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Reliance Mutual Fund Redemption

This is a discussion on Reliance Mutual Fund Redemption within the Investments forums, part of the Business & Finance category; I am having a very bad experience with Reliance Mutual Fund Redemption. 1. On 25th July I submitted the form ...

  1. #1
    Junior Member
    Join Date
    Aug 2010
    Posts
    16

    Angry Reliance Mutual Fund Redemption

    I am having a very bad experience with Reliance Mutual Fund Redemption.

    1. On 25th July I submitted the form for redemption with my new bank account details.
    2. Without informing me, the change of bank request was rejected!
    3. I have got a cheque which is with old bank account details, and I can not deposit the same!
    4. "Customer Care" is giving me answers that do not satisfy me. They say ::
    a) I need to give the cheque back with LOT of proofs for OLD and New bank accounts!
    b) After submitting the same, it seems it will take 2-3 weeks' time!
    c) This procedure is not mentioned ANYWHERE in their "terms and conditions" Or their redemption forms! When I ask them where is it mentioned, the customer care gives me some other answers.
    d) Latest answer is telling me a statement which is open ended, and says that they "will" attempt Electronic credit to my new account and if it fails they send cheque with old bank details. My salary gets electronically credited in my new account every month! How come ONLY Reliance Mutual fund fails to credit money in my account?
    5. My money is being used by Reliance mutual fund without my consent !! Whatever time it takes for ALL the so-called procedure is simply going to waste my time and my money will not get me any interest!

    I seek help from Consumer forum. I would greatly appreciate if I can get suggestions to proceed further.

  2. #2
    Junior Member
    Join Date
    Aug 2010
    Posts
    1

    Default

    Dear Investor,

    This is with reference to your complaint posted on Consumer Court Forum Site regarding redemption of your fund.

    We request you to kindly provide us with your folio number to assist you further. Once we receive your folio number, we will take up your complaint on priority.

    Alternatively, for any further information or assistance, please contact us on our 24 hours Customer Service Centre 1800 300 11111 (toll free) or 3030 1111 (Non reliance users need to prefix the local area code). You can also write to us at customer_care@reliancemutual.com.

    We would be happy to assist you.

    We value your investment and thank you for your trust in Reliance Mutual Fund.

    Regards,

    Customer Care
    Reliance Mutual Fund

  3. #3
    Junior Member
    Join Date
    Aug 2010
    Posts
    16

    Default

    My folio number is :: 41978781995.

    I only want that
    1) In any case, if my money gets deposited in my new bank account without further delay, I am fine. I am waiting from 25th July onwards, and it is already close to a month!
    2) IF an attempt was made to do ECS to my new bank account number, I would like to know exact date and failed transaction ID.
    3) Problem is -- if you take it as feedback and try understanding what customer wants -- we get marketting calls on our phone numbers when we invest and provide phone number. But our contact/e-mail is NOT used for important things like this where it REALLY MATTERS to us!!
    4) I have written several e-mails to customer_care@reliancemutual.com, but I have only got disappointing responses. One of the responses indicated that first an attempt is made to deposit in new bank account and if it fails, cheque is sent. I have received a cheque, but my new account does receive funds on regular basis -- so I am unable to agree that there was even an attempt to do electronic deposit to my new account.

    Hope I do not get more frustrations from Reliance on this, and get my money soon.

    --------------------------------------------------
    --------------------------------------------------

    Quote Originally Posted by Reliance MF Customer Care View Post
    Dear Investor,

    This is with reference to your complaint posted on Consumer Court Forum Site regarding redemption of your fund.

    We request you to kindly provide us with your folio number to assist you further. Once we receive your folio number, we will take up your complaint on priority.

    Alternatively, for any further information or assistance, please contact us on our 24 hours Customer Service Centre 1800 300 11111 (toll free) or 3030 1111 (Non reliance users need to prefix the local area code). You can also write to us at customer_care@reliancemutual.com.

    We would be happy to assist you.

    We value your investment and thank you for your trust in Reliance Mutual Fund.

    Regards,

    Customer Care
    Reliance Mutual Fund

  4. #4
    Asit Shrivastava
    Guest

    Default Problem in Redemption of Reliance Mutual Fund to my new bank account

    Hi,

    I am having Reliance MF folio 41153313063 where I am investing since 2007-08 through SIP investment.
    In year Feb`2009 I changed my new bank a/c and continued SIP investment from new bank a/c for next 12 months.

