A relative of mine got a call from an SBI MF marketing executive some months ago. He was surprised because he has never got any response from them about the performance of some of the mutual funds he’s invested in.
Now this marketing chap tells him that his portfolio has been closed due to non-performance and would he like to invest in some other mutual funds?
So this relative sends the guy a letter to transfer the money in the portfolio and transfer it to his account so he can think about investment.
Doesn’t hear back from the guy at all. So he calls the office and is told that the chap has quit. When asked about the portfolio, the other guy who picked up said he would get back to him.
After three followup calls, the other guy told the relative that the portfolio has not been closed and is very much active, just that it is closed for new investors.
When asked why that guy would have made a call and given such wrong information, my relative was told that perhaps what the quitter meant was that the portfolio was not open for new investors and that maybe it was just a marketing gimmick to get this guy to transfer his money to another mutual fund.
The casual tone of the other guy and the unethical and unprofessional attitude of the quitter make these SBI MF people very dangerous to believe, especially since they handle money. Beware of their marketing calls and park your money in those entities who don’t take customers for a ride.