Jun 26, 2008 03:04 PM
5620 Views
My father in the month of December, 2006. He savings and Demat account with ICICI Bank Ltd., Hathi Barkala branch Dehradun, Utarakhand. My mother was joint holder of his savings account and registered nominee of his Demat account .
After his death she submitted documents with the bank for necessary action regarding Savings and Demat accounts. Demat account, the depository participant did not act effectively and honestly with a view to harass a lady of 77 years.
The application to open the demat account rejected without assigning any reason. Reserve Bank of India issued vide their circular RBI/2006-07/123, DBOD No. Leg.BC.8/09.07.005/2007-07 dated September 1, 2006 made is mandatory to mention their branch address and telephone mumber on statement of accounts but the same is not followed by the bank.
The required documents were submitted across the counter as per their format by ICICI Bank for transmission of securities on 24.01.2008.
On
18.02.2007, she received letter dated 05.02.2008 through courier from
ICICI Bank, Mumbai, informing about the deficiency in my submission as
follows: The death certificate is not Notarised as hence not valid. It
should be notarised by affixing the necessary Notarial Stamps and
appending the Red Seal
Nowhere has it been mentioned that death
certificate should be notarised by affixing the necessary Notarial
Stamps and appending the Red Seal. it should be attested by Notary/
magistrate which has been done in this case. Even on NSDL Website the
requirement is ‘ATTESTATION’ and not NOTARISED. The bank branch itself
provided the list of documents to be submitted for Transmission case
which also speaks of “death certificate duly attested by
Notary/Magistrate” .
Further, **as required vide banks
letter dated 05.02.2008 stated above, she resubmitted all the documents
desired by them without going into the legality or otherwise on
19.02.2008 with the Branch Manager, ICICI Bank, Hathi Barkala branch,
Dehradun** . Though she had completed all formalities on 19.02.2008
required by the bank they continued harassing by neither transmit the
securities nor issued any deficiency memos or other correspondence till
date. The complaint lodged with the ICICI bank and NSDL with different
levels proved futile and position remained the same.
Further a
letter received from ICICI Bank, Mumbai clarified that red seal is not
mandatory shows anomaly of provisions/clarifications issued from the
same office Is it not contrary to their own version?
A letter received from Mr.Varadraj Ayyangar, Compliance Officer, ICICI Bank Ltd., stated that “the process turn around time (TAT) for transmission request in case of nomination is registered with us is 7 working days” .**However,
contrary to the aforesaid statement instead of 7 days, more than 80
days has been passed and bank had maintained status quo. *
The
Branch Manager, Hathi Barkala Branch, Dehradun, Uttarakhand on
02.06.2008 was requested to inform the present position but no reply
has been received till date.The interest on the dividend is also being
held up due to this procedure as the dividend warrant is in the name of
my father and it would not be possible till the securities are
transferred in mothers name. This certainly is a financial loss.In this
ways it appears that said DP is discouraging instead of encouraging
Investors to come in the market which is in contrast to the policy of
Govt.of India. .She further forwarded the sequence of incident and
correspondent to Hon. Finance Minister, Chaairman, MD&CEO, Jt.MD,
Director of ICICI Bank Ltd., NSDL and SEBI on 0.06.2008 but so far
neither reply has been received nor securities been transferred.
You may see the high handedness of the bank and contrary to their boasting of customer care.
The final solution is Consumer Forum.
Read and decide yourself for the services and attitude of the bank towards their valued customers
