[Resolved] UTI Mutual Fund — Non redemption o[censored]S 64 bonds

[Resolved] UTI Mutual Fund — Non redemption o[censored]S 64 bonds

G George Paulose from Ernakulam, Kerala Oct 6, 2008

Unfortunately I had invested in US 64 bonds many years ago and was waiting for redemption from April 2008.I had given my account details to UTI branch at Chennai T. Nagar.This included cancelled cheques, a bank letter confirming my accountship which all had highlighted my bank account number. Despite this, my bank received warrants from UTI with wrong bank account details.The ECS they tried never worked as they had used wrong bank account number. This was highlighted to them several times through several emails with different kind of responses. The 24 hour Karvy line asked me to con tact them during day working hours only for details! Due to work commitments, I tried to manage this online by sending a scanned letter of request but received no reply(letter attached). The ultimate authority in Chennai for US 64 is supposed to be UTI technologies and it takes at least six hours to get through to them by phone and one gets a very surly response from them. I am a busy professional hence I had to take leave and go to UTI Techno where I handed over my letter, the warrant cheques with my wrong account number and letter o[censored]ndertaking for duplicate cheque issuing with my Bank ratification on this transaction. Several years ago as an innocent investor I put my hard earned money into US 64 expecting something from you.Neither has your returns been spectacular and your service has been substandard. I have been investing for many years through many mutual funds and never have I endured this kind of poor service. I need my redemption proceeds sent to my bank by ECS immediately. I also need COMPENSATION for the time and money I had to consume to get to this point in getting my redemption as it was your duty to check the requisite data prior to sending it. Suffice to say I will NEVER AGAIN invest in any scheme o[censored]TI and I will advise all my well wishers, clients and near and dear the same. Thanks, George. Was this information helpful? No (0) Yes (0)
Aug 14, 2020 Complaint marked as Resolved
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Comments

prakash pange

from Delhi, Delhi

Apr 23, 2008

Uti Mutual Fund — Money not received after nearly 3 months from redemption

Investor ID No 3818004 ; Bond Cert. No 568007 ; Re : Conversion of redemption proceeds of 64 Bonds to UTI Mastershare Unit Scheme.

Dear sir,

The Statement of Account under the captioned scheme ( 1100 Bonds redeemed worth total amount of Rs 1, 11, 320.00 and converted into UTI Mastershare Unit Scheme ) is still awaited since 2nd February, 2008.

Thanks and regards,

PRAKASH PANGE

Vijay

Aug 23, 2008

Dear friend,

i completely agree with you. I had invested my money in US 64 soem years ago say in 2001 and till date since the redemption date is over I have not receive dmy money. I had already forwarded all details to UTI but no response till now. I have soem family commitments due to which I need the money desparately. How should I deal with UTI, I am so tired of all this nonsense. NO ONE SHOULD EVER INVEST WITH UTI. PLEASE DO NOT . My question to UTI is whjy do they take peopel money and then not return it is this the policy o[censored]TI to make money by cheating people of their precious and hard earned money. !!!

Vijay

Aug 23, 2008

Can some one please tell me when would UTI be dispatching cheques and transferring money????????????????

How much more time would it take????? Please can UTI tell me once and for all.

Narayana Subramaniam

Aug 24, 2008

UTI TSL, for all their name, seems to be far removed from current technology, the technology they seem to be famous for outside India.
There is no prompt response from UTITSL to emails to them, which is what is expected in this age of mobile text messaging.
NS

S.N.Mandhana

Sep 5, 2008

We have also not yet received the matured amount, although we sent the bond certificates to their 29, N S Road Kolkata office.

Investor ID [protected]

Ritesh kumar

from Delhi, Delhi

Nov 10, 2008

Dear sir
my father invest money in UTI mutual fund US64 and finally i got total ammount(as check) and i also deposite this check in pnb bank in barh(bihar) before 3 month but till now money are not transerferd in dad account so, plz. i want to know how many time taken by u for transfering money in my dad account.
and u have any contact no. of main branch o[censored]TI mutual fund US64 then u give me and i want to know what happning with my dad chek

S Kumar

from Bhopal, Madhya Pradesh

Mar 10, 2010

Dear people

Never Ever invest in any o[censored]TI mutual Funds. They never repay you on time. Their staff is dumb, deaf and even blind toward your complaints. I have had the same experience with UTI. When I applied for redemption o[censored]nits, they canceled my application and did not inform me. I kept waiting for a month and then called them. They took ages to inform that my application was canceled due to lack of some information. All excuses on their side to delay your payment.

Hasmukh.M.Shah

from Pune, Maharashtra

Apr 10, 2015

I had invested for 120 units (Value Rs.12000) in US64 Bonds-6.75tax free bond.Certificate no.22290479.The bond maturity dt was 1/6/2008.Holder name- Damini.Hasmukh.Shah and Hasmukh.M.Shah..Investor id no[protected].

I wish to inform that I am not paid the maturity value.Unfortunately, i had not followed up for it.Can the agency inform us about redumption detail as I have not received it.My contact no+91 [protected].My e mail [protected]@yahoo.co.in.

Pl.let me konw, how can I get my money .