Unit Trust of India Mutual Fund [UTIMF] Complaints & Reviews

With due respect and also keeping trust on your valuable services, I wish to write a few lines, for your kind consideration and fair justice:

I am an NRI and I am holding 1,514.215 Units o[censored]TI Dividend Yield Fund (Dividend Option) and my Folio Number is[protected]. During my vacation in May/June 2011, I had requested through UTI Mutual Fund, Kalyan for changing my bank mandates in their records, since I had requested HDFC Bank to close my bank account. While accepting my request, the UTI Officials did not make any comment on my request. During my recent vacation in May/June 2012, I had surprisingly seen a regret letter sent by their Registrar & Transfer Agents – Karvy, saying that they could not process my request for the reason that my Old bank proof is missing. A copy of the letter is enclosed for your kind information. I had protested on their negligence and irresponsibility, but they were on the same stand. I had re-submitted all the documents on 21st May 2012.

In the meantime, UTI Mutual Fund had declared the following Dividends against my portfolio for year 2011 and transferred the same to my closed and inoperative bank account with HDFC Bank; despite holding my request for changing bank mandates.

30/05/2011 Dividend Pay Out @ Rs.0.50000000 per unit Direct Credit HDFC BANK ~ 07/06/2011 [protected] 1,901.11 0.00 0.00 1,901.11
30/11/2011 Dividend Pay Out @ Rs.0.40000000 per unit Direct Credit HDFC BANK ~ 08/12/2011 [protected] 1,520.89 0.00 0.00 1,520.89

I have exchanged several letters and e-mails in this connection, but all my efforts are on vain. They have neither provided me a proper justification on my complaint, nor did they reimburse my lost Dividend amounts which they had wrongly transferred to closed bank account with HDFC. All my letters/ e-mails seeking explanation from UTI Mutual Fund seems directed to their Registrar & Transfer Agents – “Karvy” and they are providing me irresponsible answers and trying to mislead my complaint. My letters/e-mails never seems to reach the higher management.

Moreover, they are maintaining a hopeless and irresponsible Customer Care Service.

Is it justified? When my request for changing bank mandates is already available in their office, why did they choose to transfer my Dividends to a closed and un-operated bank account? Who authorized to do so? Why they did not provide my Dividends through cheques? Is this the way of treating a valuable customer who has invested with full faith on UTI Mutual Fund?

Due to the negligence o[censored]TI Mutual Fund, I am losing a substantial amount of Dividend, which is not acceptable to me. Therefore, may I request your good office to take up my issue with the higher level management o[censored]TI Mutual Fund and pressurize them for reimbursing my lost Dividends?

Best regards,
V. S. Sureshkumar

Sir, I am holding 1,514.215 Units o[censored]TI Dividend Yield Fund (Dividend Option) under Folio #[protected] and I had lodged a complaint about UTI Mutual Fund with the Respectable Forum regarding my two Dividend Warrants of year 2011, which they had wrongly transferred to my closed and unused Bank Account with HDFC Bank, despite having my request for updating my new bank mandates. Now UTI Mutual Fund and their Registrar & Transfer Agents - Karvy have been repeatedly sending me e-mails after e-mails and trying to defend their part. In one of the recent e-mails from UTI, one Nanda Malai (Position is not known) says that they had conducted an investigation with HDFC Bank and found that my Bank Account is still active. I regret to inform the Respectable Forum that I have not authorized / requested any one in UTI / their Registrar & Transfer Agents - Karvy to conduct an investigation whether my bank account is still active or not active. Unless the customer has some problem with his existing bank account or the same is closed, he would not approach with a request for changing his bank mandates, which may kindly be noted. Due to negligence o[censored]TI or their Registrar & Transfer Agents, my bank mandates are not updated well in time in May/June 2011, resulting that I have lost my Dividends for which UTI Mutual Fund is responsible. My argument is that my request for changing bank mandates is already available in their office, why did they transfer my Dividends to my closed and inactive bank account with HDFC Bank? Whey they did not dispatched my Dividends to my postal address. Why they did not hold my Dividend and write to me?

