Unfair practice by Axis Bank at Arambagh branch

POSTED BY Pradyut Dhara ON October 26, 2012 2:31 pm COMMENTS (10)

It was Momemnts of Truth for all of us (My Parent & Myself) when my parent opens a saving bank account in the erstwhile Axis Bank (i.e. UTI bank) at Arambagh branch.Being away from home, internet banking is the fastest way to provide financial support(e-transfer of money) to my parent. My parent goes to nearest Axis Bank ATM branch at Champadanga. This was Moments of Magic for all of us.

Unfortunately those Moments of Truth turned into Moments of Misery by the following unfair practices by this branch.

1) My parent went to Axis bank Arambagh branch for opening a FD account of 100000 Rupees. Then Axis bank Arambagh branch opened a FD account of 70000 Rupees and remaining 30000 Rupees bank invested in ULIP policy MET SMART PLUS on my Mother’s name.. Please note that anual premium of this policy is 30000 rupees. We came to know this unfair practice after receiving the Policy document from Metlife Company. Then i conviced my parent to continue the policy. And i’m still paying the premium for this policy. This is the beginning of the Moments Of Misery with the Axis Bank Arambagh branch. We thought this mistake as one time and didn’t raise any concern.
2) On maturity of the amount Arambagh Axis Bank informed my parent over the phone. So,my parent decided to deposit matured amount again in FD and expressed their demand to Axisbank Arambagh branch. This time two persons(Pratap Pramanik & Bablu Garai) from Axisbank Arambagh branch came to our house. Then my parent explained the first incident (i.e. unknowlingly making Metlife Policy) repeatedly and requested these two persoons that we want this matured amount to be put in fixed deposit account. Contrary to my parent’s conviction these persons made a ULIP policy(Flexi Fortune 5 Pay) of 99900 rupees on my Mother’s name.Again we came to know very late after receiving policy document about this unfair practice by Axisbank Arambagh branch. Unfortunately free lookup period is over. So far we have received following answers

  • There is a value of this table (sitting on the desk at Arambagh  branch Axis bank )(Translation of the reply in bengali “EI TABLE EKTA DAAM AACHE“). You will get back the money.
  • Wait for 3 months, we are looking into the issue.  
  • Wait for 1 month ,we are looking into the issue. 
  • Wait for 2 week , we are looking into the issue. 
  • I’ll check with my manager and get back to you. Person never gets back.
  • Amount will be credited to your account tomorrow(being end of the month). Please check your account tomorrow.
  • You are not the only customer to suffer this kind of problem. 
  • I’ll give the interest from my pocket.

and list goes on. We were given false promises of returning money every time we had confronted the Axis Bank Personnel. Why do we have to go through the same misery (Previously Metlife & now MaxNewYork ) again? 

It seems my parent is being punished for trusting the Axis Bank Personnel and illiterate in English.

I have registered compliant in Axis Bank website in 1st level & 2nd level but nothing has been materialize.

Please help me to fight agianst this greedy companies.

Please pardon me if this question has been posted in wrong section.

 

10 replies on this article “Unfair practice by Axis Bank at Arambagh branch”

  1. Dear Pradyut, May I know your parents are still holding account in Axis bank or not. My personal choice ‘ll be to keep their account in a bank near to their residence. Be it any PSU bank or Pvt. bank.

    Thanks

    Ashal

  2. Pradyut Dhara says:

    Hi All,
    Hope everybody had colorful Diwali.
    Finally Max Life Insurance has cancelled the policy and refunded the amount 99900 without any interest amount. We have not received any communication from Axis bank regarding compensation for the unfair practice.
    Thanks everybody for your encouragement and support.

  3. Adithya says:

    Your parents and you should be careful before signing any documentation . I also faced similar problem in HDFC bank ,, was about to make tax saving FD and they advised me about some ULIP plan , i said no . But while i was signing the Tax saving receipt they asked me to sign a booklet i immediately read the booklet and found it was ULIP. i expressed strong revolt on this and didn’t signed.

    In private banks think TWICE/THRICE before singing anything. Read it completely and then sign.

    Off-course , you can complain and eventually may win over after some months but why these hassles when you can prevent this easily ??

    And i feel your parents must have signed ULIP form somewhere twice ,, I agree they were cheated/ mislead to sign but still Axis bank may have proper documentation with your parents signature

  4. I had asked on of my contact on facebook who works with Axis Bank and he said

    Hi Manish, Hopy you are doing good. I will forward you the mail id of someone senior from management on Monday. I am sure – the same will be taken care.

    I told him that would be great .. please do this and also put me in cc and (pradyut Email) . That would be great .

    Let see what happens .

  5. Something similar happened with my father too.

  6. Pradyut Dhara says:

    Thanks all for your encouragement.
    I have already raised the issue in Grievance Redressal section at Axis bank website https://www.axisbank.com/WebForms/grievance-redressal/grievance-redressal.aspx
    After seeing no action in Step 1 complaint i have complained in step 2 i.e. to Nodal Officer. So far i have received a mail on Wednesday, 17 October 2012 1:17 PM.
    Dear Customer,
    This is in continuation to our e-mail dated October 09, 2012.
    We regret the inconvenience caused to you and apologize for the delay.
    We are looking into the issue and will revert to you shortly.
    Looking forward to your patience in the interim.
    Thanks and Regards,
    Varsha Nair
    Nodal Officer Team

    There is no communication since then. According to website You will receive a response within 10 working days. I’m waiting for 10 working days.

    1. Pradyut

      Thats ok . Now once 30 days pass , you are eligible to complain to Banking Ombudsman . Do one thing . raise a offline + online complaint to banking ombudsman . Also raise your issue with the consumer court if that does not work in few weeks/months . Better take a legal suggestion from easylaw.in , it costs just Rs 500 per hour for dicusssion .

      Keep up updated .

      Manish

  7. banking ombudsman, RBI, Consumer court and social media spread the world of wrong doing by cheaters

  8. Pradyut

    I suggest just contact banking ombudsman now and pursue this matter, This is totally in your favour and dont feel much about the headache of going to court and all , you are going to win it and will also get compensation . Catch a lawyer and talk to him . Btw , you dont need to go to lawyer to file a consumer court case. Just talk to Akosha.in or vakilsearch.com or easylaw.in .

    BEfore doing all this , Make sure you approach Axis Bank grivienace Cell too

    https://www.axisbank.com/webforms/grievanceredressal/index.html
    https://www.axisbank.com/WebForms/grievance-redressal/branch-Complaints-overseas.aspx
    http://www.axisbank.com/download/Grievance_form.pdf
    http://www.finance.pushpi.com/axis-bank-customer-care-%E2%80%93-grievance-redressal.htm

    I have tried to contact few people who are connect to me on facebook . Lets see if there is anything on this. Please update us on this .

    Manish

  9. Ram says:

    Have you approached banking ombudsman?

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