[Resolved]  HDFC Bank Mutual Fund — REDEMPTION REJECTED

Address:

Kanchipuram, Tamil Nadu

I Invested Rs.5000/- in HDFC Mutual Fund - Long Term Equity Fund -Growth Plan in the year 10.02.2006. Folio.No.2690642/26. During 15th March 2006 I sent a Redemption Request to CAMS . But I got a letter from CAMS mentioning that it cannot be redempted because it is a close ended equity scheme. Meanwhile, I checked with HDFC Bank and they confirmed the redemption can be submitted on 1st July 2010. So I again sent a Redemtion request on 1st July 2010. But I got a SMS on 07.07.2010. saying that your REDEMPTION IS REJECTION. When is called the Customer Care Mr. Ganesh, he informed that the signature is mismatching. I informed him I have signed before 4 years. I am signing this signature for all banks. I told him you want to retain the money with you. And he connected to his supervisor Mr.Raghavan, I informed him the urgency of the money.day.He told to get the attestation from the Indian Bank otherwise he told to come directly to his office since today is the last day. because the scheme is a close ended scheme it will take another one month to open.
I just want to clarify the below points.

1) I have the sent the Redemption Request on 30.06.2010 and it was received by CAMS representative on 01.07.2010 at 10.30.
WHY HDFC CAN'T VERIFY THE SIGNATURE BEFORE ITSELF,
AND INFORM ME.
2) The Supervisor, Mr.Raghavan, informed that there is a slight difference in the difference in the signature.
THE INVESTMENT WAS MADE ON 2006, NOW IT IS 2010. SO THERE WILL BE A SLIGHT DIFFERENCE.IF YOU WANT TO CHECK, YOU CAN CALL MY MOBILE AND CONFIRM.
3) He informed that each and every customer they cannot call and ask regarding this.
FOR INVESTMENT PURPOSES,DAILY I AM GETTING NEARLY 10 -15 CALLS, BUT FOR REDEMPTION PURPOSES THEY HAVE NO TIME TO CALL.

BASED ON THE ABOVE FACTS, I CAN CLEARLY UNDERSTAND, THAT HDFC MUTUAL FUND DOESNOT WANT TO GIVE THE MONEY BACK.
I DON'T KNOW IN OTHER CASES HOW IT WORKS LIKE INSURANCE.

REGARDS.

T.SRINIVASAN.

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