HDFC Bank Mutual Fund Account - ISAQMC-ST-EC Charges by HDFC Bank <>

16 Reviews
  krajubh on Feb 1, 2011
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????
Complaint comments 15 Comments     Updated:
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A Feb 2, 2011 by
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.
A Feb 2, 2011 by
same with my hdfc account. I didnt ask bank but will go to nearest branch soon.
A Feb 7, 2011 by
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
A Feb 7, 2011 by
Guys after reaching nearest HDFC office did they provide any better service????
N Feb 10, 2011 by
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..
N Mar 22, 2011 by
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
A Nov 1, 2011 by
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.
A May 7, 2012 by
VERY POOR at the end of HDFC. if nobody is investing in mutual funds why are u levying these charges SHAME SHAME
N Jun 28, 2013 by
HDFC employees even does not know what is ISAQMC they took two days time - 48hours to call back and tell what it is. been charging for 3 years and I was just busy never checked my saving account.
I find just today and they are making roam around.
N Jun 28, 2013 by
ISA is Investment Service Account, this account has to be open by submitting a form in HDFC branch then only one can do MF trans. online. for that Rs. 100+tax charges apply quarterly. But many people including me not requested any time but this account was active in my account and they are charging.

So we need to go to bank and submit form to cancel ISA account /to deactivate. And request to revert back the debited money if that happened by error.

Hope this helps.
N Jul 13, 2013 by
agree with all of you. mental illness. waste of energy. HDFC not giving money back. it has been charged for 2 and half years. but only saw yesterday. they said they can only return first six months. still that also not done. poor staff at HDFC. between jan-may charged 3 times. how and what base and never used or requested any investment service. they are redirecting me to mutual fund department, why? I never invested there? branch and callcenter both are waste. it is already 15 days nothing happend. I'm not satisfied with hdfc service and their employees.
N Jul 18, 2013 by
Today I spoke to HDFC MF department, they asked me what is my folio number. I said I never invested and there is no transaction related to MF in my savings account. He said then there wont be any charges. But bank is charging without any transaction there is transaction fee.

without Income we dont pay tax. without loan we dont pay interest. without any transaction we should not pay transaction fee or service charge. what service they did to us. why quarterly charge. Charge for those who are doing trading / investments by using that account not for others.
not for everyone. can anybody show where this is return in the website any rule on it. that will help every one. thx
N Jan 1, 2014 by
Neyaz Mohammad Reyaz  
HDFC is cheating with their customers.
ISAQMC-ST charges is purely making money.
They must stop this.
N Nov 2, 2014 by
D V Srinivasa Reddy  
yes i do agree, HDFC is cheating the customers.

168/- was deducted from my account on 30th Oct,
The description of the transaction says its " ISAQMC-ST-EC
Jul-Sep14-294133 171014".

Is there anyway we can get back our Money?
N Feb 10, 2015 by
Visit your nearest HDFC bank branch to have the solution. (As suggested by a Phone Banker)

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