Submit a Complaint
Banks
State Bank of India [SBI]

[Resolved]  SBI Mutual Fund — SBI Mutual Fund - ECs Debited THRICE in one month

I have been investing through a SIP in SBI Magnum Taxgain Mutual Fund for Rs 1000 per month (Folio No[protected]. The money is paid through ECS debit from my ICICI Bank account every month (Rs 1000 per month).

However, there have been THREE debits totalling Rs 3000 in a single month (two debits of Rs1000 each on[protected] and another debit on[protected]. I lodged a complaint through CAMS Online but nothing has happened. I also wrote to them but till now nobody has responded. SBI doesnt seem to care once they have the investor's money!

By the way, the Grievances form in the SBI Mutual Fund website DOES NOT WORK! It keep asking for a Customer ID and I dont have one! Although I filled in the Folio number in the form, it gives an error when I try to submit the form.
What should I do next?
Was this information helpful?
No (0)
Yes (0)
Aug 13, 2020
Complaint marked as Resolved 
 
3 Comments

Related State Bank of India [SBI] reviews

[Resolved]State Bank of India - penalised the customer for sbi card2[Resolved]State Bank of India - overlimit charges51[Resolved]State Bank of India - credit card service3[Resolved]State Bank of India - case id no. 001-765-226 fwd 001-422-2063[Resolved]SBI/ credit cards - wrong info give on balance transfer
View all 27866 State Bank of India [SBI] Reviews

Comments

SBI Mutual Fund is one of the worst, when it comes to responding to a investor's complaint. They are quick to take your money, but dont give a goddamn about you once they have it. Their cutomer service track record is worse than PATHETIC.

You should file a case against them in the consumer forum immediately.
Reply
First of all check your mutual fund statement whether the deduction of 3000 is visible in it (this will serve as a proof along with bank statement)

I would suggest you to go personally to CAMS or SBI magnum office and talk with them regarding this matter. They will take care of your complaints. Don't get panic. If you can afford this extra deduction then let it be as it is good for you for long term investment (you will tend to spend less because of that :-) )
Reply
Complaint to SEBI mutual fund complaints,
follow this link,
http://www.sebi.gov.in/Complaint2.jsp
Reply

Post your Comment

Comment Guidelines
    I want to submit Complaint Positive Review Neutral Comment
    Add Image
    code
    By clicking Submit you agree to our Terms of Use
    Submit
    State Bank of India [SBI]
    customer care contacts
    Customer satisfaction rating Customer satisfaction rating is a complex algorithm that helps our users determine how good a company is at responding and resolving complaints by granting from 1 to 5 stars for each complaint and then ultimately combining them all for an overall score.
    Read more
    27%
    Complaints
    27866
    Pending
    0
    Resolved
    7388
    View all 27866 State Bank of India [SBI] reviews & complaints
    State Bank of India [SBI] Phone
    +91 80 2659 9990
    State Bank of India [SBI] Address
    No.65, St Marks Road, Bangalore, Karnataka, India - 560001
    View all State Bank of India [SBI] contact information