From the above, it is quite clear that UTI Mutual Fund is in a fault and therefore, the Respectable Forum should insist them to reimburse my lost Dividends through my new bank mandates, immediately without any further delay.

Sir, I am an NRI from Saudi Arabia and I am holding 1514.215 Units o[censored]TI Dividend Yield Fund under Folio #[protected]. I regret to bring to your kind notice that UTI Mutual Funds had wrongly transferred my two Dividend Amounts (Rs.1,901.11 & Rs.1,520.89, totalling to Rs.3,422/- to my closed bank account with HDFC Bank. In fact, I had submitted my request for changing bank mandates from HDFC Bank to State Bank of India, Murbad Road Branch, Kalyan, during my vacation on May / June 2011, but they lost them same and informed me to re-submit my request. I have fulfilled the same during my recent vacation on May/June 2012. When there is pending action against a request for changing bank mandates submitted by their potential customer, how did they transfer my Dividends to a closed and inoperative account? May I request your respectable Form to kindly investigate on the issues and instruct UTI Mutual Funds to refund my unpaid Dividend Warrants of year 2011.

Since there is negligence on their (UTI Mutual Fund) part in handling customer complaints, I have lost my faith on UTI.

Sir, I am re-submitting my complaint with UTI Mutual Funds with high respect belief on the Forum. I am an NRI from Saudi Arabia and I am holding 1,514.215 Units o[censored]TI Dividend Yield Fund. I had requested UTI Mutual Fund, Kalyan Office to change my bank mandates from HDFC Bank to State Bank of India, Kalyan Murbad Road Branch, Kalyan, in May/June 2011, but they had lost my request itself. During my recent vacation in May/June 2012, I had surprisingly seen a letter sent by their Registrar & Transfer Agents - Karvy, requesting me to re-submit my request with all supporting documents and I did so. In the meantime, they had declared and transferred my Dividend Warrants for year 2011 (Rs.1,901.11 + Rs.1,520.89 = Rs.3,422/-) to my closed and inoperative Bank Account with HDFC Bank. When my request for changing bank mandates is already available in their office, how did they transfer my Dividends for year 2011 to my closed bank account? Therefore, I would respectfully request the Forum for insisting UTI Mutual Fund to reimburse my above Dividend Warrants, as soon as possible.

Please note that I have invested my hard earned money. So, I should get my Dividends wrongly credited to my closed account with HDFC Bank, as soon as possible.

Due to their negligence, I have lost my faith on UTI Mutual Funds.

Best regards,
V. S. SURESHKUMAR
C/o. Nesma & Partners Contracting Co. Ltd.,
P.O. Box 1498
Al-Khobar 31952
Saudi Arabia
Mob # [protected]

Ref : Folio No.[protected]UTI Dividend Yield Fund)
Sub : Dividends of year 2011 & 2012

With due respect and faith on the Forum, I am submitting a Complaint about UTI Mutual Funds, on their irresponsibility and negligence, as under:

I am an NRI and I am holding 1,514.215 Units o[censored]TI Dividend Yield Fund under Folio No.[protected]. I had requested through their Kalyan Office (Branch) to change my Bank Mandates through their prescribed form, with all the documents during May/June 2011, but they had lost my request itself. I had personally submitted my request to t

During my recent vacation in May/June 2012, surprisingly I had seen a letter sent by their Registrar & Transfer Agents – Karvy, requesting me to re-submit my request with all supporting documents, which I did so. Thereafter, I received an e-mail confirmation from UTI for having updated with my New Bank Details of State Bank of India, Murbad Road Branch, Kalyan, in their records.

I had protested on their irresponsibility and negligence and had exchanged several e-mails to their Customer Service, but all my efforts are on vain. However, they kept blaming me that my request was incomplete.