    Recently on 24th sep 2010 I requested for redemptio nfrom my folio 41153313063 to my new bank a/c along with canceled cheque of new a/c.

    before submitting this redemption request I confirmed twice or thrice from Karvy-Bhopal sounter person. He assured me that redemption will eb credited to my same new a/c where SIP is running.

    Now after 10 days I got the cheque from Reliance MF where a/c no is still my old a/c.

    I am surprised to know about this because of many factors:
    - I am running SIP from new a/c for 1 year.
    - I also submitted change bank details, canceled cheque, along with redemption request on 24th sept in karvy-Bhopal.
    -Before submitting Karvy-Bhopal person assured me that it will be credited to my new a/c where SIP is running & for which I am submitting the cancelled cheque.

    Now customer care is giving "sorry" reply and again asking for many documents to return back the redemption cheque.

    I also saw one more person in this forum having the same problem with Reliance MF.

    I dont understand agency like Reliance MF, Karvy why dont they give correct informatio nto customer & now why are they harassing.

    I am trying for next 5-10 days talking with Karvy/Reliance MF about resolve this issue otherwise I am forced to take legal action against these agencies.

    Before that I am looking for some genuine advise from other user or Reliance MF/Karvy i nthis forum.

    Best Regards
    Asit

  5. #5
    Junior Member
    Join Date
    Aug 2010
    Posts
    16

    Default

    Quote Originally Posted by Asit Shrivastava View Post
    Hi,

    I am having Reliance MF folio 41153313063 where I am investing since 2007-08 through SIP investment.
    In year Feb`2009 I changed my new bank a/c and continued SIP investment from new bank a/c for next 12 months.

    Recently on 24th sep 2010 I requested for redemptio nfrom my folio 41153313063 to my new bank a/c along with canceled cheque of new a/c.

    before submitting this redemption request I confirmed twice or thrice from Karvy-Bhopal sounter person. He assured me that redemption will eb credited to my same new a/c where SIP is running.

    Now after 10 days I got the cheque from Reliance MF where a/c no is still my old a/c.

    I am surprised to know about this because of many factors:
    - I am running SIP from new a/c for 1 year.
    - I also submitted change bank details, canceled cheque, along with redemption request on 24th sept in karvy-Bhopal.
    -Before submitting Karvy-Bhopal person assured me that it will be credited to my new a/c where SIP is running & for which I am submitting the cancelled cheque.

    Now customer care is giving "sorry" reply and again asking for many documents to return back the redemption cheque.

    I also saw one more person in this forum having the same problem with Reliance MF.

    I dont understand agency like Reliance MF, Karvy why dont they give correct informatio nto customer & now why are they harassing.

    I am trying for next 5-10 days talking with Karvy/Reliance MF about resolve this issue otherwise I am forced to take legal action against these agencies.

    Before that I am looking for some genuine advise from other user or Reliance MF/Karvy i nthis forum.

    Best Regards
    Asit
    In Simple words, Reliance Mutual Fund is using our money for longer period without paying us any interest on it !!!! They deserve a legal case against them for doing this with customers like us !!

    They will give old bank acc cheque, then ask us plenty of docs with the cheque, waste time in "SO CALLED PROCESSING" and use our money without paying interest to us for that time, and without our agreement, just frustrating us for that time... When Electronic transfer is very much doable, they ensure that cheque is sent and it is sent with old bank acc, knowing that it wont be deposited.

    I got my old account updated and that happened faster than their replies from customer care ... it should actually be called customer "Scare" !!

  6. #6
    Asit Shrivastava
    Guest

    Default Problem in Redemption of Reliance Mutual Fund to my new bank account

    Thanks Rakshesh for your advise,

    You said you got your old account updated.

    Could you please lhelp me know few things:

    - Now have you got reliance fund in new a/c
    - If so, coulld you please suggest me how it was done.
    Becuase I am also exploring some options to return the cheque to my old a/c and get the fund release in my new a/c.

    Best Regards
    Asit

  7. #7
    Junior Member
    Join Date
    Aug 2010
    Posts
    16

    Default

    Quote Originally Posted by Asit Shrivastava View Post
    Thanks Rakshesh for your advise,

    You said you got your old account updated.

