Kind Attn: Chanda Kochar:
I am having a saving account in ICICI bank, SD Road Secunderabad. I wanted to open an RD account in the name of my kid - Dishank. Bank authorities asked me to open a saving account to enable RD account. I requested them to take standing instruction to transfer from my salary saving accounts. After the eight months, I needed to take account statement for my visa, I found that the there were no transactions for the RD. I checked with the bank. They informed that the RD amount is not being transferred as Kid account did not have money.
I have following observations:
1. As the kid saving account was more of a dummy account, as I did not want to open saving for the kid. The standing instructions were to transfer the money from my saving account to kid RD account. For eight months, there was no transfer of funds and I was not even intimated about it in the last eight months.
2. I went to bank to open an FD in the name of my kid - Dishank. Bank has taken chaque from me to transfer the money. I was contacted by Bank Executive that the FD is not possible because the money has been transferred to kid RD account.
I have following points to make: If there was not even a communication about it, how can bank transfer the fund for different purpose without even asking for it from me?
2. I have been contacting various people in bank. Everytime a different person gives me a call. I have to repeat the whole story to him/her.
Now they are asking me that provide a proof that you have given standing instructions to transfer of money. I believe they do not even provide any acknowledgement for standing instructions. I have been completely frustrated.
For me, this is diversion of funds - not being used for the intended purpose for which it was given. It was not a loan from the bank where bank had right about it.
I request you to look into it and resolve the problem ASAP.
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