ICICI Prudential AMC Complaints & Reviews

The following is the complaint letter addressed to Service Head, ICICI Pru AMC, but unfortunately no reply till date. Also the Customer Care no. is not receiving calls. A Sr Citizen like me is in great difficulty (short of money) during Covid-19 pandemic.
[protected][protected][protected][protected][protected]------
Service Head -(Investment Relationship Manager): Contact no.[protected], Customer Care no. [protected], Service Head email ID: [protected]@icicipruamc.com)

Dear Sir,

Ref. my MF : ICICI Prudential Credit Risk Fund (Growth), Folio no. 6263580

Request your goodself to go through all the trailing emails from me as well as from your office. Since I did not get any reply from Service Head, ICICI Pru AMC, so I am approaching your good office for a solution to mitigate my hardship.

To brief you let me say that it is more than a month since 12.03.20 (redemption request raised), but I have not yet received the redemption payment credited to my bank account. From my end I had to change my bank details which I have promptly done by visiting your south Kolkata office at P.A. Shah Road, Kolkata on 17.03.20. The next day on 18.03.20 I got an email confirmation that my latest bank details have been updated (your email attached). I was told by your executive during my visit that I can expect the NEFT transfer of the redemption amount in next two day i.e. by 19.03.20.

But till date this has not happened and I am deeply in trouble of not having the redemption amount credited to my ICICI savings bank account.

Here I would like to draw your attention to your email dated 08.04.20 (see below this email) which has stated that the redemption cheque has been despatched. By tracking the Bluedart courier POD no: [protected] given by you, I found that the cheque was picked up from Chennai on 18.03.20, due for delivery on 20.03.20. The current status says “Delay caused beyond control”. See the tracking report attached. This means the cheque could not be delivered. So I presume that either the cheque has been returned to you or the Blue Dart courier might have informed you about the delivery status. But I am surprised that your executive before replying to my email query on 08.04.20, has not mentioned about the status of delivery of the redemption cheque. So my complaint on the redemption amount not paid vide my email dated 07.04.20, has been redressed with the correct information.

As far as I know that the cheque so issued can be cancelled by instruction to the cheque issuing Bank. I have also done so in the past.

May I therefore fervently request your good office to cancel the cheque issued and instead remit the redemption amount by NEFT transfer to my ICICI savings bank account. I think this is possible digitally even during the lock down period.

Hope that you will appreciate my difficulties being a Sr. Citizen (woman) of 65 years old waiting for the redemption amount for more than a month.

Kindly reply by return email confirming your kind action as requested.

Best Regards,

Jayashree Ghosh
Mecon Tower, Flat- D4
357 Prince Anwar Shah Road
Kolkata-700068, India
Phone no. +[protected]
Cell Phone No. +91 [protected]
[protected][protected][protected][protected][protected][protected]
Request your goods office to take up the case with ICICI Pru AMC appropriate Authority for favourable solution.

My icici prudential bluechip fund folio no. Is 14944204/12
I invested 5000 rupees in this fund and proceed redemption at 4 march 2020 but it is no proceed by iprutoch app
Then i proceed switch (That means close)
But it proceed nothing and then i again redeem two time at 5 march
Then again redeem 6 march, 7 march, 8 march, and 9 march
Then the reedem of 9march proceed and the value of nav at that day is very low
But they automatically proceed redemption at 9 march and my amount get 400 rupees less

So this is due to the fraud of this app
I tried redemption process by imobie app and iprutech app but when i call to imobie app customer care then they said about iprutech customer
And i tried it many time but they cut my call all time

Icicipruamc is not able to serve the customers and there is always a problem to invest in the mutual fund thru their website/app
.
I have given on their website multiple times by calling and sent error screen shots, but there is no resolution.

When we want to invest/redeem, the website do not respond, shows strange errors during peak hours from 2pm to 3pm.

They know that they have technical issues which is pending from years, but cannot resolve it.

I lurched a mutual fund policy - Bharath consumption fund . Initial I was told, will give 10% interest and I will get very good returns in a short time . But now it’s Fundvalus is 1 lakh less than what I invested . Right from the beginning, every day fund value got decreased and I was told to wait for 3 months initially . Now asking me to wait for another 3 months .
Almost 5 months going to complete and 1 lakh loss . I was never told about Bharath consumption fund . They themselves put in that when so many options available . I asked them to return my amount . So far nothing happened except waiting for that and losing 1.5 lakhs . Without any reason, why should loose my amount for someone’s benefits. Please seeking your intervention and help me to get my amount bank . Very worst service and policy plans .

