Esteemed Moderators, first of all thanks for your time and energy that keeps this forum 'Revving!'
We have forums for Gadgets and Travelogues, but i also want to share good as well as bad experiences of other products, so people can decide better.
This one is on online investing - stocks and mutual funds. More and more people invest in muutal funds now. Pls post this if you think its appropriate.
1. 2-3 years ago I changed by operating bank a/c. Accordingly I gave insructions to Kotak. I said specifically I wanted the change for both equity and mutual funds.
2. Then in 2013, I did a MutualFund redemption and found it went to the old bank a/c.
3. I Interacted with your local office. First Mr Deepak Jain, who didn’t respond to my emails repeatedly.
4. Escalated to Mr Ronak Kumat. Pls see my mail of apr-17 attached, and mail-trails. 3 months of interaction and no progress. Got answers like “Sir, Reliance isn’t responding”. “Sir, theres no RM, still we are trying to help you’ – What the heck that does mean? Finally I got the job done myself - my ICICIdirect RM sent somebody across and the whole thing was settled in ½ day! Clearly, going through you is a waste of time.
5. Then your people (cust serv – in 2014 I think) said there’s a diff form for MF which is additionally reqd. I filled it and sent it.
6. No response from you. When I try to find out, they tell me – ‘it’s the wrong form, moreover no cancelled chk attached’. Hence “rejected’ ! No one informed me that a check was reqd. no one could also call to tell me the submission was ‘rejected’.
7. So when I call your cust serv again, Now they tell me a diff form, and to attach a bank attestation letter too (which I was never told was reqd on 2 prior occasions)
8. I have no idea what an attestation letter is. Send me a format I ask, so that you don’t ‘reject’ again. No proper response. I email saying, At least call me and tell me what this is so that I send something sensible.
9. After 1-2 follow ups, someone calls. Call disconnects in 15 secs. No call back. Instead I get a mail saying the same ‘copy-pasted’ thing - “We need a bank attestation letter”. (See My mails June 12 tro 23th). When I say you gave me enough reason to take my funds out, the response I get is the best of all – another copy paste mail “With reference to your query below, we wish to inform you that inorder to transfer the shares from your Demat account to another Demat account…..’!!!!
10. So I send them whatever the bank gives me. This time I send it to the specified person, and address in your Mumbai office (name and address given by your cust serv)
11. No response after 15days. I call cust serv, and they say call that person. Which I did. She says ( I think it was a she), “I don’t handle this anymore, and I don’t know where the app is gone.
12. Now in 2015, I am asked the same papers all over again.
a. Your people don’t give a shit that I am asked to submit once again, that I have to visit my bank again for the letter and so forth.
b. Reasonable alternatives –I offer - either a blunt reply, or just plain silence.
c. No one knows who my RM is for 2 years, and suddenly, theres a mail saying “Ronak Kumat is my RM’
d. Ask direct questions, and its respectful to give direct answers. But No, your people think they are good ‘relationship managers’ instead! Painful!
e. I ask for an escalation path – my request is just plain ignored.
See Mail from mandeep june 3rd for the full trail)
13. And today I spot a mail for your customer service saying – your bank a/c was updated last year! These are the same folks who told me May 2015 as well as last year too, that there’s no trace of my papers!
Take action if you wish to, or don’t – its not my prob. I will redeem my money, once you figure out how to redeem it into my account! The commissions you earned from AMCs, I will now save!
Nearly every individual I interacted with was atrocious, that ‘consistency’ shows as an organization you have degenerated – not what you were before.
I will / should put this up in social media, so that more don’t fall prey.
I'd like to add to the earlier thread.
i am a recent entrant to this thread - this perhaps was mentioned earlier, but its really worthwhile reiterating.
i invested in muutals thro ICICIdirect.com and KotakSecurities.
But today 'Direct' investing is made possible by SEBI. i.e., you can open a/cs directly with AMCs. This way you save perhaps 0.5% of your investment, EVERY YEAR i.e., a higher return every year. that may not sound like much - But say you have 1 crore invested. This means every 10 years, you get 5-6 lakhs extra!
And convenience is same, and Kotak and ICICI offer absolutely no extra service for the money they make out of you ( even though they charge you nothing, this 5-6 lakhs i mentioned above goes to them!)
Last edited by Gannu_1 : 26th June 2015 at 15:51.
Reason: Back to back posts merged. Please edit your post within the 30 minute edit window to add/edit your posts.
|