    Could you please lhelp me know few things:

    - Now have you got reliance fund in new a/c
    - If so, coulld you please suggest me how it was done.
    Becuase I am also exploring some options to return the cheque to my old a/c and get the fund release in my new a/c.

    Best Regards
    Asit
    Hi Asit,

    I have redeemed all my units from rel mutual fund. After updating old account I just deposited the cheque they gave me and it got cleared, so I got back my funds.

    I suggest :: Approach bank and try getting old account re-activated, if possible. Then you can deposit that cheque. Luckily for me, actually my parents had invested on my name, and their account was open. So I just got my name added. But if your old account is closed, only bank people can suggest if they can re-open it -- maybe possible.

    Another thing I would suggest is, if you have other rel mutual fund investments, I think unless you get a written statement from Rel Mutual fund guys that your old account is changed to new account and all redemptions will now go to new account, you should not just rely on the fact that they are allowing you to invest money from new account. They can take money from anywhere, but unless they give in writing, they can always do such mistakes!

    I think it will be faster if you get your old account re-opened. Bank people at least co-operated with me -- though my case was just addition of name, so it was relatively easy.

    At least I am never going to put money in Rel Mutual fund. They dont deserve my investment!!

    All the best!!

  8. #8
    Jyoti Bhatnagat
    Guest

    Default Uniformed Rejection of redemption request after mailing me confirmation of redemption

    Hi,

    I requested for redemtion of RELIANCE TAX SAVER ( ELSS ) FUND - GROWTH PLAN on Nov 09, 2010, when market was up. I also got transaction confirmation and estatement on Nov 17, 2010. I waited for the amount to be credited in my account till one week. But now when i called them up they say that the request is rejected. How can they reject the request without informing me just because the market is down now. This is sheer cheating to customers. Now they say that account details are not complete for credit of the amount. But they kept debting amount (as it was SIP) from same account for 3 years. None of the relaince person ever contacted me for updating the account information (if it was missing). They just want to use our money for longer time. Why couldn't any reliance personal called up or mailed us for upating the account information instead of cancelling the request.

    I would appreciate if any one could help me regarding this.

    Thanks,
    Jyoti Bhatnagar
    jbhatnagar21@gmail.com

  9. #9
    Junior Member
    Join Date
    Aug 2010
    Posts
    16

    Default

    Quote Originally Posted by Jyoti Bhatnagat View Post
    Hi,

    I requested for redemtion of RELIANCE TAX SAVER ( ELSS ) FUND - GROWTH PLAN on Nov 09, 2010, when market was up. I also got transaction confirmation and estatement on Nov 17, 2010. I waited for the amount to be credited in my account till one week. But now when i called them up they say that the request is rejected. How can they reject the request without informing me just because the market is down now. This is sheer cheating to customers. Now they say that account details are not complete for credit of the amount. But they kept debting amount (as it was SIP) from same account for 3 years. None of the relaince person ever contacted me for updating the account information (if it was missing). They just want to use our money for longer time. Why couldn't any reliance personal called up or mailed us for upating the account information instead of cancelling the request.

    I would appreciate if any one could help me regarding this.

    Thanks,
    Jyoti Bhatnagar
    jbhatnagar21@gmail.com
    Website: Preparing and Filing Consumer Complaint in Consumer Complaints Forum in India

    I think this is the best place where you will find help for such matters. They give you a procedure, which is easy to follow ... maybe little time consuming but worth doing it.

    All the best!!

  10. #10
    simita mishra
    Guest

    Default Complaint about Reliance Mutual Fund Redemption

    I submitted my redemption request for folio 41895877011 on 6th November 2010. Reliance MF informed me on 11th November that they have processed redemption and sending proceeds by RTGS to my registered bank account. Again on 12th they wrote that they have sent redemtion cheque by SreeTirupati Courier consignment 2121. But on tracking Courier said "Sorry no records". On lodging a complaint with Reliance MF, Karvy and Tirupati Courier, nothing happened even upto 24th November. On further enquiry with Rel MF, I was told by telephone that my matter will be settled by 30th November 2010. Is it the way Mutual Funds Industry or more supposedly top MF as they advertise, works? How to arrest this wrongful use of investors funds more weeks or months? Any regulations against this menace?

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