Dear sir,
Folio no. 9136151 / 61 of icici prudential balanced advantage fund
—

I submitted my request for redemption of my above mutual fund on 2nd april 2019. First i was informed that there is mismatch of my signature. I am 83 years old sr. Citize. At this age one cannot maintain the same signature. But the characters will be same. However i got my signature verified from tha icici bank manager of the branch where i have a/c. Then again i resubmitted the papers with the verified signature. But still i have not received the redemption amount nor any communication. The amount is rs.5, 50, 000. I am losing interest on the amount due to delay. So please see that the redemption is completed immediately and the amount credited to my a/c in icici bank urgently thanks.
You can send reply to my my above e-mail id and also send msg to my below mobile no, [protected].

C. S. Yami
Import/export consultant
28 landmark, 42 aundh road
Pune - 411 020 (India)
Ph :[protected]
Fax:[protected]
Cell:+[protected]

I had invented in bharat 22 etf with reference no jpnb[protected] on 16th nov - 2017. After several follow up, visiting their offices, speaking to their efficient representatives, logging complain on the effective company website (Request # 7488943: re: request # 7488943) this, so called elite group have still not refunded my amount.

The grand great brand icici

I hereby submit my grievances as under against icic mf
From 2007 to oct 2008 arn 46985 was in the name of krishan kumar gupta and in nov 2008 it was transferred to krishan kumar gupta huf, a separate entity. Accordingly in nov. 2008 every amc’s including icici mf were given letters along with all requisite documents in respect of transfer of arn number and aum at their local respective offices ie alwar/jaipur.
Following our request every amc started sending brokerage in huf bank account. Likewise icic mf which was sending earlier in individual account which was in icici bank, from nov 2008 started remitting brokerage in hdfc bank of krishan kumar gupta huf account.
As tax status had been changed, brokerage was to be given on transactions/holdings/aum relating to krishan kumar gupta but not given.

From nov 2008 we got change of banks for brokerage remittance three times ie nov 2008, june 2010 and dec 2015 and icicimf did it without any objection and brokerage were being remitted through neft as usual.
Surprisingly, in nov 2016 after a period of eight years of transfer, instead of sending brokerage through neft, we got remittance of brokerage through cheque in the name of krishan kumar gupta mentioning bank account of huf along with a copy of brokerage statement. The cheque was returned to amc on account of discrepancy in beneficiary name. The brokerage was later remitted in usual huf account and now are being remitted.
Perusing the statement we found that icic mf is not paying brokerage on the holdings/aum/ transactions of krishan kumar gupta form nov 2008 which is unethical and undue withholding.
The question arises that what circumstances led to issue cheque in the individual name after a lapse of eight yrs when the brokerage were being remitted through neft account in huf account. It clearly shows mistake somewhere at their end and when it came to someone’s in notice the cheque was issued in personal name. Their commission of mistake has put us in loss of brokerage on aum of individual which stands more than 30 lacs every time from 2008.'

With regards,

Krishan kumar gupta huf
.

After my redemption request done on the 10-sep-2018, i have still not received my money. Mrs sahmeen and her email team and been very unprofessional, slow and not responding to my email queries aptly.

Their team has received all the requested documents and promised to credit shortly, but its been more than 2 weeks now, even after that commitment.

My latest complaint no. 8468440. Is also taking time to get addressed.

I have also kept the icicipruamc service head cc in the email, but still no use.

Dear sir/Mam,
I Laksh Sharma your customer of isave app. And my folio no is 9910361/96.
When I installed isave app by mistake i add wrong account number in isave account.
My issue is that I visit your udaipur branch on 14/08/2018 for update my new sb account details and I meet Mr. Mukesh Dangi to there and gives my cancelled cheque and fill all account details in updation form to him. And Mr. Mukesh told me for 7 days to update details. But after 10 days I call to customer care and customer care department told me that they don't received any request regarding this. After that I call to Mr Mukesh. But I don't get any proper response for this and when I called he makes me fool again and again. From last two days even Mr Mukesh not picked up my call. And when call to customer care they told for same process.
I don't think that icici pru mutual fund is gives this type of worst services to his customers. Very ridiculous & Very poor.
Please cares your customer properly and I want proper resolution in 24 hrs. I already gives 15 days for this.

