Location/place: Pune
Name of company/service: ICICI Demat Services
ICICI Demat Service Standards – How pathetic
If you already experienced the horrendous experience with ICICI Demat Services, I am not surprised as I am going through this since last 16 months. Not sure if this is happening only in Pune due to ‘incompetent/unprofessional management team’ or this is the way ICICI Demat Team operates.
1. I opened ICICI Demat account in May 2012, though ICICI is the MOST EXPENSIVE as their charges are the costliest compared with any other AMCs.
2. For almost a year there was no RELATION MANAGER assigned, though there was some name tagged against my portfolio as the Relation Manager. When I approached the RM, he neither reverted nor responded.
3. After sending series of emails/reminders, finally someone self proclaimed ‘Manager’ named Padmini Pai visited me along with her so called ‘Senior Relation Manager’ in the last week of May 2013, giving me all hollow promisses, that are still NOT fulfilled. Below is the chronological events on record.
3.1. I had NRE FD of INR 900000 started in Mar 2012 for 1 year.
3.2. I had NRO RD of INR 10000 monthly, started in Mar 2012.
3.3. I had 5 SIPs with various AMCs (HDFC, ICICI, DSPBR, IDFC….) all tagged with my NRO account.
3.4. I was suggested in Nov from ICICI Bank that I need to close my NRE/NRO account immediately, as I am already having Salary SB account with ICICI Bank.
During this time, I mentioned to them about my Mutual Funds linked with NRO and NOT with Salary SB account. I was assured, this would be taken care and the corresponding forms (For changing the bank account numbers in each of my MF SIPs) were being filled up and the NRE/NRO accounts were closed in Dec 2012. Few important points:
a. I was NOT given a single rupee interest for the FD though it was NOT closed by me.
b. I was NOT given a single rupee interest for the RD though it was NOT closed by me.
Considering these points, I was hoping that the above issues have been addressed.
4. I explained all these to Padmini Pai – who assured me that this would be addressed. But this never got adressed despite of me reminding/following up several times.
5. Padmini Pai even calls me screaming for writing mails, she also mentioned to me that she has done a favour to me by changing the broker (From Moneycontrol to ICICI for 4 MFs and NOT all the 5).
Concerns/Issues:
1. I have regularly/constantly been following up, reminding – despite of these – there is NO ACTION whatsoever from ICICI Demat Team – Pune.
2. Despite of charging such a high fees – why the customer has to depend on the MERCY and MOOD of ICICI Demat banking’s so called ‘Managers?’
3. Despite of paying such high brokerage charges – why I am NOT assigned any RELATION MANAGER from ICICI DEMAT?
4. Now – I have one Mutual Fund with HDFC Top 200, which still reflects to NRE. If I opt to close the MF SIP with HDFC Top 200 which account the money will be transferred? Why this is NOT been taken care before closing my NRE/NRO accounts?
5. I am a helpless consumer of ICICI Demat Services – being helpless, I nmay have to seek the help from Media experts on how to get this addressed, as I dont see any action from ICICI Demat Services.
6. Why people like Padmini Pai are handling ‘Manager’ role when they clearly prove her in-competency and unprofessionalism?
7. Who I can rely for help?
8. Several reminders are sent – marking Mrs.Chanda Kochar in cc – despite of this, there is NO action from ICICI Demat Bank – why?
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