| Address: New Delhi, Delhi, 110014 |
My parents Nalini Dutta (account # XXXXXXXXXX5032) and Anand Dutta (Bank account # XXXXXXXXXX6512), are both senior citizen and, have been constantly troubled by HDFC’s staffs’ behavior. There has been a major non-compliance with the bank’s policy corresponding to sensitive information provided by the account holder.
Issue related to Nalini Dutta’s account:
• My mother’s saving account # XXXXXXXXXX5032, had a balance of Re 57, 430.48 as on 25/8/2015.
• On 16th Feb 2015, my mother had a fixed deposit worth Re. 300, 000/- at an interest rate of 9.25% p.a. (Deposit # [protected], [protected], [protected]) and she had NEVER activated the Sweep in feature on any of her fixed deposits.
• However, on 25/08/2015 HDFC bank applied the Sweep-in feature on all these FDs (without any customer authorization or any intimation considering the amount) towards a cheque payment of Re 300, 000/-.
Impact of the unauthorized Sweep-in transaction by the bank
• Fixed deposit amount reduced to Re 57, 430/- as all the funds were paid towards the check payment of Re 300, 000 without my mother’s authorization leading to a significant loss of interest on the account.
• While the Interest paid on Re 242, 570/- was initially 9.25%, due to Sweep in interest was reduced to 7.51% (as told by HDFC bank’s representative and shown in the statement). The problem we are facing is that even though this Interest (@ 7.51% for Sweep in) reflects in the statement, it has neither been added to Savings accounts nor to the left over Fixed deposit balance of Re 57, 430/-.
• There have been unauthorized transactions on my account, non-compliance with bank and client agreement and thus, failure of meeting the service standards. Further, the staff has been rude and misbehaving and not making effort to resolve the same.
Issue related to Anand Dutta’s account:
• My father has saving account # XXXXXXXXXX6512 and his fixed deposit # [protected], [protected], [protected], [protected] for a total amount Re 310, 020 matured in the month of August 2015.
• While my father had submitted the Form 15 H wherein the TDS was not supposed to be deducted by the bank, but the same was deducted (Rs. 1280).
• This is not the 1st instance when TDS has been deducted even after submitting Form 15 H, at the time of Fixed Deposit creation. This happened even last year wherein a tax of Re 1042 was deducted.
• My concern in this context is the repeated occurrence of the TDS deduction every year and then your staff denies the fact that Form was submitted. The bank is supposed to constantly update the client information.
I had been trying to contact the bank Branch head and the MD to resolve the aforesaid issues but, till now they haven’t taken the matter seriously.
Below has been a summary of my efforts in this matter so far.
• Escalation to Branch Manager on 9/22 and 9/29 - I emailed (from my registered email ID) to Branch Manager- Kapil Monga on 22/9/2015, after my parents were called several times to East of Kailash Office after the issue and there were instances of misbehavior. Branch Manager never responded to my email. In conversation with my parents, he did admit that my parents did not opt for Sweep-in and there was an error at Bank’s end which they cannot fix now. He confirmed that he had checked the initial FD form and the sweep in was never opted.
• Escalation to Grievance Redressal Team on 10/23 - As per the process mentioned on HDFC website, I escalated the issue to Grievance Redressal Team. They denied all three issues without proper investigation.
• Escalation to Principle Nodal Officer - I received no response to my email.
• Escalation to MD Office - Post investigation, MD office acknowledged issue# 2 (Related to TDS) and admitted their mistake. MD office still doesn’t admit their mistake related to issue#1 (Unauthorized Sweep in) but urges me to meet the Branch Manager for calculation of interest loss.
o In my meeting, Kapil Monga admitted that Ankita (a bank staff) had made the changes in the form without our consent. I have a recorded conversation of the same.
o He further fail to offer any resolution stating that now that the changes have been made by the bank staff in the form which were earlier signed, nothing can be done
o I further wrote back to MD office raising questions on the overall approach of the bank but they did not respond any of those emails.
o I further requested to meet a senior representative, but so far no one has reached out except for the Branch Manager, who is now continuously pressurizing us, by using tactics like scheduling meetings on Bank Holidays with his senior and not turning up, to close the matter.
o Post this incident, we have requested the Bank to present us with the initial FD Forms for all current FD’s and those where the sweep in had occurred and Form 15 H. Bank has taken no action on the same.
HDFC Bank customer support has been notified about the posted complaint.
Request you to email us at [protected]@hdfcbank.com along with your card details, contact details and your concerns. Kindly mention Ref ID- TTU[protected] in the subject line. Will revert to you on priority.
-Bejoy
HDFC Bank Customer Assistance