Regards
Laksh sharma
[protected]
[protected]

For chennai office

Ref. To your raising objection on redemption, i am to inform you that while rectifying deficiencies i received a message from cams which reads as under-"
"you hhave alredy submitted the fatca/supplementary kyc details which will be used for all your investment s across cams service fund.. If you..."
I therefoe request you to process my case at the earliest.
Thanks
Md. Anowar

I got a call from icici and was told that since my policy is due for maturity in 2019 and that after one premium (50000) i haven't paid any premium, a new rule from irdai gives a customer a option to choose from to get the benifits of maturity. 2 options were explained and one being that i open a new policy were by i pay 4 intalments at one time of the same amount of the first that i had paid - 2lakh (4 ×50000) with 3 options of insurance company given then icici will pay me the assured maturity.
Just wanted to know if any such rule exists.

This is regarding folio no. 55483 in icici pru value discovery i have made additional. Purchase request on 5th january. The said amount 50000 is debited fon 6th jan. On 12 jan i received letter from cams informing the application is rejected. Till today, i have not received refund for the said amount in spite innumerable complaints at icicipruamc. The details regarding the same are as follows
Cams reference no. P/nigo/23767/suma15 dt.5th january

Dear sir,
I am an investor. I submitted my kyc papers in your v s marg office lucknow for updation thrice. Last time i submitted papers on 10.1.2018. Official sitting in the office checked my papers and told me that it will be done in 10 to 12 days. After 12 days i called the office but i was told that it was under process and will take some more time. Today i again called the the office but to my shock i was told that my request has been rejected and i have to again submit the papers. Consequently i could not invest.
This type of functioning is causing unnecessary harassment to an investor and that too a senior citizen like me. Is this the policy of the company to deal such carelessly.
My grievance be redressed and kyc updated.
My folio no is 6523011/38
Mob. No.[protected]

Hello icici pru,

This is with regard to my redemption request given on
Oct 10, 2017 - icici pru long-term direct-g.

However, the redemption amount was not directly
Credited to my bank but given via a cheque. Why was like this? Whenever i
Called customer support team which was anyway useless and time wast,
They never answered my query. They said they arrange a call back but it never happened. They never helped me and showed the reason by mail as "account number doesn't exist" ans washed their hands. Nobody from aum was trying to fix this issue. I'd get my amount after several days by cheque and the cheque is dispatched to my older address for which i was not even informed.

I don't understand where is gap here? Why it's
Happening through cheque. I dont' want this mode.

Request # 6717346: polio no: 7156760

Thanks,
Ganesh

Ref: folio no 131825/23
Sir,
The said folio matured on 11/12/2017 and i received account statement mentioning that redemption amount of rs 54624.70 has been sent to my registered bank account but till date the redemption amount has not received.
I had sent a number of mails but no action has yet been taken.
If i call to its customer care it takes about half an hour to get call connected.
They only issue complain number and it never gets resolved.

Icici mutual fund

Sir, my son praman mulay has received the following message.."your purchase in folio 10307119/12 in ltef (Tax savings)-growth on trade date 27.9.2017 for 124.762 units amounting to rs.40000.00 has been reversed for the reason: internal rectifications - icici prudential mutual fund.." this message has been received on 13.12.2017. This matter has been brought to the notice of jmfs executive also. Pl explain in details the reason and do the needful. Waiting for your reply or else this matter will be taken up to the higher authorities of your mutual fund office.

Harish mulay osd to special chief secretary to govt. Of ap [protected]/[protected] mail id : [protected]@yahoo.co.in

Sri kalyan sir,

I tried to send this online complain to icici mutual fund but it is not going. Any way i tried to contact them on [protected]. Service ticket no.6907906...
Pl. Look into the matter urgently

We i. E. My son mr. Praman mulay has issued icici bank cheque no.019314 dated 26.9.2017 for rs.40000.00 to icici pru. Ltef tax saver. The cheque has not been returned so for if it has been dishonored. He is having sufficient balance in his account. Along with this same day we issued cheque to idfc tax advantage and hdfc long term, but their cheques have been cashed.