In the meantime, they were declared Dividends on my holdings (UTI Dividend Yield Fund), as detailed below:

 Rs.1,901.11 & Rs.1,520.89 for the Financial Year 2010-11
 Rs.1,520.89 for Year 2011-12
As per my request, UTI Mutual Funds had sent me an e-mail notification showing that all the above Dividends have been transferred to my old and inoperative Bank Account with HDFC on 30th May 2011, 30th November 2011 and 26th June 2012, respectively. Please note, my Account with HDFC Bank.
When I have sent a Notice to UTI Mutual Fund on 1st August 2012, they have credited Dividend Warrant for Rs.1,520.89, for the year 2011-12, to my new Bank Account with State Bank of India. But, they are still silent on my other two Dividend Warrants.
Is it justified? Why should I be in a loss for their negligence and irresponsibility? When my request for changing Bank Mandates is already available in their office and my request is not implemented, they could have either dispatched my Dividend Warrants to my available postal address, instead of transferring the same to my closed and inoperative account with HDFC Bank.

Therefore, may I request the Respectable and Honorable Forum to be kind enough on me and advise UTI Mutual Fund to reimburse my unpaid Dividend Warrants, without any further delay?

Hoping for a fair justice on my complaint.

Yours truly,
V. S. SURESHKUMAR

Sir/Madam

I am having the following certificates. Please tell the current values of the below said certificates and tell me the process how to encash the certificates and process of transfer of the certificates in the name 'REGTL FUND ACCOUNT 107 ENGINEER REGIMENT' at the earliest.

1.UNIT TRUST OF INDIA - UNIT SCHEME 1964(CLAUSE 11) CERTIFICATE NO.[protected]
2.UNIT TRUST OF INDIA - UNIT SCHEME 1964(CLAUSE 11) CERTIFICATE NO.[protected]
3.UNIT TRUST OF INDIA - UNIT SCHEME 1964(CLAUSE 11) CERTIFICATE NO.[protected]
4.UNIT TRUST OF INDIA - UNIT SCHEME 1964(CLAUSE 11) CERTIFICATE NO.[protected]
5.UNIT TRUST OF INDIA - UNIT SCHEME 1964(CLAUSE 11) CERTIFICATE NO.[protected]
6.UNIT TRUST OF INDIA- UNIT SCHEME 1964(CLAUSE 11) CERTIFICATE NO.[protected]

Send me the details as early as possible.

We owned a Policy named Children Growth Fund in the year 1998.Policy Details are as follows:-

Policy Name: Children Growth Fund(1988)
Policy No: [protected]
Policy Holder Name: Shikha Jindal

The policy was to be matured in 2013 but as policy was closed by the company in 2003 we want our money back. But we are not getting any satisfactory answer from your side.An application(individual) was also given to your office situated at Noida Dated 22.03.2012 & In Delhi 01.06.2012.Application no.(ID no.) is[protected]. They Assure us that the cheque will be issued from Head office Mumbai.But we have not received any cheque yet nor the details neither answer.

SIR
I, SHAGU KHULLAR d/o SATISH KUMAR KHULLAR bought CHILDRENS GIFT GROWTH FUND UNIT SCHEME 1986 on 04/05/1991 and certificate no. is [protected] and the maturity date is 04/05/2012..I called several times UTI HEAD OFFICE,MUMBAI but they are not giving me any response...Can you please tell me the procedure of getting money..

dear sir

my father Mr.Bharat Choudhari had purchased 360 units under the Unit Scheme,1964 in my name Radhika Choudhari(was a minor that time).my father expired in 2005.i need to know the current value and as well as the procedure for redemption of these units.

sending in the certificate nos.

1.[protected] units
2.[protected] - 40 units
3.[protected] - 40 units
4.[protected]...

sir,
my parents invested in unit trust of india under the scheme cccf-93 on me. Now I am 18 years old. I want to withdraw the matured amount of my plan. my membership no. is[protected] folio no. [protected]. I have not received any intimation regarding this plan from uti for 2 years. I consulted the uti agent to en quire but he has not given any credible information. Now I want to get the information regarding this from the uti.

