HDFC Bank Mutual Fund Account

9 Reviews

krajubh on Feb 1, 2011

ISAQMC-ST-EC Charges by HDFC Bank <<Critial, Customer Care is of no help>>

Hello HDFC Bank,

I have been leived the following changes for using the Netbanking Mutual fund account.

When is this started to bang us with every quater, this is not a trading account:

ISAQMC-ST-EC Jan-Mar11-7468 140111 -- 01 Feb 2011 -- 110.30

ISAQMC-ST-EC Oct-Dec10-7468 141010 -- 01 Nov 2010 -- 110.30

Tried reaching Customer care and it is of no help they only ended up with sending us from Banking Section to Mutual Fund Section and Mutual Fund Section back to Savgins accont.

I indeed know by the time of opening online purchase account u took 100 Rs from me. and then there was no such deductions till the above months of Nov and Feb.

Can you pay attention to it and advise why you are collecting this amount????

8 Comments

Comments

Feb 2, 2011 by

jamsetu

I have never used my mutual fund account then why are they deducting money from my savings account with the description of the transaction as ISAQMC-ST-EC. Bank should specify everything to the customer.Its our money, not theirs.

Feb 2, 2011 by

thisisthelasttime

same with my hdfc account. I didnt ask bank but will go to nearest branch soon.

Feb 7, 2011 by

MrRohitGupta

I also see this transaction this time on my HDFC account but have not enquired from the BANK.

will go to the nearest HDFC office and check why is this transaction for

Feb 7, 2011 by

krajubh

Guys after reaching nearest HDFC office did they provide any better service????

Feb 10, 2011 by

isaqmcreversed

I contacted HDFC Bank manager via email (you will get the email id from phone bankers) when I incurred the charges and they immediately reversed it. They even sent me the form to deactivate my Investment Services account (activated by my mistake I suppose; still not sure). Do remember to mention which all quarters' charges have to be reversed..

Mar 22, 2011 by

gersappa

Dear All,
HDFC bank is fooling the public by charging this ISAQMC charges. I checked with my relationship manager and asked him why these charges are being levied. I was told that they have added a facility to my account, through which I can invest in MF's online, there are no brokerage charges for this investment. But, since this facility is attached ( without my requesting for it) they will deduct Rs.110.50 per quarter, tongue in cheek statement by relationship manager is that this has been started after the entry load was discontinued. Now entry load was a one time charge, whereas this charges will be taken even if you do not invest. HDFC has not circulated details of these facilities widely and have also not informed the terms and conditions. I am sure lot of customers of the bank are unaware of it. I never expected a bank like HDFC to play a fraud on its customers.
So if you invest in MF's through HDFC bank, you will be tying a noose around your neck.
Beware Customers

Nov 1, 2011 by

srihari1977

This is a sham on the face of HDFC. Fooling public by such charges is not appropriate and it is for a service not requested at all. HDFC should discountinue the same and refund these charges back to all the account holders.

May 7, 2012 by

gauravbajaj.mail@gmail.com

VERY POOR at the end of HDFC. if nobody is investing in mutual funds why are u levying these charges SHAME SHAME