ONLINE INVESTMENT IN BIRLA SUNLIFE MUTUAL FUNDS

POSTED BY Nakulan Raghu ON September 3, 2012 11:00 am COMMENTS (3)

I made some investments in Birla Sunlife Mutual Funds in February 2012 & My 2012. The investments were made by way of online purchase transactions using my funds from my Bank A/c (ICICI Bank) which has been registered with Birla Sunlife.
Last week, when I wanted to perform a new purchase transaction, I was shocked to note that ICICI Bank and other banks have been withdrawn from their website for online payment. When I wrote to Birla Sunlife on this subject, they told me that they now have only 4 banks listed by them on their website for making online payments (1) CORPORATION BANK (2) IDBI BANK  (3) KOTAK MAHINDRA BANK  (4) PUNJAB NATIONAL BANK. I was therefore unable to perform a purchase transaction.
Please see below what they say in their email :
==============================================================================

With regards to your query, we regret to inform you that the investment held under the tax status NRI – Repatriable (NRE), online payment will be allowed from only 4 banks on our site.

 
Further, please find mention below the four bank which is available for online purchase.
Corporation Bank
Kotak Mahindra Bank
Punjab National Bank
IDBI Bank
========================================================================================

They did not bother to inform all their investors who are making purchase transactions about this change and all of a sudden only after I wrote to them I am getting this reply.

Does this mean that now we have open Accounts with different banks to perform online transactions in different mutual funds. Tomorrow if Reliance Mutual Fund states that one of the banks have been withdrawn from their online system, then we have to open a new account with another bank to perform the transaction ?

Can you please let me know what to do about this and who to complain ?

3 replies on this article “ONLINE INVESTMENT IN BIRLA SUNLIFE MUTUAL FUNDS”

  1. Ashal Jauhari says:
    September 3, 2012 at 2:12 pm

    Dear Nakulan, instead of cribbing, my personal advise ‘ll be to go for fundsindia.com platform. You ‘ll get all front line MF house in a single long in id & with a single bank account.

    Thanks

    Ashal

    Reply
    1. Nakulan Raghu says:
      September 6, 2012 at 9:33 pm

      Dear Ashal,

      Many thanks for your advise. In fact I am already aware of what you said.
      What I wanted to know is : Can the Mutual Fund suddenly make changes and dictate certain banks only for NRI investors ? And that also without informing their NRI customers in advance of this change ? What is the motive behind this ? Whereas other Mutual Funds have not made such changes. On the contrary other Mutual Funds are making life easy for the investors by increasing the selection of more and more banks. Who can I lodge a complaint regarding this ? Who is the concerned authority on such matters ?
      Would appreciate you advise. Tks, N.Raghu

      Reply
      1. Ashal Jauhari says:
        September 6, 2012 at 10:25 pm

        Dear Nakulan, in case you want to escalate your complaint, please lodge it with SEBI, the regulator for MFs.

        Thanks

        Ashal

        Reply

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