Consumer forum

Assistant

Upon request, State Bank of India, Securities Wing, opened one DEMAT Account in my name and informed me of it. But, they did not the KIT as promised in their SMS. More than a month waited. Then, I gave them e-mails. They said "already sent" - but not received. Then, I searched the internet, downloaded the Trading Software, and tried to TRADE shares. When I tried to transfer money from my SBI A/c to Demat a/c, it was not working. I gave repeated e-mails to them. Then, they asked me to contact my SBI Branch. I got 'internet banking kit' from them, but it was not working for more than a month. I made repeated complaints to all these people, but they were not attending to it. Meanwhile, they told me that they would deduct Rs. 500 as charges for opening the Demat a/c, and Rs. 388 towards Maintenance Fees. I warned them that they can not do it, since the very a/c was not working even after nearly three months. Yet, they deducted the amount. Even then, it was not made to function.

So, fed up, I told them, that I do not want their Demat a/c, close it, and refund the amount of Rs. 888. Even after 20 days, and a reminder, they are not replying/refunding. [After three visits, personal contacts, few SMSs, e-mails, the staff of my SBI Branch, made the Password of SB A/c to work. But, before that, I told them twice that I donot want to continue with Demat a/c. So, I did not try to find whether Demat a/c works or not after this]. I have all doc. proof to support my allegation of their carelessness, deficiency in service. Kindly advise me, whether I should go to Ambudsman or Comsumer Forum to get the refund of Rs. 888 + compensation. Mohandoss. R.

 
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Educationist/Lawyer

Better try Ambudsman first.

 
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FIN

You can try by submitting a Notice, citing facts in chronological order, to Nodal Officer and Chairman. Their contact details are available at the website. You must ask for dispatch details, certified copy of the AWB bill of courier/speed post etc and POD. You can demand refund of the charges and compensation and ask them to beg apology in writing, for the deficiency, unfair practices, harassment, and mental tension, and mention that you shall be constrained to lodge a complaint at their cost and consequences, with the institutions of social and legal forums, print and electronic media, NGO’s, consumer forum, courts of law, Govt. regulators, ministries, RBI, BCSBI etc at their cost and consequences.

If the bank does not pay heed to your notice you can approach consumer forum.

The problem faced by you is faced by many other customers. You may come across many such customers in bank. All of you can join and protest. Your protest shall move the bank.

 
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lawyer

for refund of rs 888 you will spend 2 years fighting case in consumer forum and will have to go to forum on each date and wait for your case to reach . there is no certianity that you win . even if you win recovery is another headache .

 

try your luck with ombudsman

 
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FIN

If o/o BO is in your city or in close vicinity then you can afford to attend or you have to attend thru your representative.

Your protest to BM, AGM, CGM, Regional Office, or Nodal Officer, Chairman may succeed in getting reversal.

 
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None

If it was hyderabad area, do not try BO..

 
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