{ 36 comments… read them below or add one }

patel kanaiyalal R. January 21, 2011 at 11:12 am

TO, Date:21/01/2011
The manager,
ICICI Bank,
Demat section,

Subject:- Refund of Deposit.

Referance:- Holder: Maniben. Kanaiyalal patel
Kanaiyalal Ranchhoddas patel
Demat Acc. No: IN300183-10231128

Dear sir,
I was holding the demat account in your bank. As I shifted from Ahmedabad to Unjha, I had closed my demat account on 12/01/2011. I had received all the shares in my new account at Unjha.

I had paid Rs. 2500/-(Rupees two thousand five hundred) as a deposite for AMC vide SBI cheque No. 369197. Now, I had closed my account, So I request to refund my deposite into my bank account through ECS and intimation to me on

Address- A-1, Baleshwar bunglow,
opp: G.E.B Sub station,
Unjha – patan Road
Unjha- 384170
Dist: Mehsana

I request for early action in this matter.

Thanking you. Your’s faithfully,
( K.R.PATEL)

Reply

Sathish Emmadi January 22, 2011 at 11:01 am

Hi Patel,
Please contact ICICI Direct for the resolution. Here we just give information about demat accounts of different service providers.

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adi2001us February 7, 2011 at 4:13 pm

I had an ICICIdirect account for around 3 years. I found their services extremely unreliable, unprofessional and expensive. My experience with ICICIdirect are mentioned hereunder.

OPENING ICICIDIRECT 3 IN 1 ACCOUNT TAKES ONE MONTH-

February 2008- Went to ICICIdirect office in Garia to ask for the procedure to open a demat account. The customer care executive claimed that they were the most trust worthy broker house and claimed other brokers play with the customers money and ICICI does not. Impressed by this I agreed to open their 3 in 1 Account. The 3 in 1 Account, includes a zero balance ICICI bank account in addition to the trading and demat accounts.

Within a few day they sent their representative to my house to do the needful. Initially I had to pay Rs.750 as a One time Account Opening Charges. (The same has now been increased to Rs. 975!), I understand the 1st years Annual Maintenance Charge was included in that amount.

It took the ICICI guys nearly one month to open the demat, trading and bank account!

Reason for choosing ICICIdirect- My previous investments in equity markets were through mutual funds and I was new to the Stock Market. The demat account offered by a well known bank seemed ‘safe’. As I realized later it turned out to be a big mistake.

THE ICICIDIRECT EXPERIENCE-

RUDIMENTARY FEATURES-

Initially there was no trading software, it is very difficult to buy or sell a stock if you cannot see the current prices. You had to open some other website to see the live prices before you transact. Later in 2010 they introduced their trading software ‘traderacer’. However this software is full of bugs and expensive, I have covered this later in my review.

They do provide some research reports but of very ordinary quality. Most of the companies they write about are well researched companies, sufficient data about them are anyway available in the free domain.

Through their website they also try to sell other products like, insurance, loans, Wealth management and PMS etc. It is very disconcerting to see ICICIdirect trying to sell the financial products from ICICI group companies instead of making their demat services better and reliable! It should be understood that those who have a ICICIdirect account will be mainly into equity or derivative.

RIDICULOUSLY HIGH BROKERAGE AND CHARGES-

The brokerage for the the default I-saver plan is 0.75% (for quarterly turnover of Less Than 10 Lakhs) The brokerage on addition of Service Tax (ST), Securities Transaction Tax (STT), SEBI turnover charges ,Transaction Charges (inclusive of Service tax) and Stamp duty comes to around 0.9% net! I have not heard of any other broker house which charges such ridiculously high brokerages.
http://content.icicidirect.com/mailimages/variable.htm

Now there is another plan wherein they charge 0.55% plus all taxes and applicable transaction charges. I had asked to my brokerage plan to be changed to that on many occasion. I had been told that the changes would be effective from the next quarter. But next quarter the brokerage plan never got changed. The customer care executives had no idea why the change in brokerage was not effected and promised to get back to me later (which they never did). The same thing happened to me on 2 or 3 times!

On top of the ridiculously high brokerage they charge an Annual Maintenance Charge of Rs. 450 (Comes to around Rs. 500 on addition of service taxes). For Physical statement they charge even more- Rs. 500 plus taxes. They charge this AMC in advance for every year.

