FMP reinvested for one more year without my permission – Birla Mutual Funds

POSTED BY Biren Shah ON August 8, 2014 8:55 pm COMMENTS (5)

Dear sir,

I had just seen your mail of Unnecessary charged by bank for ppf withdrawal by way of dd charges. So I feel that I also can send u my grievance to you & get my solution..

I had invested in one year FMP in Birla sun life mutual fund. My maturity was on 4th of August 2014. I had waited for last 3 days to received my money, but till today I have not received..  When I contacted today in Birla sun life office they told me that it was reinvested for again one year. This is ridiculous… I have some commitment of my money & I don’t want to reinvest in FMP.

Can u pleas guide me ? Where can I complain regarding this ? How can I get my money back ? Its just 3 days passed of maturity…

Please guide me…
Thanks & regards,
Biren Shah.

5 replies on this article “FMP reinvested for one more year without my permission – Birla Mutual Funds”

  1. Hemanth Chandra says:

    What is the reason from them for reinvestment again ?

    1. Biren Shah says:

      they says its a birla sun life interval income fund – annual plan 9..
      So if we cant redeem in 2 days then it vl be auto roll over….

      1. Hemanth Chandra says:

        Ok…. Just go through the terms and conditions of the fund…. to check whether such thing is there….

        Generally, for closed ended schemes, we have to select in the application form on maturity, whether to transfer the units to some other open fund of same AMC or credit the money to bank account….. Do you remember selecting any such option in the application form ?

        1. Biren Shah says:

          no such option selected on application form.., i hv a copy of form with me.

          1. Hemanth Chandra says:

            Ok…. did you find any such clause that it will roll out if not redeemed within 2 days…. ??

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