India Infoline Limited — AMC Charges without knowledge and non closure of account on request

Address:

New Delhi, Delhi

I am being debited so called AMC charges by India Infoline of INR 25 per month without my knowledge. When questioned they are adamant to continue the charges and are also not ready to close my account with online application stating that I need to personally come to close the account. I am not in India and they are happily debiting my account regularly with INR 25 per month. Please find below some of the mail chain between me and the company: ________________________________________________________________________________...⇄ Mail from company dated 24.01.2014 Dear Sir, As per prescribed process we can process closure only once we receive hard-copy of same ! Request you to kindly provide the required in order to process your request. [protected]Original Message[protected] From: s.vinit.[protected]@gmail.com To: [protected]@indiainfoline.com CC: nalin.[protected]@indiainfoline.com Subject: Re: Re : Debit Balance in my account (Case ID:[protected]Case ID:[protected]Case ID:[protected]Case ID:[protected] Dear As mentioned earlier, I am not in India. Pls do.it based on the scan docs. The docs have been mailed to you from the registered email id and the signatures is as per record. Also balance is being transferred to registered bank account. So i dont see any concern with that. I dont want to waste any more money by dealing with IIFL who very conveniently had been debiting charges. Regards, Vinit On Jan 23, 2014 12:48 PM, "CS" <[protected]@indiainfoline.com> wrote: Dear Sir, As mentioned in earlier mail request to send the required documents on below mentioned address as we can not process the account closure on Scan image basis, Will communicate the account closure TAT as required, once we receive the Hard Copy of closure letter & Self signed copy of PAN Card. Thanks & Regards Nalin Srivastava Associate Vice President (Banking Alliances) India Infoline Ltd, New Delhi. 310, 3rd floor, Ashoka Estate, Barakhamba Road, C.P. New Delhi- 110001 +91 [protected] [protected]Original Message[protected] From: s.vinit.[protected]@gmail.com To: [protected]@indiainfoline.com, nalin.[protected]@indiainfoline.com CC: hareesha.[protected]@yesbank.in Subject: Re: Re : Debit Balance in my account (Case ID:[protected]Case ID:[protected]Case ID:[protected] Dear Pls find attached my account cancellation request and self signed copy of PAN. Please close and confirm. Please share the TAT for account closure. Also as mentioned in the reason column in the account closure request form, i will be contesting these charges in the consumer court with the details of each and every email as supporting docs. Regards, Vinit On Jan 22, 2014 12:33 PM, "CS" <[protected]@indiainfoline.com> wrote: Dear Sir, We are unable to reverse the charges as its Depository charges, however as mentioned earlier if you wish we can start 555 Lifetime DP AMC plan in your account provided you send the signed format for same as shared earlier, However we request you to continue your account with us, but as asked by you I am sharing account closure letter Which you can send to us along with a self signed copy of your PAN Card. Thanks & Regards Nalin Srivastava Associate Vice President (Banking Alliances) India Infoline Ltd, New Delhi. 310, 3rd floor, Ashoka Estate, Barakhamba Road, C.P. New Delhi- 110001 +91 [protected] [protected]Original Message[protected] From: s.vinit.[protected]@gmail.com To: [protected]@indiainfoline.com, nalin.[protected]@indiainfoline.com Subject: Re: Re : Debit Balance in my account (Case ID:[protected]Case ID:[protected] Just let me know if you are going to take ages to revert to my queries. Regards, Vinit On Jan 13, 2014 7:52 PM, "Vinit Saraogi" <s.vinit.[protected]@gmail.com> wrote: Dear Nalin, Awaiting response. Regards, Vinit On Jan 10, 2014 3:04 PM, "Vinit Saraogi" <s.vinit.[protected]@gmail.com> wrote: Dear Nalin, In that case, all I can say is that your sales rep makes false promises while opening the account, take the cheque and go away without doing anything about it. Nevertheless, tell me if: 1) 555 plan can be activated from the date of opening the account given that your sales rep never informed us about it. 2) Else, pls share the account closure form. I do not intend to continue anymore. You tried reaching me on my registered number but probably now when I am complaining about debit balance & when I am not in India. But till mid 2013, i was in India and i never got any call from anyone from your company. Nevertheless forget it. Dear Hareesha, FYI. Regards, Vinit On Jan 10, 2014 1:35 PM, "CS" <[protected]@indiainfoline.com> wrote: Dear Sir, I seriously apologies once again for inconvenience faced, need to clarify on some points as below: 1.) Account opening fee was waived off in your account as you were Yes bank employee at the time of account opening and not because you have provided 10K initial margin, (10K Value addition plan was never activated in your account which can be taken by client to reduce the brokerages in account and take account opening waiver, that's a advance brokerage plan.) 2.) Even if you open account with any other depository everyone will charge you DP-AMC unless and until you get some privileged approvals on same. even if you compare our 555 AMC plan is most competitive in market, and both Normal plan & 555 plans were clearly reflecting in our account opening forms (Not hidden). 