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[Resolved]  IDBI Flexi Bond (Deep Discount) '96 — HOPES OF LONG TERM SAVINGS DESTROYED

Years ago, in March 1996, with a lot of effort (inspite of extremely trying times) I gawardsthered and deposited / invested Rs.10, 600/- in two Deep Discount Bonds from IDBI '96 for Rs.5300/- each, which had a 25 years maturity value of Rs.2 Lakhs each. These Bonds were purchased in the names of my daughter, then 11 years old, and my son (then 3 years old).

These bonds were kept by me in a locker and since these were for long-term, my wife and I chose to just forget about the investment for the time being. A week ago, when I checked the locker and found the Bonds, I was dismayed to learn through the internet, that these Bonds ere recalled by IDBI way back in 2001.

As a middle-class parent, it was our expectation to be able to provide our children with a reasonable sum of money by the time they would attain sufficient maturity.

Request you to please let me know what, as agrieved parents, we could do now to ensure that the expected returns are provided to my children by the due time.

Looking forward to hear from you at the earliest.

Thanks.

Pankaj Kayathwal
Faridabad
[protected]
email : [protected]@india.com / [protected]@gmail.com
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Aug 14, 2020
Complaint marked as Resolved 
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IDBI FLEXIBOND (DEEP DISCOUNT)'96 — No communication

I am Rajiv Prajapati from Viramgam (GUJARAT). My father had applied for IDBI flexibond (deep discount) 1996 and he had been alloted the bonds of Rs.5300/- with a maturity period of 25 years.

as it was a long time investment, my father forgot about the bonds. But few days back, i came to know about the bonds and just for the sack o[censored]pdating the knowledge about the same and i came to know that the bonds were called back by IDBI way back in the year 2001.

My problem is i neither have the bond certificate nor encashed. My father put the first communication as it is. He didn't understood the communication. The letter was about the responce to be submitted. They demanded the Signed reund advise if we want to encash the bonds or to send acceptance of the bonds.

If I send the acceptance letter back with the signature on rejection of bonds and asking for refund, will i get the refund? will it be with interest?

Please do the needful and guide me.

Rajiv K Prajapati
Mota Parkota Moto vas,
Opp. Chabutara,
Post: Viramgam, Ta & Dist: Ahmedabad (GUJARAT).
Cell: +[protected]. Email: prajapati.[protected]@gmail.com
You have to immediately send the bonds for redemption by discharging and informing your bank accouunt, address details. Check IDBI Bank website for details.

IDBI mobilized huge money from middle class and many investors simply locked the certificate in locker with hope of future return. IDBI will not pay interest after the call option date. Since these bonds are for 25 years and many peopel changed residence, they never got the notice and the newspaper advt. was not sufficient since many will not read all sections of newspaper daily missing the redeption information.What is IDBI doing with all such unclaimed money? It must have used in business or invested in treasury and earn interest on it but doesn't want to pay to the investors. They must pay at least the savings interest rate on such unclaimed amount till date. Else it is clear cheating of public by IDBI. They can seek protection under newspaper advt., notification etc. But how many people will worry or have access to read newspaper to know about a bond payable in 25 years. Definitely IDBI must pay the SB rate of interest from te call option date to til date of claim so that the investors don't lose their hard earned money.
in post office also investor give saving interest from date of maturity to actual payment.

