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.