have sent this by courier and they will give a courier reference #. However they cannot give you the phone number of the courier and we have to find that from the website of the courier! The name of the courier is Pack Logistics and their website is packlogistics.net. When I browse the net no such site.

This is not the first time. This is happening to me for the second time. The customer service I can download the statement during non-business hours for any year. I tried and it doesn't allow you to download for a period before 01/11/2008.

I was able to download a list of transactions from another page. Still it does not show certain information like STT paid. This is very important information for the ITO to decide if the gain/loss on mutual fund is to be exempt. Still the customer service representative will not listen to you and she claims to know what happens at the Income Tax office.

I was banking with Bank of Madura and was transfered to ICICI since 1999. My experience has never been better. Always the same faceless and useless banking.

I have shifted all my fixed deposits to HDFC. Substantial amounts for a normal customer at an Indian bank. Still ICICI won't change or realize! I will shift the demat also to HDFC.

The Bank claims to help you manage your wealth. On the contrary we have to manage the bank by following up with various departments and their couriers and get work done.

If I can run a bank why should I go to ICICI Bank?

My email id [protected]@gmail.com...but who cares to respond to a customer anyway! Especially ICICI Bank!

Demat Account number : IN302902-[protected]‏
From: NAVIN SAHNI ([protected]@hotmail.com)
Sent: 11 November 2017 14:58PM
To: [protected]@icicidirect.com
Cc: [protected]@icicidirect.com
Folks really disappointing service.

1) you guys lost/damaged the original documents
2) kept asking for the guy to come over and pick up the documents but no one came
3) had to locate your gurgaon branch and give my papers

Now after giving my papers my account was opened up till now.
Why has this been closed after your guys have collected the papers.

I need to sell my shares .. so hope you will make good my losses if my account is not functioning by tomorrow.

I expect as a customer 2-3 things

1) call back tomorrow
2) A/c opened in 24 hrs ( if you guys have misplaced my dox again you are not fit to do business with and i want a full refund of all service charges if you have charged me during this whole shaky relationship of ours)

This mail will get esclated to the CEO in the next 3 days if this is not taken care of with a nice column in a leading newspaper so all consumers are aware of your great service standards and robust processes.

no revert from them yest! can some one help !pls

Hi All,

I put a redemption request to icicidirect.com online for 6 of my mutual funds on 23rd of SEP-2009
The pay out date was 1st oct-2009
I have still not received the money for 3 of my mutualfunds which was supposed to be credited online.
Icicidirect people say that my bank details are incorrect with 3 of the AMCs and there is a name mismatch while they try to credit the money online.
My question to these ### people is that how the rest 3 AMCs were able to credit the redemption amount to my savings linked account online if my name is wrong or some other fault from my end.
The icicidirect is making me fool for past 40 days since I raise a complaint
here are the numbers and emails contacts
Infact icicidirect.com has provided false information regarding my name and bank acounts to these 3 AMCs which are not able to credit the redemption amount to my linked savings account

pallavi.[protected]@ext.icicibank.com, latha.[protected]@icicisecurities.com, ravindra.[protected]@icicisecurities.com, "Parul Turki /OPS/ISEC/NAVI MUMBAI" , [protected]@icicidirect.com, [protected]@icicidirect.com, [protected]@icicidirect.com, Rupa.[protected]@icicibank.com, [protected]@icicibank.com, subhash.[protected]@icicisecurities.com, subhash.[protected]@icicisecurities.com, prakash.[protected]@icicisecurities.com, s.[protected]@icicisecurities.com, vivek.[protected]@icicisecurities.com, prasanna.[protected]@icicisecurities.com, priti.[protected]@icicisecurities.com, harshil.[protected]@icicibank.com, kamath.[protected]@icicibank.com, chanda.[protected]@icicibank.com, shameek.[protected]@icicisecurities.com, rahul.[protected]@icicisecurities.com
"Headservicequality" , shrenik.[protected]@icicisecurities.com,
vivek.[protected]@icicisecurities.com
Shrenik Parakh
ICICIdirect Mutual Fund Ops
022/[protected]
[protected]
Pallavi -- [protected]
Mr vivek- [protected] ( chandigarh icicidirect)

Best Regards
Deepak Agrawal
DMAT: [protected] / IN303028-[protected]

Hi,
Here is how ICICI managed to perpetrate a FRAUD on my father.
He tried to open a trading account in Kolkata, so the Lake Town office(ICICI DIrect central office, it seems, in Kolkata) sent along one of their subagent Amit Dey(around 5th-6th of October)who collected all the details, includinga cheque for Rs 975. We were never given a demo and he promised to come back and give a demo in a week's time.
Also my father did not have a photograph at that moment, which is a MANDATORY requirement for opening accounts and he promised to collect that as well.

