HDFC Mutual Fund
Redemption amount credited to wrong account

Dear Sir/ Madam,

I recently placed a redemption request for my HDFC Mutual Fund at the HDFC AMC located at Borivali West on 9th April folio #3709940/57 purchased on 23rd March. Along with the request for redemption I also submitted my new bank details (Citi Bank) so that the credit would get posted to the right account. I was asked to submit a cancelled check for my old account (HSBC) and new account (Citi Bank), which I did submit. I was notified by the bank representative that the amount will be credited to my account on T 3 basis.

After waiting for the completion of above said time period on Friday ie. 13th April when the amount wasn’t credited to my new account (Citi Bank). I contacted HDFC MF Customer Care and was informed that the amount was wrongly credited to my old account (HSBC). After spending hours speaking with different HDFC executives and their senior management team, I was informed nothing can be done about the redemption going to the wrong/ old account (HSBC).

Since my old account (HSBC) has been inactive for a period of more than 5 yrs the procedure to reactivate the account involves submission of various documents and a processing timeframe of 21 business days.

The redemption request was placed after holding on the units for 5 yrs at a low NAV in order to utilize the funds for an immediate financial requirement. If it was known HDFC would put me through such a hassle I would have never invested in HDFC MUTUAL FUNDS.

I would want HDFC to take ownership of the situation and transfer my funds in the correct account as mentioned in the redemption request, rather than just not providing any assistance in this situation. Also this whole delay has caused me a lot of financial and emotional losses.

Hoping to receive a quick response.

Thanks & Regards,

Cysel Dsouza.

Company: HDFC Mutual Fund
Country: India
State: Maharashtra
City: Thane

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