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UTI Mutual Fund / Money not received after nearly 3 months from redemption

1 Mumbai, India Review updated:

I had applied for redemption of all units for my UTI Growth and Value Fund (now merged with UTI Mid Cap Fund) on 21st January, 2008. They told me that I will get the amount transferred to my bank account within 3-4 days, but I never got my money. I am just tired of placing and following complaints and doing rounds of UTI MF head office at Bandra; nothing seems to happen and I clearly feel neglected and I am sure they have stolen my money.

Initially I had placed a complaint through their call center but there was no response for more than a couple of weeks. Then, I contacted an official from their head office who was looking into this matter for more than 3 weeks, but still my redemption request remained unprocessed. Then I submitted a written complaint on 27th Feb, and now its April, and after several phone calls nothing seem to happen, and I feel totally ripped off as a consumer.

This case will throw light on fraudulent ways that UTI MF undertakes to be reluctant to pay off consumer money, and their worst customer services. They don't really care about investors and are ignorant about their complaints and their grievances.

What should I do to retrieve my money? Please help! Thanks!

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Comments

  • Ra
      7th of Apr, 2008
    0 Votes

    Sir,

    At the outset we regret for the inconvenience caused toyou.

    May we request you to please provide the details of your investment, viz. ID No.Folio No. or Application no.and your full name to enable us to check the status and informyou.

    Thanks,

    Rajendra Kumar
    DY. Manager-CC
    Unit: UTI Mutual Fund
    Karvy Computershare Pvt Ltd

  • Sy
      28th of Apr, 2008
    0 Votes

    I have invested Rs.10, 000/- by cheque no.160117 in UTI-Infrastructure Advantage Fund Series I. I haven't received any statement of account yet and my address quoted in acknowledgement is wrong. The correct address is : Vill-Gopalnagar, PO-Rol, Dist-Bankura, Pin Code-722205, West Bengal.
    Kindly look into the matter at the earliest.

  • Ka
      22nd of May, 2008
    0 Votes

    sir
    i invested Rs. 1200/- per month through SIP in the birla sun life tax relief 96. started from dated v28.02.2008. but till today no account statement no corresspondent done by company. my application no .T1089851, collection centre, BSL AMC GUWAHATI. i need immediate account statement.

  • Bi
      29th of May, 2008
    0 Votes

    I've been calling regularly to the mumbai call center no. 02267931281.02267931010 mostly no one picks up the phone. some time last week i call the call center after my father in law expired and one guy spoke to me. He infomred me that the redumption is stopped due to signature mismatch and attestation needs to be done by the banker. He also infromed me that we will send the certificate back. Once you receive the certifiate then you can send the same back to us with the death certificate attested copy and the nomination form. I waited for one week for the certificate nothing came our way. Today i have called again to the call center at 2:25 PM and a lady spoke to me. She informed me that the certificate will not be send back. I was for the answer which she said and i wanted to speak to the supervisor and she informed me that there is no supervisor her. I again asked for the supervisor she said he is gone for lunch. Late i asked her name and she informed she is not autherized to provide the name. Finally she hung up the phone. This frustrating service and i suggest no one should invest in UTI. Call center not equiped to handle customer concerns and on top of it the advisors are Rude. Please help me resolve this.

  • Ra
      6th of Jun, 2008
    0 Votes

    Dear Sir,

    kindly note that Ravenbhel healthcare has Invested above 1crore with Uti Liquid Plus fund. Now we need 40lacs urgently for our Excise purpose and asked the concerned department to transfer 40Lacs in our PNB accounts through RTGS (i.e. code UTI - BH08157002244) on dtd. 04.06.2008 before 11:00 a.m. but now 06.06.2008 on 6:05 P.M we have not received the same. We have to pay heavy interest to Excise department for delay in depositing the duty, which we have to bear because of fault at your end.

