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SBI Magnum Contra / money redemption delay!

1 India Review updated:

I purchased SBI magnum contra mutual fund one year back now i have redeemed that money i have done request for redemption on 6 th November 06 according to SBI the cheque will received with in 10 days but i'm still waiting for that cheque. when i mailed to SBI they told me you have to come with stamp paper with a certain format then i will issue a another cheque, very upset due to this delay and already i have obtain a huge loss.

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  • Sh
      27th of Sep, 2008
    0 Votes

    I had very bad experience with SBIMF when I shifted my BLUE CHIP units to THEIR multi-cap FUND. They entered wrong bank details in the records. After much correspondence and harassment and courier expenses they sent an apology email and letter stating that it was a clerical error obn their part.

    They have now repeated their lousy incompetency of entering wrong bank account no. when I applied for their 370 days Fixed Maturity Plan. They blame me for the error.

    Somebody should make them pay the investors for the harassment they cause when their clerks / officers commit grave errors and put public to unnecessary expenses.

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