IDFC Bank — Infrastructure development finance company [idfc] idfc limited non receipt of maturity of bonds

Roy Joseph Konnayil

from Thrissur, Kerala

Address:

Mumbai City, Maharashtra, 400051

Dear sir,

I have invested 20000/- (rs. twenty thousand only) in idfc limited – IDFC Long Term Infrastructure Bonds[protected] Tranche 1 with application no[protected]Beneficiary Account No. - IDD0285888) on December 2011. The same was opted for buy back in this year Dec-2016.

I have send all the documents along with the letter mentioning that Karvy is holding the Physical copy of the Bond Certificate(Certificate returned to Karvy Team because I had shifted from the location) for Buyback on 26-NOV-2016 by India Post registered Post (RK[protected]IN).

Still I haven't received any acknowledgment from the Karvy Team on the receipt of the documents.

I have faced same kind of delay with my previous Bond buy back Process where the maturity date was February 22, 2016 and they had paid the Buy Back amount on - July 18, 2016. (5 months they hold my money and given back the maturity amount without any Interest).

Previous Consumer Complaints URL:
https://www.consumercomplaints.in/idfc-bank-infrastructure-development-finance-c...⇄

I don't want to repeat the same (5 months refund processing time) this year too with lots of follow up mails and calls (kishore.[protected]@karvy.com, harish. [protected]@karvy.com)

Sir, I humbly request you to make process maturity amount of my bonds and remit the amount of maturity to my Bank Account.

IDFC Long Term Infrastructure Bonds[protected] Tranche 1
Application No.53908768
Beneficiary Account No.IDD0285888
Buyback Date. December 31, 2016

Thanks and Regards,
Roy Joseph

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IDFC Bank customer support has been notified about the posted complaint.

Jan 10, 2017

Updated by Roy Joseph Konnayil Hi Sir,

Please find the Certificate soft copy image attached as below.

Thank You.
Roy Joseph

Jan 29, 2017

Updated by Roy Joseph Konnayil Hello Sir,

Just wanted to follow up on this Complaints. Still I didn't get any update from the Karvy Team.
Kindly do the needful from your side.

Thank you.
Roy Joseph.

Feb 02, 2017

Saurabh Kumar Gayan's response NAME OF BONDHOLDER -HIRANMAYEE MEDHI

Feb 04, 2017

Updated by Roy Joseph Konnayil Hello Sir,

Just wanted to follow up on this Complaints. Still I didn't get any update from the Karvy Team on the receipt of the document. Document send on 26-NOV-2016 by India Post registered Post (RK[protected]IN).

Kindly do the needful from your side.

Thank you.
Roy Joseph.

Feb 11, 2017

Updated by Roy Joseph Konnayil Hi IDFC_Team

Kindly provide an update on this complaint.

Thank you.

Mar 10, 2017

Updated by Roy Joseph Konnayil Hi IDFC_Team

I have called the IDFC Bond section customer care number and I got the response from the team that the amount will be credited to your bank account on Feb: 13 . But still I haven't received the money.

Please provide an update on this.

Thank you.

Apr 08, 2017

Prakash200290's response Address change change for sent me my kit by my new address sent to me...
My new address 905 ThirruvitturHigh Road Ch.21

Apr 19, 2017

Updated by Roy Joseph Konnayil HELLO @IDFC_Bank / @KarvyCPU SIR's, ANY PLAN TO PAYBACK MY INFRA BOND MATURITY AMOUNT ?? DO I NEED TO APPROACH JUDICIARY /POLICE STATION ???

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Comments

Saurabh Kumar Gayan

from Diphu, Assam

Sir,

I want to inform u that I sent my original bond with folio no IDD0302305 to K Comp, Hyderabad on 13.12.2016 and was received on 18 th of december, 2016. But there was no response thereafter.

So I request you to kindly review the matter

Roy Joseph Konnayil's [Complaint's author] reply, Feb 11, 2017

Hello, Saurabh Kumar Gayan.

why did you post your comments on my complaint ? Please delete your post from my complaint as it's not relevant this complaints.