3.) Virendra Kashyap your RM was in touch with you and you were trading online, as he left IIFL your account got mapped to me directly, if you want a dedicated RM, please confirm that can be mapped. we try to reach you on your registered in our records but that is out of service, request to please sign the enclosed form and send us to update the new number to avoid such communication gap in future. We always make efforts to make our clients satisfied with set industry service standards, please feel free to be touch with us for any issue. Thanks & Regards Nalin Srivastava Associate Vice President (Banking Alliances) India Infoline Ltd, New Delhi. 310, 3rd floor, Ashoka Estate, Barakhamba Road, C.P. New Delhi- 110001 +91 [protected] [protected]Original Message[protected] From: s.vinit.[protected]@gmail.com To: [protected]@indiainfoline.com, nalin.[protected]@indiainfoline.com CC: [protected]@gmail.com Subject: Re: Re : Debit Balance in my account (Case ID:[protected] Dear Nalin, Thanks for sparing out time to send such a big email. However, please let me know in few simple words the following: 1) Account opening fees was no freebie provided to me. As was informed to me by your sales rep, this was part of the plan wherein I had to deposit 10K in the account at the time of opening the account and there will not be any Account opening charges. So, IIFL has not done anything for which I should be grateful about. 2) About the AMC charges - Why wasn't I informed of such charges at the time of opening the account. Please share the document which states that there will be AMC charges per month which I have to pay. May be in the bulk of documents you get signed from customers more for confusing them then to guide them, you must have mention it hidden somewhere. 3) 555 plan - How am I expected to know about this when your sales rep doesn't even bothered to inform me of such a plan. However, had he informed that there are such charges, I would not have opened my account with IIFL in the first place. 4) You are my RM. Right ? Tell me, how many times have to contacted me. Is this how RMs in IIFL work where the RMs doesn't even talk to the account holders for ages. 5) Going by your words, I am sure, you are not going to do anything about it, so as a kind gesture from my end, I will For a start, inform all my friends, relatives of this malpractice being followed by IIFL. Complain to the regulatory body to bring your company to task. CC: Dear Hareesha, Please be guided by the mails. Close your account with IIFL at the earliest since they are debiting charges which we were never informed about when we opened the account. Also, send a mail internally to all our YES BANK colleagues so that even they close their accounts with IIFL. I am sure, no one was informed about these charges at the time of opening the account. Regards, Vinit On Wed, Jan 8, 2014 at 2:04 PM, CS <[protected]@indiainfoline.com> wrote: Dear Sir, Further to your concern regarding DP AMC charges deducted from your account, we would like to confirm that at the time of account opening process the waiver was given for Account opening fee of Rs.750, which was never charged in your account. Also the DP maintenance (AMC) has to be debited on monthly basis and as I have seen in your ledger from 2011 every month your account has been charged with same along with other normal DP charges, in last few months as you have not traded in account only AMC is getting deducted. Further to avoid such monthly AMC, I am sending a charge sheet to you enclosed with this mail, request you to please sign and send the same to us so that we can change the AMC plan, In new plan we will charge Rs 555 upfront and will never charge any monthly AMC for lifetime. I apologies that we are unable to call you on your international number please feel free to be in touch with us. Thanks & Regards Nalin Srivastava Associate Vice President (Banking Alliances) India Infoline Ltd, New Delhi. 310, 3rd floor, Ashoka Estate, Barakhamba Road, C.P. New Delhi- 110001 +91 [protected] ________________________________________________________________________________...⇄ I was not even informed of such a charge and also the company is not ready to accept my request of closure from my registered email id. They are taking advantage of the fact that I am not in India and hence they are happily debited my account with the charges each month. Please help.