As I have mentioned earlier they launched their trading platform ‘traderacer’ amidst much hype. The platform is full of bugs. It often does not not show/update the prices or any other data (open, high-low, volume etc) of any of the saved scripts! Repeated calls to ICICIdirect’s helpline are met with replies like “there seems to be some technical problem”, “please try later” etc. However they charge Rs. 75 per month for this useless feature!

The charges for trade racer come to Rs.900 annually(Rs. 75 per month), an amount you will agree is very hefty for a trading platform that does not work! Add the AMC of Rs.450 the annual charges come to Rs. 1350 (around Rs. 1500 including all taxes)!

Also their charges including demat charge, off market sell, transfer charge, Pledge Creation/Closure/Invocation charges are ridiculously steep
http://content.icicidirect.com/mailimages/bank fee schedule.htm

All in all ICICI not only charge a hefty joining fee, ridiculously high brokerage, high Annual Maintenance Charge and other various charges which are amongst the highest in the industry!

FREQUENT TECHNICAL SNAGS AND POOR CUSTOMER CARE-

Technical glitches are frequent. Often the website is down and only a message is displayed stating ‘Site unavailable because of technical problem’ (Or something of that sort). Whenever there is a big movement in the market the website becomes unavailable.

There have been many instances where I could not log in despite providing the proper login-id and password. Also the website tends to log out, when one tries to give a buy or sell order.

In 2008 & 2009 there were many instances when the website was not accessible because of ‘technical problems’. However 2010 was the worst- there were instance where online trading system as well as the phone-order service of ICICIdirect broke down for the entire trading day.
http://www.moneylife.in/article/8/6939.html
http://www.moneylife.in/article/6957.html

One can imagine the plight of lakhs of day traders and swing traders, let down by ICICIdirect, who depend on the markets for their livelihood!

ICICIdirect does not have a dedicated helpline. One has to go through the ICICI Bank helpline in a series of complicated steps, with a wait time of up to10 minutes. On top of that the “customer care” executives never have any idea about the problem.

IT TAKES NEARLY ONE MONTH TO CLOSE ICICIDIRECT ACCOUNT-

All in all I was so bugged with the pathetic service offered by ICICIdirect that I decided to close the account in January of this year. As I have explained below even the process took nearly one month and 4 visits to their banks/offices!

January 03, 2011- Went to ICICI Bank at Gariahat to transfer my shares held at my ICICI demat account to my Indiabulls demat account. Note that no ICICI Bank south of Gariahat branch offer demat services. That means ICICI bank does not offer demat services in its branches in vast areas of South Kolkata including Garia, Tollygunge, Behala, Thakurpukur etc! I am sure residents of other cities will face similar problems with their ICICI demat account. On asking about the procedure to close the demat account the employee at ICICI Bank, Gariahat branch told me the trading account has to be closed first. The same cannot be done by ICICI Bank and for that one has to go to a ICICIdirect office!

January 05- After the shares were transferred to my Indiabulls account, I went to ICICIdirect office at Garia. I filled up the necessary form and My Relationship manager (who had never bothered to interact with me before in the last 3 years) told me that it would take around 15 days to close the trading account! She told me they would let me know once the trading account is closed.

January 19- My trading account was finally closed. Note that ICICI did not bother to inform me my phone or mail. I checked my account online to see that the the trading account had been closed.

January 24- I went to ICICI bank Gariahat branch again to close my demat account. I paid the ridiculously high transfer charges for the share transfer by cash and filled up the demat closure form. I was informed it will take a further 7 days to close the demat account!

January 25- Since I had applied for demat account closure I went to ICICI Bank, Garia Branch to close the zero balance bank account. Note that once the trading and demat account are closed the zero balance bank account linked to the trading/demat account will automatically get converted to a normal ICICI bank savings account, which will entail a minimum quarterly average balance of Rs. 10000!

January 31- The demat account was finally closed. I checked at the NSDL website to confirm the same.
As you can see the procedure to close their trading and demat account takes nearly one month!

ADVICE TO PEOPLE WHO WANT TO OPEN A DEMAT ACCOUNT-

DO NOT open an account at ICICIdirect, their services very unreliable, unprofessional and expensive. You will suffer the way I have suffered.

Do not open a demat account offered by any bank. Typically they charge high brokerages and annual charges. Also remember that demat services is a secondary business for them and customer satisfaction for banking services and not demat services is their priority.

