SIDBI Complaints & Reviews

When we tried to redeem the SIDBI Deep Discount Bond - (Series 1) wherein we tried to encash the Bond bearing the Registered Folio No. SI[protected] at the end of 20 years for Rs. 50000, we received a cheque amounting Rs. 8876 with the payee being H Chitra from IDBI Bank dated 02/05/2014 on behalf of SIDBI. We are receiving a lower amount for a bond which was purchased on February 1, 1993 and being redeemed only at the end of 20 years....

I have purchased two deep discount bmd series i of small industries development bank of india. My folio number is si 02300941. Issue price is rs 2, 500/ each. Redemption amount is rs. 1, 00, 000/ each. Redemption date is 1/02/2018. Accordingly i have submittted two bonds certificates in orignal by rpad on 14 th de c 2018. However i have not received my redemption amount yet.

I have purchased 2 deep discount bonds of sidbi series-1 issued in the year 1993. The issue price of each bond is rs.2, 500/-. The bonds were sent for redemption after the stipulated period of 20 years i have received an intimation from sidbi saying that an amount of rs.8, 000/- (Around) can only be credited to my account on account of single ddb. For the other bond intimation is year to be received as it was invested in the name of my sisters daughter.

On the face of the bond the redemption is rs.1 lakh each.

Certificate no's:[protected] & 00164054 with regd folio: si[protected]o & si[protected]o

I purchased SIDBI Deep Discount Bond in 1992 with maturity period of 25 years. However, When I tried to redeem the sidbi deep discount bond - (Series 1) wherein we tried to encash the bond bearing the registered Folio- SI[protected] & Folio- SI[protected] at the end of 25 years for rs. 100000, i (Ankur Bucha) have received amount of rs. 8876 x 2 through neft from sidbi bank.
I have received a lower amount for a bond which was purchased on february 1, 1993 and being redeemed only at the end of 25 years. The redemption amount ideally should have been rs. 100000 as mentioned in the bond. When i enquired about the same, 3 month's back i got a news that sidbi had exercised the call option at the end of 9th year i. E. February 1, 2002 and redeemed the bond and in this regard, sidbi has issued a notice dated june 30, 2001 in leading newspapers in english, hindi and vernacular languages. But we failed to receive such a notice. It is clear fraud from sidbi bank.

Sidbi bank currently running very smoothly but they don't want to pay committed amount to their customers. Similar judgement has been passed in favour of another buyer (https://timesofindia.indiatimes.com/city/chandigarh/SIDBI-to-pay-interest-litig...⇄ Please let me know to proceed further.

When we tried to redeem the SIDBI Deep Discount Bond - (Series 1) wherein we tried to encash the Bond bearing the Registered Folio No. SI[protected] at the end of 20 years for Rs. 50000, we received a cheque amounting Rs. 8876 with the payee being H Chitra from IDBI Bank dated 02/05/2014 on behalf of SIDBI.

We are receiving a lower amount for a bond which was purchased on February 1, 1993 and being redeemed only at the end of 20 years. Ideally we should be receiving Rs.50000 as mentioned in the bond. When we enquired about the same, we were told that SIDBI had exercised the call option at the end of 9th year i.e. February 1, 2002 and redeemed the bond and in this regard, SIDBI has issued a notice dated June 30, 2001 in leading newspapers in English, Hindi and vernacular languages. But we failed to receive such a notice.

A similar such complaint was lodged by Dr Saraswati Gupta, 57, of Punjab University wherein the UT consumer forum directed SIDBI to pay interests as well as the litigation costs.

Please find the details of this judgement in the below URL:
http://timesofindia.indiatimes.com/city/chandigarh/SIDBI-to-pay-interest-litigat...⇄

We expect a similar judgement to be awarded to us as well.

Thanks
Rakesh
(s/o H Chitra)