goverment have to look for this
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i have not got idbi admit card
Dear Sir, Subject:-IDBI Flexibonds 22, Registerd Folio22IFBA2307897/42, No of Bonds 6, Non-Commulative, Can be encashed by 25/02/2008, Maturity Value =30000, Date of Interst 25th Feburary every year @ 5.5%, Now I have to get Rs.32000 including Interest.I requested your IDBI Bank of Jalandhar, Punjab, Code of Bank 073, a month ago. Mrs. Baljit Kaur Manager of the section sent email request on the same day to your Bombay office to send the money to the IDBI Bank Jalandhar so that I can get the payment from them at the earliest.On my request, she sent two nos email reminders but the reply came on 3rd November that they will send the warrant to icici Bank jalandhar and that too within 10-15 days.What is this 10 to 15 days these times when communications are so fast and your big bank boasts of effeciency.This is efficiency? Very strange.Not able to digest.Very angrey, hence sending complaint for immediate action.Also let me know who is the culprit and what action has been taken to set the things right so that reputation of your bank is not eroded any more.I sent myself one email to Sh. Simanchal Panigrahy AGM. at his email addresss:[protected]@islindia.com followed by one reminder.Some official now on 3rd November sent me an email that it will take 10-15 days to send warrant to credit my a/c non[protected] and asked me if this bank a/c no is correct.This is correct.Now you are requested to probe, take immediate necessary action to maintain the so called "big name" of IDBI Bank. A poor performance.A very bad show.I shall be greatful if my complaint is put up to the head of your office.Please let me know by return email the outcome of my problem and the result of my complaint.If I do not get reply within a week, I will be forced to send my complaint to Mr.Abrahim and also to further higher autourities .A BAD show. Yours Sincerely, Amrik Singh
PLEASE TELL US THE STATUS FDDB 1096051 AND CERTIFICATE NO 01142944

DISTINTIVE NO[protected] ON NAME OF SAVEEN KUMAR S/O SITA RAM

AND TELL OF ADDRESS OF YOUR OFFICE TO WHICH WE SEND BOND CERTIFICATE

REGARDS

SITA RAM
[protected]
Hi,
I also have 2 bonds on my name and my sisters name. I would like to know the procedure to redeem the bonds. can any body help??
Dear Sir,
Sub:- IDBI Deep Discount Bond( Flexi Bond 96)
I have deposited Rs 5300/- throught Punjab national Bank on 12 March 1996, on my daughters name Madhurima Vijay Patwari, I have received the IDBI Certificate . with Folio No. FDDB 1331111,
Certificate no. 01384258, No. Of Bonds - One ( 1). Distinctive No.[protected], as per the Banking rules, I should get maturity amount Rs. 25, 000/- as on December 2006. But So far I have not received any information/ letter from you. I have already deposited original bond certificate to you. I am very greatful to you if you send the same to me.
I am eagerly waiting for your reply.
Regards
Vijay Kumar Patwari
New Delhi,
Mobile :- [protected]
Dear A/c Manager
My deep discount IDBI bank bond no 00956783 Folio No[protected], .
I requested your IDBI Bank branch office kanpur or Ghaziabad let me know how, I can withdraw the money including intrest, same as you know IDBI preclosed the scheme in March 2002.
Thanks
Monika Nigam
[protected]
Dear manager,
Sub:- IDBI Deep Discount Bond( Flexi Bond 96)

I have deposited Rs 5300/- in above mentioned IDBI Deep Discount Bond. How can i withdrazing money including intrest from this bond help me.

Thanks
Kanhaiya kapoor
[protected]
[protected]
Dear manager,
Sub:- IDBI Deep Discount Bond( Flexi Bond 96)

Folio No.s[protected] FDDB 0421537
Certificate No.[protected]
Distinctive Number:[protected]
issue price Rs 5300
face value Rs2, 00, 000
name of holder -- LOKESH YADAV
am holding the above mentioned IDBI Deep Discount Bond. Pls let me know whether I have received the money against the same or the same can be paid on maturity .
Please let me know the status at the earliest
regards
PLEASE TELL US THE STATUS FDDB 0517859 AND CERTIFICATE NO 01213366

DISTINTIVE NO 01213366 ON NAME OF MANISH MAGANBHAI PATEL

AND TELL OF ADDRESS OF YOUR OFFICE TO WHICH WE SEND BOND CERTIFICATE

REGARDS

Manish Patel
[protected]
PLEASE TELL US THE STATUS PDDB 3181499 AND CERTIFICATE NO 03166304

DISTINTIVE NO[protected] ON NAME OF VIJENDER SINGH S/O RAM SANEHI SINGH
AND TELL OF ADDRESS OF YOUR OFFICE TO WHICH WE SEND BOND CERTIFICATE

above mentioned IDBI Deep Discount Bond. How can i withdrazing money help me.