Open a account with a broker who offers software based trading. Trading interface which open in the browser tends to get disconnected easily especially if the internet connection is slow.

ADVICE TO PEOPLE WHO WANT TO CLOSE THEIR ICICIDIRECT ACCOUNT-

Congratulations! You are correct in thinking about closing your ICICIdirect account. It is just not worth continuing with the pathetic services offered by ICICIdirect.

Transfer your shares to some other account before you start the procedure to close ICICIdirect account. Do not be compelled to sell your holdings because of the poor services offered by ICICI.

AMC is deducted for every year in advance. Start the procedure of closing the trading and demat account ten months or so into the current subscription. If the Demat Account is closed during the year, no pro-rata refund of Annual Service Charge will be made by ICICI. As I have explained closing their trading and demat account takes nearly a month, so plan accordingly.

If you have a zero balance bank account linked to your demat/trading account close the bank account immediately after closing the demat/trading account. This is because the zero balance bank account linked to the trading/demat account will automatically get converted to a normal ICICI bank savings account, which will entail a minimum quarterly average balance of Rs. 10000! And we all know that ICICI charges a ridiculously high amount for non maintenance of minimum quarterly average balance.
http://www.icicibank.com/service-charges/regular-savings-account.html

To summarise demat services offered by ICICI are extremely unreliable, unprofessional and expensive. STAY AWAY FROM ICICIdirect.

Reply

Sathish Emmadi February 7, 2011 at 5:24 pm

Hi adi2001us,

Many thanks for sharing your experience with ICICIdirect

Reply

ram February 8, 2011 at 4:22 am

Excellent review adi2001us! I had an ICICIdirect account for 4 years and I faced pretty much all the problems you have mentioned. Highest brokerage, abnormally high annual charges, very basic features….

But the biggest problem is the frequent technical snags when the website becomes unavailable. I am using indiainfoline these days and find it much more reliable, glitch free, cheaper and also it has a easy to use interface.

I was so bugged with ICICIdirect that I closed my account there. As you have mentioned closing an account with ICICIdirect also is a time consuming affair. It involved 3 or 4 visits to ICICIdirect office and ICICI Bank, which is quite inconvenient for a person working in some concern. Unfortunately like all ICICI group companies ICICIdirect is only intersted in making profits without bothering to provide proper services, I would recommend all ICICIdirect users to switch to some better and cheaper broker……

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Sathish Emmadi February 9, 2011 at 3:24 pm

Hi Ram,

Thanks for sharing this.

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Anshul Raj February 11, 2011 at 12:31 pm

Hi adi2001us and Ram,
I just went through your experience with ICICI and am amazed to learn the experience you both have gone through..
Infact, your experience has put me in two minds now as i was told by one of my friend to open the 3 in 1 account with ICICI..
I am new to trading and am looking forward to work on this for a healthy experience but at the same time i am unaware of the basic steps to take in order to save myself from the troubles you both have gone through..
I would request both of you to share your valuable suggestions as to how should i go step by step in this Trade Business..
- Please let me know which bank should i open my trading account or what steps should i take to get it started…
my email id is meet.ansh@gmail.com
I would also like to request Mr Sathish Emmadi to please throw some light on the issues raised my Ram & adi2001us..

Regards,
Anshul raj

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adi2001us March 1, 2011 at 1:35 pm

Dear anshul

I have indiabulls account now….it has some negatives and positives…atleast PIB platform seems to be sturdy… for accounts with POA no annual charges…. brokerage and other transcation costs are clearly mentioned in the contract notes…however does not allow intra day in many scripts…I am in the process of opening an account with zerodha, will take a couple of more days…will update my experiences…

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Sathish Emmadi March 1, 2011 at 2:23 pm

Hi adi2001us,

There is a restriction from BSE/SEBI side to do intra-day trading in T group securities (Trade-to-trade category). Z category scrips also fall under this. Were you referring to these scrips or there any particular restriction from Indiabulls?

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Sathish Emmadi February 12, 2011 at 6:16 am

Hi Anshul,

I have never opened an account with ICICI (savings or demat). What I had written is as per the feedback I had got. The brokerage charges of ICICIdirect is said to be more than market rates. I personally can’t comment on the service they provide as I haven’t experienced it.

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Abee February 15, 2011 at 1:25 pm

icicidirect = bogus broker.

