[Resolved]  Reliance Money — Illegal debit of money from customer's account

Its sad to see a reputed company like Reliance indulging in such unethical business practices. Everybody please check out, even if you are trading yourself through www.reliancemoney.com website, chances are that you will be charged Rs. 15 per transaction. They call it Mandate Charges, and this amount is given for no reason to Reliance Money franchisee where you are having your account.
In the account opening form, you have a check-box for this. No Reliance Money person will ever tell you about this, this will be selected Yes without telling you that your franchisee will be gifted with Rs. 15 on every transaction of yours even you are trading online yourself.

So the customer is fooled until he notices it. You have to submit a form to get Mandate charges de-activated, which requires 7 days. Even without Mandate charges, you can trade normally. This is just a way to keep fooling not-so-alert customers. Lakhs of customers are paying them Rs. 15 for every transaction every day.

This is one of many ways they fool the customers. They for no reason will keep debiting some money from your account. So if a customer is not very alert, or doesn't check his account regularly, he will be fooled. And if by chance you notice the illegal debit, they will take 7 days to refund it. Reliance should pay compensation for any such mistakes they do.

So my advice is that, if you are using Reliance Money, be extra cautious and alert. Check your balances, debits and credits on daily basis. Remember, introduction of Limit Cards from 2009? Nothing of this sort was told at the time of account opening. For people who are not very frequent traders, for no reason Rs. 500/month is being charged since Jan 2009. And chances are high that most of them don't even know about it. Remember, Reliance Money will loot you if you are not an alert customer.

Thanks.