[Resolved]  State Bank of India Mutual Funds — Erroneous deductions in dividends

Sir,

1. I hold State bank Of India Mutual Funds (SBIMF) units under Folio No[protected]SDFS 370D-2 L179RD) for which I get regular dividends from SBIMF into my savings account no. [protected], as declared by me in my said mutual fund application form. The SBIMF is supposed to render the dividends to me in full, not after any deductions.
2. On 2 instances SBIMF rendered me dividends through warrants drawn on bank other than State Bank Of India (SBI), for which the recipient SBI Bank Branch has deducted clearance charges, which is a loss to me. It is rightful for the customer of SBIMF to get full dividends into his accounts, not after any deductions.

3. I presented the matter to the SBIMF through numerous emails and mail letters, furnishing all documents and proof of the erroneous deduction as asked by SBIMF. I started requesting the SBI and SBIMF from June 12, 2009 vide ticket number 391393, and since then have had many email and online and postal-mail communications with the SBI and SBIMF, to revert the erroneous deductions.

4. Finally on August 12, 2009 the SBIMF via email accepted my request and asked me certain documents viz 1. Written signed request to the effect 2. Bank statements depicting the deductions as clearance charges; which I duly submitted to them. But then in response, to my surprise and dismay, SBIMF totally changed the subject context mentioning ‘the demand drafts had been sent at the correct address, please contact your bank branch’; although the matter of a wrong address was never in question. I have copies of all the email and postal mail communications, which can be presented to you if need be. Attache here is the copy of email from SBIMF, confirming that they have accepted my request to refund the erroneous deduction.

5. I have spent enough invaluable time in posing my humble requests to the SBI and SBIMF, and feel dejected on their unprofessional response and prolonging of the matter. This is a deterrent to a customer’s faith in companies like SBI and SBIMF, along with monetary loss to the consumer..

6. I request you to kindly get me the rightful justice in this matter, by instructing the party to electronically refund the amount to my savings bank account no Account No [protected] (Account Holder: Dr Sanjay Dvivedi, Name of Bank SBI, Branch HIHT Dehradun, IFSC Code SBIN0010580, MICR Code[protected].