Needless to say, he never turned up !
We called up the branch, went to the nearest ICICI Direct office in Lake Market and submitted a complaint and requested that we want to stop the processing. We were assured that as the phhoto is not submitted the account CAN NEVER be opened as it is a REGULATORY guideline.

We were also contacted by ICICI Customer Service on the phone whom we told very clearly that we dont want the service.

Guess what ? In a month's time (yesterday 29th October), my father receives an ATM card along with the fact that 975 rupees has been deducted from his account and the account is up and running !
HOW, DO YO OPEN AN ACCOUNT WITHOUT THE PHOTOGRAPH ? AND WHY WERE WE HARASSED SO MUCH.
The only available course of action is to file a case with the RBI/Ombudsman and the ploce, it seems.
I stay in Toronto and it is so frustating to know that I cannot help my father who is being harassed by this scam !

What to say about the pathetic ICICI people?

I was supposed to open three in one account - Savings account, Trading a/c with ICICI direct, and Demat account.

I put a request through phone call and a customer rep comes and takes my forms and all the other documents.

After two days I receive a call that Axis bank cheque that i gave him will not be accepted by him and he wanted State Bank cheque (the pass book of which i attached as address proof). As such I told him I am ready to give other proof. Or give introduction details for the savings account.

The concerned Customer rep one Mr Alam (Ph No. [protected]) who collected my documents kept telling me everyday that he will come and collect the documents or Introduction details. And everyday I am calling him and following up instead of other way round.

In the end I told him not to open an account because of their hopelessness.

And he was only too happy to do that.

If no. 1 Private sector bank of India is like that, then the condition of India is critical.

I dont know what to do with them. I will better open with other online platform.

I have been dealing with ICICIdirect.com for trading and have seen that the words that best describe their services, level of patience with clients is "ICICI SUCKS". Thrice during my early trading days i.e., early 2006, I had been oriented in online trading by icicidirect people, but these trainers were behaving as if they are obliging me and the fellow traders. What they do not know is that they get their salaries owing to traders like me...

They charge hefty brokerages and keep sending stupid statements with unheard of charges. In fact, it is much better to deal with new companies like reliance money or indiainfoline who at least have a reputation to defend and are always forthright.

Dear Sir / Madam

This is my third mail to your department for unlocking of my account but in the last 48 Hours not a single communication has been done from the bank with me regarding the below mentioned pending issue.

This has reference to the Locking of my Demat (Equity) Account No. IN302679-[protected] which I am holding in ICICI bank since Year 2002. At the moment I am holding good amount of shares which has been locked because of the non submission of form which were destroyed due to floods in year 2005. I have already given time twice (May 2007 & August 2007) to your department for fulfillment of the forms but the guys never turned up at my place on the given date and time for the forms to be filled. I am not an free person sitting all the time at home, to be waiting for your guys to turn up to fulfill the requirement which was caused due to your companies negligence by not storing the forms properly.

Upon contacting your customer care, they told me that until and unless I dont submit the form the account cant be reopened. Now that I am out of town and planning to go out of country in the next few days theres no way that I can fullfillment that requirement. Although there is no mistake on my part and even after giving appointment twice to your Bank if the people dont turn up then theres no way that ICICI Bank holds the authority to Lock my account because of the Banks fault.

Your nearest Branch from my place at the moment is 50 around KMts. and thats the worst Branch (Vallabh Vidya Nagar) in the whole of India as far as banking is concerned. No sitting arrangement, no proper answers to the queries, Unlimited waiting period, Officers chitchatting instead of solving customers grievences & problems, Hanging on the phones most of the times.

Hence I would like to request you to look into the matter as soon as possible or else finally unwantingly I would then have to take up the matter with the higher authorities and with Banking and SEBI regulatory boards.

Thanking You

Patel Kalpesh J

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.