What will happen if any bank charges wrongful Demat account maintenance fees for 5 years ?
Respected Sir/Madam, In 2019, I requested ICICI Securities to close my Demat account. I received an email confirming the trading account was closed but heard nothing about the Demat account. I assumed it was also closed. Recently, in April 2024, I learned my Demat account was still active and I had been charged ₹826/year since 2019. I filed a complaint on the SEBI SCORES portal. ICICI Securities claimed my trading account was closed in 2019 but the Demat account was only closed in April 2024. Despite this, they provided conflicting responses, saying both accounts were closed in January 2019. I escalated to NSDL and ICICI Bank but got redirected without resolution. I seek your guidance on how to proceed for a refund of these charges. Regards, Vishwanath
To proceed with the matter, keep a record of all correspondence, including emails and confirmations regarding the closure of both accounts. Since you've already filed a complaint with SEBI, follow up with them for updates. Highlight the conflicting responses from ICICI Securities regarding the closure dates of your accounts. If you do not receive a satisfactory response, consider filing a formal complaint in the consumer court against ICICI Securities for unfair trade practices, seeking a refund of the charges along with any applicable interest. You can also approach the Banking Ombudsman if the issue remains unresolved. They can mediate and may help in obtaining a refund. If necessary, consult with a lawyer further guidance on legal recourse.
Sir, this matter requires brief discussion for which you should consult an expert lawyer specialized in financial and securities law. For further legal assistance contact us on our helpline number.
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