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Maslehuddin Ansari February 21, 2011 at 3:22 pm

I, M Maslehuddin Ansari from Agra. I have been trying to open Demat Account for almost two months from your ICICI Direct.com situated at Sadar, Agra but due to your staff negligency, could not done. Your employee returned the Application Form three times for a silly mistake. All the mistakes could be checked in one time also but your staff want to harass your customer. It is just a lapse from your side. I think you will take proper steps in this matter. Thanks. No moderation required.

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Sathish Emmadi February 22, 2011 at 3:43 pm

Hi Maslehuddin,

Thanks for your comment. We just provide information about different brokerage firms. We are in no way related to icicidirect. I request you to contact ICICI customercare.

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farooqgm March 16, 2011 at 8:12 am

adi, anshul, ansari. I can vouch for ZERODHA as the best broker that i have been with in my 3 1/2 years of trading. I have been with Sharekhan, Reliance Money, Bajaj Capital. But ZERODHA is simply the best. The brokerage, the terminal, the customer service, clarity in the contract notes, and hope there are many other innovative things to come in near future.

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DHIVA July 7, 2011 at 11:39 am

hi friends,
i am planning to open account with icicidirect (3 in 1 account).mostly i am trading in derivatives (option hedging).what is their software,,,ur opinion on icicidirect,,,bcoz it has savings account & easy to transfer money…i think ….brokerage is high, but safe & secure…pls share ur opinion friends

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nikunj February 9, 2012 at 5:45 pm

Dear sir,
Thank you for think like a ideal customer.
It is so difficult to understand for all that sefty is one of the best importent thing for us,
One more thing if somebody is charging less then ICICI then they are getting profite by other way from your account.
ICICI provides you a ultimate site which is allmost like financial tool in your hand and provids you a service like no other.

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dhiva July 7, 2011 at 1:38 pm

hi friends ,
i am planning to open account with icicidirect (3 in 1 account)…..shall anybody tell ur opinion…bcoz safe & secure but brokerage is high….pls provide option trading brokerage details in icicidirect pls….thanks

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Raghav April 3, 2012 at 4:28 am

Hi Dhiva,

Think anything else other than ICICI, you will be in big SH**t if you go with ICICI.

Regards,

Raghav

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Prakash Khare August 13, 2011 at 6:05 pm

Following shortcongs are noticed in new wesite if icicidirect.com:
1. In new site tabs like Old ICICIdirect Site, Low Bandwidth Site, At Your Service, FAQ are suppressedou cannot go to old site, you cannot logout.

2. You cannot store web pages like portfolio, order book, trade book etc.
In older site this was possible and was vey useful in keeping your daily record.
Old web site was more compact neat and beautiful. Keep it available to those who like it.
-prakharlook

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Sathish Emmadi August 15, 2011 at 8:44 am

Hi Prakash,

Thanks for your feedback on icicidirect site. It would be useful for lastbull readers. Have you tried giving the same feedback to icicidirect as well?

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suresh kumar August 20, 2011 at 4:02 pm

Icicidirect is worst broker. They simply don’t care. They have huge client base of all icici bank customers who fall into their trap. I realised that they charge Rs.110 for every mutual fund purchase of any amount, till your portfolio reaches 8Lakhs. This is disgusting as u will pay Rs.110 for 1000, 5000, 10000rupees MF purchase, so its like entry load of 11,5,1% approx u pay extra via icicidirect. All brokerages never charge any commission, but icicidirect are special. Never go for icicidirect.

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Sathish Emmadi August 20, 2011 at 4:38 pm

Hi Suresh,

Thanks for your feedback on ICICIDirect. I think most of the brokerage firms charge for mutual funds transactions. But Rs 110 is certainly high. The best way to invest in Mutual Funds is open online accounts with the fund houses and invest on your own. Or walk out to a CAMS office (or any other RTA office) where you can buy MFs without any cost.

Other readers, please do let me know if there are any efficient ways of buying mutual funds.

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suresh kumar August 20, 2011 at 4:57 pm

Sharekhan is best so far. They don’t charge any commission and they declare online the commission they get from all MFs. They also offer weekly SIP options. Purchasing MFs online is not easy because it doesn’t provide u consolidated management of various MFs and checking porfolio is tedious.

