I have invested over USD160, 000 in an ICICI Venture fund, NRI deposit scheme, Dynamic India Fund VI. Over the last 5-6 months, I have tried unsuccessfully to reach anyone to tell me the process to close down my account. Any mail discussing account closure gets a cryptic response.
I tried the website of ICICI Ventures which pointed me to a mail ID [email protected]. the mail ID does not function. I finally reached a human today, Naveen Pujari who informed me that my money cannot be taken out till 2012 at the earliest. This information was never shared with me by IFS who manages the fund for them.
Curious why it has taken so much effort to get the right answers. I think ICICI bank's staff are selling the product without full and complete disclosure which means we should read the fine print and not beleive the banker. The fiduciary responsibility of ICICI is also questionable, since they either have uninformed staff or incompetent staff.
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