[Resolved]  HDFC Bank Bank Mutual Fund Account — ISAQMC-ST-EC Charges by HDFC Bank <>

I have never used my mutual fund account then why are they deducting money from my savings account with the description of the transaction as ISAQMC-ST-EC. Bank should specify everything to the customer.Its our money, not theirs.

same with my hdfc account. I didnt ask bank but will go to nearest branch soon.

I also see this transaction this time on my HDFC account but have not enquired from the BANK.

will go to the nearest HDFC office and check why is this transaction for

Guys after reaching nearest HDFC office did they provide any better service????

I contacted HDFC Bank manager via email (you will get the email id from phone bankers) when I incurred the charges and they immediately reversed it. They even sent me the form to deactivate my Investment Services account (activated by my mistake I suppose; still not sure). Do remember to mention which all quarters' charges have to be reversed..

Dear All,
HDFC bank is fooling the public by charging this ISAQMC charges. I checked with my relationship manager and asked him why these charges are being levied. I was told that they have added a facility to my account, through which I can invest in MF's online, there are no brokerage charges for this investment. But, since this facility is attached ( without my requesting for it) they will deduct Rs.110.50 per quarter, tongue in cheek statement by relationship manager is that this has been started after the entry load was discontinued. Now entry load was a one time charge, whereas this charges will be taken even if you do not invest. HDFC has not circulated details of these facilities widely and have also not informed the terms and conditions. I am sure lot of customers of the bank are unaware of it. I never expected a bank like HDFC to play a fraud on its customers.
So if you invest in MF's through HDFC bank, you will be tying a noose around your neck.
Beware Customers

This is a sham on the face of HDFC. Fooling public by such charges is not appropriate and it is for a service not requested at all. HDFC should discountinue the same and refund these charges back to all the account holders.

VERY POOR at the end of HDFC. if nobody is investing in mutual funds why are u levying these charges SHAME SHAME

HDFC employees even does not know what is ISAQMC they took two days time - 48hours to call back and tell what it is. been charging for 3 years and I was just busy never checked my saving account.
I find just today and they are making roam around.

ISA is Investment Service Account, this account has to be open by submitting a form in HDFC branch then only one can do MF trans. online. for that Rs. 100+tax charges apply quarterly. But many people including me not requested any time but this account was active in my account and they are charging.

So we need to go to bank and submit form to cancel ISA account /to deactivate. And request to revert back the debited money if that happened by error.

Hope this helps.

agree with all of you. mental illness. waste of energy. HDFC not giving money back. it has been charged for 2 and half years. but only saw yesterday. they said they can only return first six months. still that also not done. poor staff at HDFC. between jan-may charged 3 times. how and what base and never used or requested any investment service. they are redirecting me to mutual fund department, why? I never invested there? branch and callcenter both are waste. it is already 15 days nothing happend. I'm not satisfied with hdfc service and their employees.

Today I spoke to HDFC MF department, they asked me what is my folio number. I said I never invested and there is no transaction related to MF in my savings account. He said then there wont be any charges. But bank is charging without any transaction there is transaction fee.

without Income we dont pay tax. without loan we dont pay interest. without any transaction we should not pay transaction fee or service charge. what service they did to us. why quarterly charge. Charge for those who are doing trading / investments by using that account not for others.
not for everyone. can anybody show where this is return in the website any rule on it. that will help every one. thx

HDFC is cheating with their customers.
ISAQMC-ST charges is purely making money.
They must stop this.

yes i do agree, HDFC is cheating the customers.

168/- was deducted from my account on 30th Oct,
The description of the transaction says its " ISAQMC-ST-EC
Jul-Sep[protected]".

Is there anyway we can get back our Money?

Visit your nearest HDFC bank branch to have the solution. (As suggested by a Phone Banker)

they are stll doing it. we have an account with Kochi Palarivattom Branch

Nonsense thread. HDFC Bank is quite transparent in their charges and services. I bet everyone who is being charged for ISA, has physically signed and submitted a MF account form. Please don't rant idiotic things on the net just because their is no accountability. The charges are doubly clear on the landing page for MF section.

PS: Neither an employee nor a beneficiary of the bank. Just an ordinary shareholder and very satisfied customer.

Had opened Salry account 2yrs back and they said Trading account is free for three years, but suddenly they have started charging me this Insta aleart Rs 17/- & ISAQMC-ST-EC Rs 171/- every quarter, for being safe have withdrawn all the money so no such charges can be debited and will soon close the account.
@Milind Kolekar- Just bcoz u did not experience it does not mean everyone else is lying. Private bank do have habit to put random charges when questioned they revere it but many do not question itself.

Massive fraud being committed by HDFC.
Mulitple ISAQMC-Jan-Mar[protected] charges on my statement, for a service (Demat) I never subscribed for!

Had opened a mutual fund account (along with my saving a/c.) little more than a year earlier with HDFC and was told initially that there will be no yearly/quarterly charges at all for maintaining mutual fund account. But after 6 months they started deducting Mulitple ISAQMC charges, Rs. 287 per quarter precisely. After multiple requests to the RM they will reverse but now on they have stopped doing that also. Also the previous RM is speaking in some different language with multiple excuses. In a way, realised that it is their standard procedures of duping innocent people. Even talked with their Manager in HDFC and the guy is vomiting the same false promises like RM. So my suggestion will be never open any account with HDFC in the first place itself. Shame on HDFC and their cheap, non-ethical behaviours.