REGARDS

VIJENDER SINGH
[protected]
MAIL ID name : [protected]@yamaha-motor-india.com
I am also one of such customer where i have never received any communication on discontinuation of the FLEXI BONDS by IDBI. In fact my address has not changed at all. This looks a clear gap in the communication. I had a long discussion with their representatives and managers. On my repeated follow up they raised this issue in the board meeting, but in vain. The result of the meeting is NOT to pay any extra money to investor. If anyone else has any other update, please let me know.

Thanks,
Tejas Modi
[protected]
hi sir this is sandy from hyderabad i took idbi bonds 10 yrs back, recently wen i was referrring my documents i just saw this bonds in my file . my maturity date was on 2002 i forgot since we dont have any communication .
now wat should i do sir will i get my money back
plz reply...
Respected Sir,
I have deposited Rs 5300/- in above mentioned IDBI Deep Discount Bond( FOLIO NO. PDDB 3235298). How can i withdrazing money including intrest from this bond help me.



Thanks & Regard.
RAJARAM SAKHARAM JAMSANDEKAR
MOBILE NO:- [protected]
I am also one of such customer where i have never received any communication on discontinuation of theDEEP DISCOUNT BONDS, 1996 by IDBI. In fact my address has not changed at all. This looks a clear gap in the communication. If somebody finds a solution of this please contact me at [protected].
Well, I think that this is a very easy approach fof IDBI to collect the money from the genuine public who saves penny and penny to make a fruitful return. Where are all the persons/institutions claiming protection of consumer rights like, SEBI, Consumer forums. If you have some contacts you could raise this issue even in CNBC awaaz hindi news channel or in any indian business news channel, may be we could get success. If you success please contact me s_shrenik @rediffmail.com or [protected].
Thanks.
Shrenik kumar sancheti.
Jodhpur (Raj.)
I received call from my Father from Delhi that he has received a communication (Letter) from IDBI bank that I have not redeemed my bonds since 2001 and no interest is payable after 2001. Its my permanent address, I did not receive any communication in 2001 and thereafter till this letter from IDBI. I feel cheated as I had invested for long term and even not looked at the bonds sinice than, thinking after 25 yrs I will get some useful amount. All in vain, particularly after knowing that they had recalled the bonds in 2001.

My question is... when the bank can not think / plan beyond five years, who has given them right to issue deep discount bonds for 25 years? Whats the mistake of common men, as rigthly mentioned by one of my friend - who reads all the columns of news papers daily? Why letters were not issued to individuals throught registered post / UPC intimating the recall of bonds?

I am sure some how bank would have taken all the precausions to safe guard legal angle. But is there any way for commom person to fight aganist injustice ?

Manindra
Mumbai
Dear Sir,

I have purchased your IDBI DEEP DISCOUNT BOND (99-B) . But I did not reacive any letter from your side regarding closing of the scheme by September 11, 2004. Now I have reacived a letter on May, 4 2009 mentioning that no interest is payable on the bonds after September 11, 2004. Please suggest me that what should I do next either bear a loss of Rs.7300/- or just take my interest of Rs.9000/- .
Folio No.- DDB706210
Certificate No. 304983

Please also advise me how to get my interest through Karvy Computershare Pvt. Ltd
Thanking You
Saurabh Jhuman
Dear All,

I have also facing the same problem, i hv purchased IDBI DEEP DISCOUNT BOND in 96, i ma also not receiving any communication after 2000. and now few days back (almost after 9 years) they are sending letter that they don't give us interest after 2000. what they have done in between 9 years, why they don't send us the registered post for redempetation?

They should pay for that atleast common interest of 9 years should be pay. What goverenment is doing now?
I need the clarification..

Regds,
Piyush Gupta
[protected]@rediffmail.com

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