Regret to state that I am totally disappointed withe the level of service for the past few months.

I had requested for opening of a new DEMAT in my single name . On 30th Jan 2014, I had paid Rs X and signed all documents as were required by you. When I made several follow ups , was advised that it is under process and will revert back to me.

Last week , u had called me to state that a photo + some signature of mine was required which I had no choice but to provide. These were initially not requested for some unknown reasons.

This piecemeal request is not the professional way expected of from your bank especially as I am and account holder for the last 12-15 years .

I need you to respond to this e mail and let me know when I am likely to get my DEMAT account opened . It is now close to two and half months”

Now it is more than 3 months for I Bank to open an account for a HNI customer. Something is stinking.

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  1. Hi Subra,
    I had a recent similar experience with ICICI when I applied for converting from RI to NR. Knowing that it is a “long drawn” process, i visiting the branch on the very day i reached India and met the branch manager and explained my needs and that I was in India for 3 weeks. He allocated a ICICI direct sales rep and left it at there.

    The sales rep did not collect my all documents at once, did not get my funds de-allocated, did not check that all my holdings (shares, MFs, ELSS, NCD with/wo lockins, GoI bonds, Tax Free Bonds) can be transfered or not. And everything resulted in a lot of delays at each step. Infact I was not even made aware as to when the process will need my involvement (by logging into ICICIdirect.com) to proceed further.

    I kept checking the progress every alternate day and even went to the branch 1 day before my travel to complaint to the BM. He was oblivious to everything which really pissed me off and I even ended up abusing him and asked him to give me a written commitment of when the process will be completed.

    Nothing happened and I wrote to the CEO, MD and board of the ICICI & ICICID questioning the reason why I should be an ICICI customer. All I get in response from the grievance team is an email saying they have got my email but none of my questions answered. Worst, the problem was not solved even a couple of weeks after writing to the CEO & MD.

    I had to get things completed by 31st March to be able to claim all the excess TDS that will be deducted in FY13-14 returns and seeing it was not progressing, one saturday I decided to get it fixed there and then. Made calls, jumped hierarchies, threatened product and regional managers and even drafted a second email to the CEO when finally the grievance and compliance office(Rakesh) finally committed to resolving it on Monday. It was resolved then except one issue which is still lingering.

    Learning :): Make noise at the head where the ears are. The feet (sales staff) and the a$$ (BM) only listen to the head not to customers. Its the only organization in the world where you need to escalate the an issue to the management for the second time.

    I am sure you would have access to some of those in ICICI board. But in case you need, I can provide you with email ids of them. Afterall, probably on that Saturday I spoke to more people in ICICI to get my issue resolved than what the CEO talks to run the organisation 🙂


  2. Subra, maybe they have been reading your blog posts and don’t like what they have been reading, especially about the BFSI organizations ! LOL !

  3. This bank is full of cold calling salesmen who has limited knowledge of banking..they are given abnormal sales target to meet( especially for selling toxic products like ulip, highest nav structured products etc..they have differentiated calculation mechanism.. If you sell 100 inr of ulip you met 200 rs of your target whereas if you sell 100 rs of term insurance you met only rs 30 of your target)..now you know why RMS are behind you sell crap instead of actually helping you.

  4. While as a wealth mgmt customer in the metro I find their RM just atrocious– the young chap I encountered during that visit to their HQ branch in that tier 3 town in Guj., that boy did a splendid job and went beyond the call of duty.

    Maybe he’s still “new”.

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