Icici Direct — Account closure misleading and high annual charges fraud

Address: Mysuru, karnataka

Icicidirect handlers charge too high annual fees claiming it to be free while opening their account.
Many others have complained but no action is taken and marked resolved.
Looks like this website is having a deal and will be exposed if no prompt action taken against company.

When i tried to close their demat account they closed only my trading account and i have been charged again.
Fraud company is charging rs.800 for 10+ years without any sms for payment taken inspite of me not using this account. They dont disable the account if not in usr but milk their customers fraudulently. Closing their demat account is made complicated deliberately. They are not returning my money back. Its a crores of rupees scam considering the number of demat account holders. Better go with other demat providers like zerodha whose annual maintenance charge is 10 times less at rs.80 per year.

--- below email sent to icicidirect handler and response received:

Dear ##,

Greetings from ICICI Securities.

With reference to your mail. We like to inform you that your trading account has been closed as on 07/08/2023 and demat account is still active.

The Annual maintenance charges for your ICICI bank demat account is Rs. 700 + 18% GST depending upon Statement Mode.

As verified the Demat account charges of Rs. 826 has been levied as per the AMC i.e., Annual maintenance charges.

However, there is a Demat account Annual Maintenance Charges (AMC) which is waived off for the first year, from the date of account opening, and chargeable from the second year onwards irrespective of whether transactions initiated or not.

The amount would be debited from your Savings account since, the payment mode for the bill is through direct debit (it could be ECS for other bank accounts).

For any clarification or assistance, you can write us at [protected]@icicidirect.com contact our customer care on[protected] [08:00 AM - 07:00 PM (Monday to Friday).

We thank you for giving us an opportunity to be of service to you.

Regards,

Asifkhan
Customer Service Officer
ICICI Securities Limited
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Hello Ashwath,

Regarding my demat account with user id ####, i had requested again and again to yourself to close the same since past 2 years. Several months ago you guided me to do the same using the online portal as icicidirect self service close account which I promptly did and verified with aadhar account online.

I received an email confirmation on 7 August 2023 (attached) saying my demat account is closed.

I did receive some service requests from your system asking for nominee, so i thought why i am receiving such mails when my account is closed.

Later I enquired with you and was told by you that the account is closed not to worry.

Now I have received again an annual maintenance charge of Rs.826 (nov 2023 to Nov 2024) which I want it refunded along with closure of the account. Last year also you charged me while I had requested you to do the closure.

I request you to refund the amount you have withdrawn from my account for demat charges as you do not have a simple service for demat account closure, and I have been misguided by you saying account is closed. Also I never agreed for this annual maintenance charges and have stopped using your service since 5 years. If I am not using your service you should have disabled my account and not fraudulently charge me for this and I have to run behind you since 2 years to get this account closure.

I am also attaching the CML copy of Zerodha which you said is required for transferring unlisted shares.

If you do not refund this false charges immediately and close the account, I will be taking action against your company for fraudulent charges on demat account holders.

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