ICICI Bank Online Trading - description of personal experiences

# 10 for June 12, 2003

Complaints.com received the following on June 11, 2003:

From: Mr rahul grover [Email User]

RE: ICICI Bank Online Trading - description of personal experiences

All based on my own personal experience: The Icici bank online trading is amounting to public cheating @ rupees 750/- per head.So called NON

REFUNDABLE ACCOUNT SETUP FEE FOR A SERVICE WHICH DOES NOT WORK IN A PRACTICAL SENSE. You visit a branch and your will see banners displaying the icici online trading facility. Its after all my normal efforts to get my complaints redressed that I am compelled to lodge my complaints

and even get hand bills printed for distribution so that further public cheating could be prevented. The system is so over booked/ over loaded that during the market hours that it starts behaving in a hafazard manner.Asking your login and passwords every second movement and after successfully accepting password next movement it will prompt that you are invalid user.You can use the system in after hours as it is available for use but then you cant call it "online trading".The above behavior is tested at (1) 128KBPS and

(2) 64 KBPS internet connections. The best part in all is the way you can contact the

bank.You can call the "call center" number 981817800 24 HOURS A DAY The call is diverted to a IVR which is also over loaded it just cannot connect you to online trading executive

most of the times you select that option rather call will be automatically disconnected.

The bank is not able to respond to : (1)complaint lodged at call center

(2)written complaint at bank branch.

(3)personal visits at offices of Icici capital services Ltd. If you visit the branch you will first of all not be able to reach an officer who handles such problems.You will notice that one officer will forward to another and that another to another and finally the last person will be such who is either left for the day..or did not turn up today or so.Yes...if you give them a letter they will recieve it with thanks and never expect a reply for that...and never ask where that letter is kept.But at the same time you can see lot of direct sales people sitting next to you and booking new customers for this service adn collecting money @ rupees 750/- per account ...not to forget NON REFUNDABLE.If you happen to visit any office of M/s ICICI capital servies Ltd they will redirect you again to the branch and a sales person will sit in front of you whose job is to collect such new bookings from day till the eavning.He can even show you the system working through their..LOCAL INTRANET..internal

system.

He cannot go out of his office and check the behavior of system in public network outside their local

intranet.He is help less and you are also help less. If you happen to hit a customer service officer in call center you will be getting such replies... (1)If you use dialup connection you will be asked to use a broadband or cable connection or If you use

broadband you will be asked otherwise. (2) If you create more fuss then you will get an answer: "WE ARE LOOKING INTO IT PLEASE LOGIN AFTER SOME TIME" (3)If you create more fuss you will be asked to place trades through a service called "CALL N TRADE"

which is again available through same IVR which hardly connects you there..even if it connects the service is chargeable @ Rupees 25/- a call. again revenue targets. (4)well if you happen to hit the same man who spoke to you earlier and he knows your regular problem he will suggestyou to try after some time as he just got some information from his back office that my complaint is redressed. The genral public is advised to purchse the trading accout offer only if they trade once in a way..just to

place a limit order sometime and checking it later it status.Otherwise online trading means something totally different. This is for information, complaint and in public interest. Regards Rahul Grover

Email User