[Resolved]  ICICI Bank — Redemption Amount Not Received Since: 18th Oct 2008.

Hi
In year 2007, i made an investment of Rs. 5, 500/- in ICICI Prudential's Infrastructure Fund through my ICICI Bank - ONLINE.
Folio no:

As payment mode was Direct Transfer from ICICI Online, so all the details were available with the bank and i didn't do much formalities in this purchase transaction.

Everything was fine till this process but when it comes to reedemption of my Mutual Funds. I requested for redemption of my funds on 5th of October 2008 and as my purchase mode was ONLINE so reedumption amount was expected to come directly into my account. I waited for the amount for atleast 7 days (usually it hardly takes 3 days) and when there was no payment transfer entry in my account, i contacted ICICI Pru Dept.

What i came to know from them was little shocking for me. They said "Your account details are mis-matched in our account so we couldn't transfer the amount". As my payment mode was ONLINE then there is no margin of error in recording account details as everything happened electronically.

Then i asked them about further action, they said they are going to send a cheque at my doorstep and please wait for the cheque to be delievered.

I waited for another few days and when there was no cheque recieved from them, what i got a response from them was more shocking. Operator said "Sir cheque has been delievered to your residence address and we have made the payment to you".

i raised a complaint about it in the month of Oct, 2008 and got a complaint no.: [protected].

Then the bank pupil asked me to deposit an Indemnity Bond on Rs. 300/- paper asking me that cheque has been misplaced and issue a new cheque. (though i had not received it, i had to write that cheque have been misplaced).

After giving the bond, i was keep on calling everyday to them and i got a same answer for about 3 months "Concerned Dept. is working on it".

And when i said i am going to file a case against your bank, I received an immediate call from mumbai and the response from them was so horrible. Operator said "We have made the payment via cheque number so and so and cheque has been cleared from our account".

And when i said i did't receive any cheque then Bank asked me to deposite my bank statement which i did (thats other thing, i had to pay Rs.112/- to just get a printout from the bank which we take for Rs. 5/- from anywhere. Printout which bank gave me were exactly same as we take printout from our home, just one difference was they put a stamp on it and that stamp cost me rs.112/- but bank people were not ready to emboss that stamp impression on my printouts).

Now after sending the statement even (in the month of July) i still got the response from bank "we have made the payments and no due is left"

I just need to ask if they are saying cheque has been cleared then can't they cheque it in their bank that in which account that cheque has been cleared?

Just they dont want to make my payments and i am going to file a case against them very soon...

By the way i've spend my entire 1 year and aprox. Rs.2, 000/- on phone calls & on indemnity bond and giving stementments 3 times to bank.