umang 09 August 2017

NOMINEE HARASSMENT BY AXIS BANK DP

One year ago, my mother passed away. A demat account is there in her name where she registered me as Nominee . First, 3 months, Axis bank DP kept given vague and conflicting answers. I sent a legal notice to Axis Bank DP. They sent response confirming that I am the nominee and there is no court order or injunction restraining the bank to transmit this a/c to my demat a/c. I did all paperwork they required and sent notarized copies of documents they asked. It has been now close to 12 months. Just a week ago, Axis Bank DP asked me to pay Rs560.63 which I paid. They said they received the payment and DP transmission is in process. Then, suddenly today I received an e mail stating that I will have to do the entire paperwork again. I don't understand the reason why? Its to delay transmission for another few months. I have sent complaint e mails to Axis bank CEO, nodal officer. Also complaints to RBI and AxisBank DP thru consumer forum.in. What should I do now to stop this nominee harassment and to stop delaying tactics by Axis Bank DP. Your advice is greatly appreciated.

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G.L.N. Prasad (Retired employee.) 09 August 2017

File complaint both before District Consumer Forum and Banking Ombudsman as expeditiously as possible. In case of DCF you may not incur more than Rs.500/- if you submit the same submission, as posted here in the forum, and there are no procedural hurdles. In case of Banking Ombudsman, the costs are zero and complaint can be filed on line also.