[Resolved]  SAP — Mis Selling refusal for refund

Address:

Bihar

HDFC Saving Assured Plan Policy NO 13031415


I am Aqueel Ahmed -- resident of Qatar and an NRI customer of HDFC Bank since long.

I hereby formally wish to file my complaint against HDFC Gaya Branch for selling insurance thru, unethical and unfair means.

Brief case as stated below:


In the last week of July 2009 I had visited the office of Manager HDFC bank Gaya branch with regard to my bank transaction. While personal meeting, the Manager of HDFC bank informed me that a new recurring deposit has been introduced in his bank which will provide minimum 10% annual interest for three years and six years respectively. In response to his advise I agreed to break my NRO FD and shift Rs 5 Lakhs in to Recurring deposit of HDFC bank. My signature was obtained in the blank unfilled form with a copy of my passport and resident Visa. Upon my objection I was informed that form for recurring deposit is out of print so therefore old form of other product is being used as an interim arrangement. I signed in Good faith and Trust without going into details underlying in the form. I requested him to produce the details of the recurring deposit to which he replied that he will forward me at a later stage.

The second day I had to return to Doha Qatar which is a place of my residence. After reaching there I requested him to send me the details of recurring deposit where my money was mutually agreed to be invested with 10% assured return. To my surprise he informed me thru email that he has diverted Rs 2.5Lakhs and Rs 50,000 in my sister name in to Saving Assurance Plan. After I received this email I immediately objected to him as to how and why he has diverted my money in an insurance product, whereas, it was agreed to deposit this amount in recurring deposit of HDFC bank. Then HDFC bank manager assured me in writing thru email on 18th Aug 2009 that this product is good and will give me minimum 10% annual return. A copy of the email in this regard is attached herewith for your perusal and references.

In order to confirm his claim I went to HDFC SLIC website and read the brochure of both the policies and to my surprise I found that terms, conditions and benefit were entirely different and contradictory to what was shared to me by him. I found that these products are not suitable to my financial needs and was not the one promised to me verbally. I had categorically told him not to invest my money in any of HDFC insurance product since I already have some HDFC insurance policies.

Thereafter, I immediately sent him an email on 20th Aug 2009 requesting him to cancel all the above three unintended policies and arrange to revert my money. This communication was sent thru email before delivery of the product. Till now I have not yet received any response with regard to the cancellation of SAP, despite follow up with HDFC bank manager for reversal of my money. .

Again please refer my attached email which clearly shows that formal communication was sent to HDFC Manager well before stipulated time. A local representative had also approached HDFC bank with original policy to return but was not accepted and entertained by Manager HDFC.

It is apparent that HDFC Bank Manager sold this insurance through wrongful means and unethical practices. I was neither shown the brochure nor explained the charges, deductions and other mandatory terms and condition of the policy. This was deliberately concealed to the client and instead wrong information was shared with a view to sell the product.

The copy of email exchanged with HDFC Manager was produced as a documentary evidences in support of the above charges.The matter was raised to greivance cell but after two months of investigation they also refused to refund my money

May I kindly request the Manager of management of HDFC bank and insurance to withdraw these policies and arrange to credit my money in my account immediately. Failure of cancellation of policy and reversal of money shall force me to raise the complaints to following authorities as mentioned in the policy documents.

1. File a complaint to Banking OMBUDSMAN under RBI

2. File a complaint to grievance cell of HDFC standard insurance

3. File a complaint to grievance cell of IRDA/ insurance ombudsmen

4. File a complaint to special grievances cell for NRI under Ministry of Overseas-Delhi.

If my case is not resolved immediately then in addition to the recovery of my capital I may also seek compensation for mental agony and discomfort.

Submitted for immediate action please.

Sincerely Yours

Aqueel Ahmed