Demat Account opened without Consent | ICICI Direct

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Deal Subedar
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Fellow Dimers Please help me.

Demat Account opened in ICICI direct without my consent and they charged me demat account charges on 31 March 2021 of which I was totally unaware.

Please help as I want to close it and want the charges to be reversed.

Anyone been in a similar situation before? Please help. This is so shady on ICICI direct part.

31 Comments  |  
15 Dimers
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Please help.

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bikidas2060 wrote:

@ViratKohli18

Bro I didn’t know, same is being done in other banks too

How can they do it without my consent? Is there any way to get the charges reversed?

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kshmr wrote:

How can they do it without my consent? Is there any way to get the charges reversed?

Bhai, contact branch. I don’t know if they ll reverse the charges or not, it depends upon them. But as a consumer you have your rights. And please close that demat account as you didn’t need it n file a complaint 🙏

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bikidas2060 wrote:

Bhai, contact branch. I don’t know if they ll reverse the charges or not, it depends upon them. But as a consumer you have your rights. And please close that demat account as you didn’t need it n file a complaint 🙏

It is not possible to open demat account without consent.

He might have clicked any link or signed the form. Otherwise opening account is not possible at all.

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most banks make you sign POA for Demat. Raise complaint and as for consent proof. If they unable to provide consent. charges will be reversed Visit branch to close the Demat account

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El-Profesor wrote:

most banks make you sign POA for Demat. Raise complaint and as for consent proof. If they unable to provide consent. charges will be reversed Visit branch to close the Demat account

Yes checked with the phone banking officer. Told me to visit the branch to close the account. Not sure if they’ll reverse the charges.

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Bk100 wrote:

It is not possible to open demat account without consent.

He might have clicked any link or signed the form. Otherwise opening account is not possible at all.

I never clicked on any link/ signed form related to opening demat account. Is there any way for them to get the consent on the basis of my savings account?

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El-Profesor wrote:

most banks make you sign POA for Demat. Raise complaint and as for consent proof. If they unable to provide consent. charges will be reversed Visit branch to close the Demat account

Sure. I will check on this part. Thanks.

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kshmr wrote:

I never clicked on any link/ signed form related to opening demat account. Is there any way for them to get the consent on the basis of my savings account?

Many banks nowadays offer 3-in-1 accounts with demat & trading acc along with savings acc. In many mobile banking apps, just clicking on a notification will activate such 3-in-1 account. In internet banking too, clicking on some banner might activate it.

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guest_999 wrote:

Many banks nowadays offer 3-in-1 accounts with demat & trading acc along with savings acc. In many mobile banking apps, just clicking on a notification will activate such 3-in-1 account. In internet banking too, clicking on some banner might activate it.

yeh banda icici bank ki pol kholta ha



icici bank jaane vala ha

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Bk100 wrote:

It is not possible to open demat account without consent.

He might have clicked any link or signed the form. Otherwise opening account is not possible at all.

correct.

many time i see open demate or get personal loan after Cash withdrawal in ATM.
one of my friend press Yes for personal loan at the end in ATM and within few minutes he got amount credited.

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kshmr wrote:

I never clicked on any link/ signed form related to opening demat account. Is there any way for them to get the consent on the basis of my savings account?

No.

Sebi rules are very strict in this regard.

When you opened this sb account?

Your demat account might have opened along with your sb account.

Icici have 3 in 1 account option at the time of opening sb account.

Icici will open sb account – demat account – and trading account if you opened  your sb account in 3 in 1 option.

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how can we know if any bank has opened Demat without consent do they send sms or email on Demat account opening

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desiman wrote:

how can we know if any bank has opened Demat without consent do they send sms or email on Demat account opening

Ask in branch – if you opened offline signed copy is must. Online you must have clicked demat opening form and accepted terms.

Ask in branch – they will provide how and when this account opened.

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desiman wrote:

how can we know if any bank has opened Demat without consent do they send sms or email on Demat account opening

NSE & BSE usually sends email & sms regarding balance every month to subscribers(I get mine mentioning balance as reported by zerodha).

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guest_999 wrote:

NSE & BSE usually sends email & sms regarding balance every month to subscribers(I get mine mentioning balance as reported by zerodha).

Those related to trading account and those balance is excluding demat account.

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desiman wrote:

how can we know if any bank has opened Demat without consent do they send sms or email on Demat account opening

Check in netbanking for any bank. Usually they have investment or demat option. If there is demat opened it will show under that option

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kukdookoo wrote:

yeh banda icici bank ki pol kholta ha

icici bank jaane vala ha

ICICI, HDFC & SBI are officially declared as “too big to fail” by RBI so none of them are going anywhere as long as govt is there(or this tag is there).

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Raise complaint on SEBI SCORES and ask bank for scanned copy of filled account opening form through which they opened your account.

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How can they open demat account without any paperwork’s??
1. They need cancel cheque/authorisation from bank
2. You need to sign few documents either physical or online (application forms etc)

Impossible to open a demat without your consent or some sort of miss from your end..or someone stealing your stuff…file proper complain to both ICICI and ICICI direct..

ICICI you need to raise dispute for the amount as you have not authorised such transactions.

Also login to your demat account..ICICI direct have section where in you can check what all documents were provided at the time of opening.

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To achieve their target they conned you

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drupal wrote:

To achieve their target they conned you

Opening demat account is not possible without poa.

So unless person gives poa account cant be opened. So he must have signed some forms or if online account opened then some terms must have been accepted. No other way to open demat account.

Even after submitting complete set of documents Many time demat account not get opened and they raise quarries.

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Bk100 wrote:

Opening demat account is not possible without poa.

So unless person gives poa account cant be opened. So he must have signed some forms or if online account opened then some terms must have been accepted. No other way to open demat account.

Even after submitting complete set of documents Many time demat account not get opened and they raise quarries.

Poa is not required for opening demat account

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Gothillabro wrote:

Poa is not required for opening demat account

Icici dose not open demat account only. They will open demat account along with trading account. So poa is necessary in most broking and icici demat account opening.

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It is impossible to open demat account without written consent. Are you sure that you have not signed any document?
However, since its already opened, instead of closing, you can also ask them to convert it to BSDA (Basic Services Demat Account).

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