    You are requested to kindly look into the matter and compensate the loss occured to us.

    rgds,

    Yahs
    Accounts Mgr.

  • Gs
      5th of Aug, 2008
    0 Votes

    Dear concern
    I have invested Rs.20, 000/ in UTI-Infrastructure -D and Uti leadership eqity-D, invested date is 15/04/2008 now how to find the funds status, You try send e-mail for present status for both funds, other wise how to check the status in daily bases.

    Thanks
    surendra

  • Sa
      27th of Oct, 2008
    0 Votes

    I HAVE NOT RECEIVED ANY STATEMENT OF
    1) UTI ENERGY FUND (GROWTH) -FOLIO NO- 3066291151
    2) UTI ENERGY FUND (GROWTH) -FOLIO NO- 3067244101

    SINCE 12/11/2007.
    PLZ GET ME UPDATED VIA HARD COPY AS WELL AS E-MAIL.
    THANK U SIR.

  • Sa
      19th of Mar, 2009
    0 Votes

    I WAS AGENT OF UTI & OUR CODE IS RP0760 MY COMMISSION NOT RECD TILL NOW SO PLEASE LOOK & RELIESE OUR COMMISSION PAYMENT .IF ANY REQIRMENT OUR DOCUMENT PLEASE LETUS KNOW

  • Tu
      25th of Nov, 2009
    0 Votes

    I had redemption of all units for my UTI-INFRASTRUCTURE FUND (Investor ID No. 211876026), I had Received the chaque (1) Amount: Rs.25000.00 Ch. No.196168 dt.26/10/09 (2) Amount: Rs.25000.00 Ch. No.196169 dt.26/10/09 (3) Amount: Rs.10106.58 Ch. No.196170 dt.26/10/09, but I never got my money, Bank Account Call 'Your Chaque is out of range'.
    Initially I had placed a complaint through their call center but there was no response for more than a couple of weeks.

    What should I do to get my money? Please help!Please comment! Thanks!

    TULIKA SAIKIA
    KOCHUGAON, PO PULIBOR, GOLAGHAT, PIN-785621
    e-mail ID: saikiatulika@ymail.com

  • Rk
      24th of Mar, 2010
    0 Votes

    PHONE:0172-4627223 Mobile 9878263546 E-mail rkthakural@yahoo.com

    Dr.R.K.Thakural
    2524, Sector 37C, Chandigarh

    Subject:- UTI Mutual Fund Dated 24.3.2010

    Dear Sir,
    I have 721.501 Units of UTI Mutual Fund under Folio No./Client ID 52522604.
    I have purchased 646.883 Units on 25.09.2008 under Folio NO. 525232272943.
    I want all these units may be clubbed together under one Folio. If you can do it for me.

    With regards,

    Yours sincerely,

    R.K.Thakural

  • Gi
      15th of Jun, 2010
    0 Votes

    UTI has Payment Problems Consumers Be Aware About UTI MUTUAL FUND

    loosing your money to UTI is very Essy But Redemption your own units is very extreme hard thing u will not get your money

  • Ik
      11th of Dec, 2012
    0 Votes
    UTI Mutual Fund - Non receipt of redemption unit even after 12 days
    UTI MF
    India

    'Sir I had applied for redemption unit for my Folio No 50525643364 and the statement is showing the redemption done and is under processing from 3rd Dec 2012 .I would like to know
    1. When will my redemption will be credited into my account
    2. What is the credit time limit for redemption by UTI MF
    3. As general it is T+3 days, any special privilege for UTI MF by regulating authority .
    4.As informed by UTI that warrant has been released to local office whereas i like to inform that why this has been done when i have registered my bank and IFSC Code with the UTI investors profile. Moreover I am regular SIP investor with the folio specified above then why NEFT was not done. Why this type of harassment to investors. Is it purposely delayed to have your firm credited with few days saving.
    5. Time frame when i will receive the credited amount.'

    Ikhlaq ali
    9434280148

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