Karvy Customer Care

from Hyderabad, Andhra Pradesh

Dear Sir,

We wish to inform you that earlier we have confirmed you that your other bond certificate IDB0312830 was returned to us, but as this investment folio numbered IDD0285888 was not returned to us. Hence we request you to check from your end and submit the same for Buyback, in case it is not available with you request you to send a mail to e-inward.[protected]@karvy.com, will provide you the duplicate bond certificate procedure.

Thanks& Regards,
Team Karvy

Roy Joseph Konnayil's [Complaint's author] reply, Mar 11, 2017

Hello Karvy Customer Care Team,

I have called your customer care representative and got confirmed that the investment folio numbered IDD0285888 also returned to Karvy. How could you ask me now to send that certificate to you which you are already holding it. ??

I can send you the soft copy which I have received on my email address.
I have also clearly mentioned in a request that the certificate holding by Karvy based on the talk whith your customer care Person - [email protected] .

Please do not try to make new problems and make this payment delayed.

Kindly give me a call if you are still not in agreement with whatever we have discussed here.

Please tell me, what is the point of sending me a duplicate now and then sending it back to you for buy back ??
I have already signed and send you the Request for Buy back with all the details and also the Soft copy print of the certificate. Is this is not sufficient ?

Last time you kept my money for 5 months and given back without any interest. I don't want to repeat it this time too. If you try to do so, i will raise another complaint for getting the Interest for the Holding period too.

Thanks for your understanding.
Roy Joseph.
+91- 8884598863
[email protected]

Roy Joseph Konnayil's [Complaint's author] reply, Apr 26, 2017

HELLO !! ANY UPDATE ON MY PAYMENT ?? THIS IS THE LAST WEEK OF APRIL 2017. THIS IS WHAT THE FINAL DATE WHICH YOU HAVE TOLD ME. WHEN THE PAYMENT BATCH WILL BE PROCESSED ????????????

Roy Joseph Konnayil's [Complaint's author] reply, Apr 26, 2017

HELLO !! ANY UPDATE ON MY PAYMENT ?? THIS IS THE LAST WEEK OF APRIL 2017. THIS IS WHAT THE FINAL DATE WHICH YOU HAVE TOLD ME. WHEN THE PAYMENT BATCH WILL BE PROCESSED ????????????

Roy Joseph Konnayil's [Complaint's author] reply, May 2, 2017

WHEN YOU WILL GIVE BACK MY BOND MATURITY AMOUNT ?????????????? YOU GUYS ARE REALLY MAKING ME SICK . GIVE BACK MY MONEY !!!

Karvy Customer Care

from Hyderabad, Andhra Pradesh

Dear Sir,

We would like to inform that we have confirmed you the information after fetching the complete records and we have received back the certificate as undelivered pertains to IDB0312830, not pertains to IDD0285888. Since for the same you need to follow the duplicate bond certificate procedure. Until and unless we receives either bond certificate or Indemnity Bond we are unable to process the same for Buyback process.

Thanks& Regards,
Team Karvy.

Roy Joseph Konnayil's [Complaint's author] reply, Mar 21, 2017

Hello Team,

I have send the Indemnity Bond and other required documents to Karvy address by speed post on - 17-MAR-2017 and also confirmed with India Post that the Speed Post - Consignment Number - EK312329429IN has been delivered to the Karvy Address.

Please acknowledge the same and proceed with the Re-issue of Bond Certificate cum Redemption ASAP !!

Regards,
Roy Joseph

IDFC Bank Customer Care

from Mumbai, Maharashtra

Verified Support

Hi Roy,

We have received your documents and the payment will be processed by the end of April.
Do let us know if you need any further assistance.

Regards,
IDFC Team

Roy Joseph Konnayil's [Complaint's author] reply, Mar 23, 2017

Hello IDFC_Team,

Why should I wait upto April End ????

I have sent all the documents to Karvy Team on December 2016.

I have received the confirmation from the Customer care (Number mentioned in IDFC Bank Site) that I will be receiving the Payment by February.

March 2017 I have followed up with einward.ris@karvy for the Payment.

