[Resolved]  HSBC Fixed Deposit — Unaccounted deduction & failure to provide justifiable explanation

Please find the details of my complaint d/d written to Nodal Officer,HSBC but satisfactory explanation has not been provided nor the losses made good. Submitted for your intervention :

To,

Mr. Karthikeyan Soundarajan
Senior Officer, Customer Service
The Hongkong and Shanghai Banking Corporation Limited



Sub : Disservices by HSBC

Dear Sir,



Thanks for your telecall of yesterday that you had with my husband regarding the subject matter.



2 As discussed, the details of the problems faced by us in connection with the under mentioned accounts opened with Ultadanga Branch of HSBC, Kolkata-700054 due to being wrongly induced by one Mr. Ravi Maheswari of the same branch are appended below :



Sl.No.


Name


A/C No.


Amt invested/date


Assured maturity amt


Amt paid actually


Less paid than assured

I


Mrs. Mamata Pal


i[protected] ii[protected]


i) Rs.40,000/-05Feb07

ii)Rs.40.667.67/ 15May07


i)43,306.92

ii)49,308.41


i)Rs.40667.67 (due to premature switch over on 15May07)

ii) 47,276.15


i) Rs.90/- as IT

ii)Rs. 2,032.26

Ii


Ms Priyanka Pal


i[protected] ii[protected]


Rs.50,000/- each


Rs.60,623.60 each


Rs.1,19,893.99


Rs.1353.21

iii


Ms. Piyali Pal





Rs.50,000/-


Rs. 60,623.60


Rs. 59,675/-


Rs.948.60



Total less paid Rs. 4,334.07

3. In the month of Februaryl,2007, in view of higher rate of interest being offered by HSBC for FD A/C, we wanted to open a FD A/C and accordingly, Mr.Ravi Maheswari called us on in our house and as per his statement a FD for Rs. 40,000/- was opened for One year with interest @ Rs.8.75% PA. No reference of opening any connected savings A/C (SB)or Power advantage(PA)/smart account(SA) was made. On getting the Term Deposit statement, it was revealed that the interest was 8% and not 8.75% as communicated by Mr.Maheswari. Again the same statement did not mention anything about SB/PA or SA. About a month later, it came to our notice that HSBC had increased the rate of interest to 9.75% and the previous FD was switched out to a new FD for 731 days. We opened another three FDs in the name of my daughters, Ms. Priyanka Pal (Two FD of Rs.50,000/- each and Ms. Piyali Pal for Rs.50,000/-) No reference, whatsoever, was made about SB/PA or SA neither the necessity of maintaining any AQB was mentioned nor any papers were given to that effect.



4. Sometimes, in the month of May,2008, we were informed that penalty was applicable for the accounts where minimum balance fell below Rs.1,00,000/- Immediately, we lodged our protest in writing to refrain from levying any penalty as maintenance of AQB could not form a condition for opening any FD and prayed for the waiver of penalty on account of not maintaining AQB. It was the official of HSBC who wrongly induced us to open the accounts on many false assurances and won our confidence to settle the issues pertaining to AQB and Income Tax. However, to our utter shock and dismay, HSBC has deducted AQB from the A/C o[censored]ndersigned and Ms. Piyali Pal. If the fact of maintaining AQB was made a condition precedent to opening such A/Cs, we were not that fool to spilt the fund to open two separate accounts to invite the provision of AQB. As if this was not enough- in every month. Some amount was deducted from all these A/Cs for unclarified reason. When I wanted to know from Mr. Ravi if it was the policy of HSBC to fleece its customers of the amount earned as interest-he only smilingly assured of doing the needful. For your information, we have been writing to [protected]@hsbc.co.in since last months without any proper reply being tendered.



5. By means of this mail, I want to bring it to the notice of your Nodal Officer the following losses that has been caused to us :

i) When written requests were placed well in advance on 09 Apr 09 with the branch to close the A/Cs on the date of maturity and send the proceeds in the form of draft/cheque payable to our respective A/C No., why such instructions were ignored and we were not kept informed of the reason of so doing.



ii) In the particular case of my daughter, Ms. Priyanka Pal the A/Cs were not closed even after giving second written instruction on 04May09 and we had to visit your branch for the third time on May 15,2009 for closing these A/Cs .When no interest was paid for the period (from 15 April,2009 to 18May,2009) the amount was held back against our wishes. HSBC has even gone on to deduct an amount of Rs. 5.12 as interest on 01 May 09 when the amount was held back illegally

.

iii) When Form 15G were submitted for the AY[protected] and[protected], why IT was deducted at source. Moreover, why IT deduction of Rs. 90/-has been made vide Composite statement dated 31/05/2007 in respect of my account in spite of having a deposit of only Rs. 40,000/- for about 100 days when the threshold amount of interest for TDS was Rs.5,000/-



iv) The deductions on account of AQB and intangible and non-existent overdrafts were not part of our contract and it was never communicated to us while opening the a/c.



v) and lastly, the offer of HSBC to provide tea coasters and mobile stands for furnishing our email ID and Cell No. has turned out to be a fake one although the receipt of the information was confirmed by your officials over phone and the items have not been received so far.



6. Under the circumstances, you are requested to kindly look into the whole issue from the perspective of a customer vis-à-vis the role of your official, Mr. Ravi Maheswari played in keeping the customer uninformed of the rules of FD peculiar to HSBC and arrange to refund the loss of Rs.4,334.07 so inflicted through the malicious action of Mr. Ravi who should personally be held responsible for his acts of omission and commission for bringing this bad repute to your otherwise illustrious company. You will certainly agree with me that no one puts his hard earned money in a Bank to suffer loss in this way.



Looking forward to your favourable action before contemplating my next course of action. Please be informed that henceforth my husband, Mr.H.Pal will have the absolute authority on behalf of myself and my daughters to pursue the matter and you talk to him as well.



Thanking you,



Mrs Mamata Pal

03/06/2009



Attachment : Copy of Term deposit advice for A/C No.[protected]showing the amount payable on

maturity