| Address: | Mumbai City, Maharashtra, 400013 | | Website: | www.franklintempletonindia.com |
I redeemed RS 6, 00, 000 on 11 April from Ultra Short Bond Fund - Direct Ac#[protected] but not credited to my bank. When I called on 16, I was told that they used Maheswari instead of my name and it was rejected by the bank. They told me that the error was already noticed and remedial action would be taken on 18th.
Issuing transfer instructions with wrong name is totally unacceptable. The rejection would have been known on 12. I am shocked and aggrieved that there was no immediate remedial action. I was not kept informed about the error to enable me to handle my commitments.
I parked the money in a liquid fund to utilize it when I need it. Not getting it within the normal time not only resulted in major upset but also damaged my reputation to honour my commitments.
MF should be responsible for crediting the amount to the bank account within three working days, failing which there should be a heavy penalty payable. Any errors should be reported to the customer with same day remedial action. Was this information helpful? | 
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