Background. **I had bought the Reliance Vision Fund, growth plan Mutual fund in 2005 and it has given a reasonable return, but the response to my redemption application downloaded from the internet, which in it self was a tedious exercise, has been a frustrating and harassing experience unexpected from surprise surprise.. the largest Mutual fund house in the country. Further to make matters worse, I have not received either a postal or email account statement since last six months after changing my postal address to B’lore, which has forced me to go to the website looking for a redemption application in the first place. The application was handed over to by me to my bankers HDFC bank who promptly gave it to the fund house in early Aug.
Problem Statement*. (a) Non-forwarding of Account Statements to account no 40413400021 even after six months of change of contact address.(b) A very unfriendly website for locating and downloading a redemption req application.(c) Poor, irresponsible, Incompetent, Unprofessional and Unethical customer care department. (d) Customer care infrastructure is inadequate
My experience. ==**After submission of redemption request on 10 Aug 10(D-Day), I received no reply/response for good three weeks. I called up the help-line 1800 number on 04 Sept 10 (D+24 days) at 1200 hrs. I told her why I had not been intimated the status of my application even after 24 days. The tele executive, name Nadini, was polite and apologized profusely and intimated that my application has been rejected but she could’nt tell me the reason as she admitted system that the Computer system is very slow. I requested for an account statement email. However she gave me a request number 11300133 with a promised reply /call within 5 working days and an email statement. Knowing from experience of various customer care departments I took the double measure of sending an email also quoting the request number and got an auto generated reply of with subject giving ticket number as follows : **RE:Complaint No 11300133. No Progress or Intimation on Redemption Request of 10 Aug., TicketNo:413926294.** Here’s where things further go from bad to worse, even after the promised response period of 5 days (i.e 08 Sept) by the telcaller and 3 days by the emailer (i.e. 06 Sept). I did not receive a response. So I called up again today, 11 Sep (D+31days) and expressed my dis-satisfaction to the telecaller Jancy and told her it is time for me to share my experience with fellow countrymen who place great faith in the Reliance brand name==.
However with regard to my query for reason for rejection she said after apologizing profusely that I had filled up the wrong form. I find it very difficult to believe as I know what a redemption request is and what I have filled up and also I have not had a similar problem with any other fund house over the last 15 years.
4. *My Request. My redemption application be honored immediately with the deposit to my declared bank account also an enquiry be conducted into this matter and concrete steps be taken to ensure such incidents do not recur. Financial services ought to be prompt to avoid serious hardships to people in dire need of finances.*