Regards,

Harish mulay

My name is thangaraj a c and i am a nri working in dubai.
My first purchase was on 19.08.16 with icici mf online using my nre account online payment method. My icici mf folio no. Is 8548446. After my first purchase i had received mail from icici cam that to show the source of account.in reply mail i sent my nre bank statement. After that i had sent my bank statements whenever transaction done. My fatca details updated to cams in the month of dec 2015 itself.
When i did transaction on 14.11.17 for redemption of icici pru balanced fund and transaction on 16.11.17 for purchase of icici banking fund with value of 1, 00, 000/- through m[censored]tilities online. Both transactions rejected by rta.
In last year, my transactions were accepted and asked my bank statement. I also sent my bank statement.
But this year my transactions rejected without any prior notice. I did online payment which is also not refund till date.
I don't know where is the problem and i had submitted all the documents requested by icici cam (My bank account cancelled cheq, bank statement, tax status change request form, fatca updated details and address proof). Even though there is delay in solving the problems.
I received answer from cams-icici that my details fetch from online (Which had my tax status mistake) and they could not correct it manually.
Once again i sent my bank transactions which reflecting my all icici mf purchase transactions.
I had open online folio account with other mutual fund houses like absl, dsp br same period of time and till date no problem which also maintained by cams.
I could not understand why icici mf making like this.
Icici service head number is not working. I had sent the mail to him but no reply from icici service head.
Who is next escalation? Or am i give complaint to sebi?

My daughter is an nri and i have invested in various mutual funds on her behalf. We had to make a large payment to a builder by oct 31st and hence i redeemed a few mutual fund holdings on oct 25th in order that the bank a/c may have enough balance to cover the amount of the cheque issued.
While the funds from other mutual funds reached the a/c by oct 30, the funds from icici prudential mutual fund did not. I called their toll free number on oct 31st to inquire the reason. I was told it was because the firc was pending. I was told because of this, they couldn't do the fund transfer but had mailed me cheques. Note that i am currently working in pune but my residence is in mumbai. I was told that for firc i had to simply send an account statement by email to [protected]@icicipruamc.com. I called again the same day for some clarifications and i was told that if i sent it immediately, they would transfer the funds because the cheque was not sent but instructions for printing the cheques have been issued. I immediately downloaded the statement of the last 2 months and emailed it.
The next day, i got a call from the courier delivery guy in mumbai that there was something for me from icici and i requested him to deliver to my neighbour. At my request, my neighbour opened the envelopes and confirmed that the cheques were in the envelopes.
On friday nov 3rd evening, as i was driving from pune to mumbai, i got a call
From someone from icici saying that i needed to send bank a/c statement for firc. I told him i had already sent it but he had no record of it. During the conversation, i realised that the statement needs to cover the dates of the purchases. I told him to email me with the corresponding dates notified.
During this conversation, he also told me that i would not be able to deposit the cheques without a letter from icici pru that the funds could be deposited in a nre a/c.
1. The other mutual funds redeemed the units and credited the nre a/c without any other documentation. Only icici pru demands the firc.
2. There is only one bank a/c registered for this folio and that is a nre a/c.
3. All purchases were made via netbanking from the same a/c. It is not possible to use another a/c for purchase. Why is firc required?
4. We had not been informed about the firc requirement when purchases were made years ago. Even when redeeming, we were not intimated. It is only when i called to ask the status of the funds, i was told about the firc requirement.
5. My units have been debited on october 25th or 26th. My funds have not reached me. Who bears the loss?
6. I have lost the trust of the person to whom i had issued the cheque. Who will restore it?
7. Today is nov 7th the 14th day since redemption and neither have i got the money nor am i told what is the status.
8. When i call the toll free number, it takes long to be able to speak to a person and the line gets disconnected before i am done. Today i could not get a resolution after a 13 minute call which the got disconnected. The next attempt got disconnected before a person came on the line. A regular feature.
When i call the escalation number listed on their website, [protected], it does not even ring.

I've issued advice to icici bank of 26.10.2017 to debit 5 lacs from my sb a/c and issue of dd for mutual funds for 5 lacs for investment in mutual funds. My a/c has also been debited for 5 lacs and dd issued to mf.

But till date i've not received the folio no or investment status. On checking with their agents (Cams), they said no mf investment has been made as per my pan no/email id.

Now i do not know what happend to my 5 lacs which has been debited from my sb a/c?

Regards,
Balaji

I had submitted a sip application of rs.2000.00 (Direct investment) on 08/08/2017 at your hyderabad amc. However till now my account is not debited for the same, all other sip application whatever i had submitted on the same day in other funds (Sbi, dsp, kotak, hdfc) are cleared and the folio was created. Only i'm facing problem with your process. There is no status updation from your employee too. Im contacting him daily but he failed to update the status to me.

Pan no:akapa2283p
Name:amalapurapu v lakshmi
Contact number:[protected].