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Sathish Emmadi August 20, 2011 at 5:22 pm

Hi Suresh,

It seems SEBI has recently proposed this(probably implemented too?). I missed it out.

http://articles.economictimes.indiatimes.com/2011-07-28/news/29824853_1_transaction-fee-entry-load-fund-distributors

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Alkechino January 4, 2012 at 4:05 pm

Hello….
Hi Guys i am Alkechino .I am currently working in ICICI as a relationship manager.All the points that you guys have listed above are true.I myself have seen the website getting jammed for a full trading day.Also the brokerage offered by them is quite high,And as far as solving any customer’s query we are given no training .All we are told is to go meet customers and tell them to buy life insurance.Since ICICI receives most of its revenue from ICICI prudential.Being such a big brokerage house i have not seen anyone in the company who has suffecient knowledge about the equity market.Even our high profile equity managers gets confused if you ask them something technical about any scrip.This is true guys.Stay away from ICICI….

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mohit February 10, 2012 at 6:37 pm

icici is the best . All the above comments is pre planned ki icici ko bura saabit kiya ja ske ……..but is tarah ke cmnts aur so samjhi galat byaanbaazi se icici ke cstmrs pe koi effect nhi padega baccho ……………its a very big company in the market …….

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ankit February 10, 2012 at 6:39 pm

yes Mohit i m fully agreed wid you ……..

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Raghav April 3, 2012 at 4:20 am

Mr Mohit,

Looks like you are a poor guy to understand the pain of the people who suffered from ICICI, OK you go and create an account with ICICI and trade for some time and come back here with the same positive feel.

Regards,

Raghav

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krishnsprasad March 2, 2012 at 3:30 pm

Planing to join as authorised person in icici direct, some one give me suggestion on this.

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Raghav April 3, 2012 at 4:26 am

Hi Krishnsprasad,

Dont listen the positive comments on ICICI, trust me its a cheating brokerage company. You never gain any money when you trade with them, all your profit goes into their service charges. You simple holds the stock for months, years to get the break even time. I decided my self to stop at least one guy from this cheating firm, that’s way I can justify my losses.

Regards,

Raghav.

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Raghav April 3, 2012 at 4:10 am

Hi,

You are absolutely 100% correct, ICICI is cheater. I am also a victim, basically profit is almost impossible when you trace with ICICI because you will get the break even only after 2% gain of the stock but by the time the stock again fall back, so you will in loop for months simply holding the money. I recommend try ZERODHA , they are excellent in service and the brokerage charges are almost countless, hadly 20 rupees per trade no matter what is your lot size. I just sent my all documents to them hopefully by end of this month I will say good bye to crap ICICI ** I HATE ICICI** in all aspects.

Regards,

Raghav

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Anis June 19, 2012 at 4:16 am

pls contact me,i will resolve your problem.

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Shiva May 11, 2012 at 9:06 pm

I am reading so many bad reviews about ICICI Direct that i cannot stop but asking for some guidance.. i am going to close my Demat account with ICICI DIRECT, but i have some doubts.. This is a 3-in-1 account and i have mutual fund holdings here most of which are tax savers and will probably stay there for another 1.5 to 2 years, but i want to close my demat asap.. So my doubt is, if i close my demat then automatically my icici direct ID will be closed as well then what do i do with my mutual funds that were bought through icici direct….

please please please help me out..

Shiva.

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trader June 22, 2012 at 6:57 am

it seems that all of the above comments are 100% correct. You will burn your money. icicidirect never clearify abt brokerage charges. charge you highest possible. i am seriously shifting to some other brokerage house.

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Taurus July 11, 2012 at 10:44 am

WORST Bank – ICICI is robbing small retail investors and traders money.

Taurus

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Mahesh S. Nigudkar September 14, 2012 at 7:53 am

I have visited to ICICI bank direct .com at New Panvel to chage my new adress when my account open there is pop up brokrage plan, ICICI sales person explain me but not in details regarding plan. He has not informed me about block of 15 years & in one shot amount will be debited ffrom our accounts & transfer to Prepaid plan. I have signed the documents. After debiting an amount of Rs. 25000/- + service tax I get shocked because my money was block and I am not a regular trader. Now ICICI not ready to change plan, blocekd the monty of Rs.25000/- for 15 years and now account balance is showing nil balance they ask me to trade, I not understand without fund how to trade and recover my 25000/- Please advice on above.

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