DESPITR MANY INSTRUCTIONS TO THE BROKER ,THE REDEMPTION O[censored]TI-VARIABLRE INVESTMENT SCHEME-GR PLAN ,FOLIO #[protected] IS STILL PENDING .EVERY FORTHNIGHT HE REQUIRES THIS OR THAT DOCUMENT TO BE SUBMITTED.BUT THE RESULT IS ZERO.IT SEEMS HE INTIONALLY STOPING MY PAYMENT AS HE DESIRES TO INVEST THE AMOUNT ACCORDING TO HIS CHOICE

Dear sir,
I am a holder o[censored]TI children's gift growth fund unit scheme, 1986 (clause 8). My details are:
Unit certificate no.- [protected]
No. o[censored]nits- Two thousand
Date of Maturity: 13/04/2012

I want to know the status of my account. How much amount has been collected on this account so far? this is urgent and I request you to respond by mailing the details to be immediately. looking forward...

Dear sir,
Rajalakshmi unit plan || 200 [protected]@ Rs.10per unit
amounting to 2000 in favour of my sister Resmi.s membershipnumber [protected].Date of commencement is 22/11/1993 date of maturity is 08/05/2014.Kindly please consider my request and convey all the details above the unit.I did't got any details about status(For example: how much money have been increesed,how to withdraw the money Etc...
Thanking you sir,
Regards,
Renjurajan
Mannady (po),Pathanamthitta(dist),Kerala
Mob no:-[protected]
E-mail :[protected]@gmail.com

I have 300, 60 and 30 Nos. o[censored]nits o[censored]nit Scheme, 1964 (Clause 11) in my name bearing Certificate Nos.[protected], [protected] & [protected] respectively. Please advise how can I redeem the amount and what is the value now.
Ashwani Kumar Sharma, DIZ Area, Kalibari Marg, New Delhi.
Email: [protected]@indiatimes.com...

UTI US-64 UNIT ACCOUNT NO 100A57429 NO ANY CHEQUE FROM UTI FROM 10 YEAR...

My name is P.Balasubramanian. During 1993 Senior citizen unit plan 1993 I have purchased 900 units. The certificate number is SC[protected]. I have shifted to chennai in the year 1997 and intimated the address. No reply received . I want to know whether the scheme is operational or not? The status of the units.

ref : folio no. [protected] master plus scheme.

with reference to the above i would like to inform you that i have submitted two letters in this regard
in uti borivali branch which are duly attached herewith. in borivali office i was told to scan and send you
all the copies of correspondence to the operation department. the total number of letters submitted is 21
and it is not feasible for me to do so so i request you to call for the copies from your borivali office for
your reference. It is disgusting to tell you that i have not not proper answers from last 15 years in this regard.

my complaint no.3/cc/1235284/1 dt. 07.03.2012 still remains unattended.

so now i request you to kindly look into the matter and get me out of this embarrassing situation at your
earliest and oblige.

regards,
lalit

Sir I bought unit trust of india Senior citizen unit plan 93. Now I don't know whom to contact in mumbai in case I need help. Plz help
Bharti

Sir. I purchased 500 unit o[censored]nit trustof india Mastergain 92 in 1992 of which the certificate no. is R[protected] in the name of Kumari. Jeetu D/O Sh.Rameshchand
i want to know the current status of those units please inform the same on my email id: "kumar.[protected]@yahoo.com" as soon as possible
Thanx in Anticipation

my unit certificates no [protected] units 50) are still pending for payment instead of my repeated reminders..no reply received after 30.6.1997..my old address was F-53 shastri nagar meerut.....my present address is B-09 Parsvnath prestige sector-93 NOIDA pin 201304...mob.[protected] and land line no.[protected]........ANAND KUMAR JAIN