Karvy Mutual fund services
ECS of dividend

My client has an investment in UTI mutual Fund and is receiving monthly dividend cheques. I submitted an application mentioning that there is no change in Bank mandate details but dividend is required by credit to Bank a/c. To my surprise Karvy is asking for bank details. UTI local office / Karvy local office / Karvy HO have no other explanation for this advise except for asking me to submit bank details again.

On my repeatedly mentioning that bank details are already registered including the MICR code in the application form; the only response was please submit bank details again.

I understand asking for details & canceled cheque copy is necessary if bank change request is submitted. But asking for confirmation of " no change in bank details!!! " utterly defies common sense. I wonder what would stop them from asking bank details every month.

We may all be claiming that India is progressing but are all the MBAs & IIMs (1Cr salaries) being employed to implement rigid and sense less systems to take India towards greater bureaucracy?

Company: Karvy Mutual fund services
Country: India

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