March 2017 I have got the confirmation that Payement will not be processed as Karvy is not holding my Original Bond certificate, So I need to re-sent the same documents along with the Indemnity certificate executed on 100/- stamp paper.

16-MAR-2017 - I have re-sent the following documents by India Post Speed Post - Consignment Number - EK312329429IN.

a. Letter of Re-issue of Bond cum Redemption
b. Bond Certificate soft copy print
c. Self attested pan card copy
d. self attested address proof copy
e. Bond application acknowledgment for the application #53908768
f. Cancelled Check Leaf.

21-MAR-2017 Documents received and confirmed from Karvy/IDFC Team.

Now you need another 1 month to process the redemption ???
You can see here that how Karvy Team is irresponsible to it's customers. They are the reason for creating this much delay in processing the bond maturity amount.

This is the second Issue happened for me. Keeping the customers maturity amount for 4-5 months unnecessary and giving it back without a 1 paisa as Interest.

IDFC should not do encourage this as you are getting into the new generation banking world !!

I NEED MY MONEY BY MARCH END ITSELF .. NOT APRIL END !!

THANK YOU FOR YOUR UNDERSTANDING !!

Roy Joseph Konnayil's [Complaint's author] reply, Apr 4, 2017

Hello IDFC_Team,

I HAVEN'T RECEIVED THE PAYMENT YET !!

As confirmed over the call, IDFC Team will expedite my Bond Payment process and I will be receiving the amount by end of March.

Please provide an update,

Thanks,
Roy Joseph.

Roy Joseph Konnayil's [Complaint's author] reply, Apr 4, 2017

Hello Team, The delay happened because of Karvy Team as they did not inform initially that i need to sent the Indemnity bond as Karvy was not holding my original bond certificate. I have send all the documents on December month and got confirmation from your GREAT CUSTOMER SUPPORT TEAM that I will be receiving the payment by February. Further I have followed up with your Team and came to know that I need to send another set of documents .. And now you are saying that you will process the request by batch only and not as Single Payment. Seriously this is called purposeful cheating !! I'M WONDERING HOW THIS COMPANY IS SURVIVING !! WHY CAN'T YOU EXPEDITE THE PAYMENT PROCESS ? I CAN'T WAIT FOR ONE MONTH AS THIS IS THE SECOND TIME YOUR COMPANY IS CHEATING ME WITH MY BOND MATURITY AMOUNT PAY BACK.

Roy Joseph Konnayil's [Complaint's author] reply, Apr 26, 2017

HELLO !! ANY UPDATE ON MY PAYMENT ?? THIS IS THE LAST WEEK OF APRIL 2017. THIS IS WHAT THE FINAL DATE WHICH YOU HAVE TOLD ME. WHEN THE PAYMENT BATCH WILL BE PROCESSED ????????????

Roy Joseph Konnayil's [Complaint's author] reply, Apr 26, 2017

HELLO !! ANY UPDATE ON MY PAYMENT ?? THIS IS THE LAST WEEK OF APRIL 2017. THIS IS WHAT THE FINAL DATE WHICH YOU HAVE TOLD ME. WHEN THE PAYMENT BATCH WILL BE PROCESSED ????????????

Roy Joseph Konnayil's [Complaint's author] reply, Apr 26, 2017

HELLO !! ANY UPDATE ON MY PAYMENT ?? THIS IS THE LAST WEEK OF APRIL 2017. THIS IS WHAT THE FINAL DATE WHICH YOU HAVE TOLD ME. WHEN THE PAYMENT BATCH WILL BE PROCESSED ????????????

Roy Joseph Konnayil's [Complaint's author] reply, Apr 26, 2017

HELLO !! ANY UPDATE ON MY PAYMENT ?? THIS IS THE LAST WEEK OF APRIL 2017. THIS IS WHAT THE FINAL DATE WHICH YOU HAVE TOLD ME. WHEN THE PAYMENT BATCH WILL BE PROCESSED ????????????

Prakash200290

from Salem, Tamil Nadu

Address change for 3 days waiting for I am kit not received so need full