Feb 22, 2010 05:56 PM
23862 Views
I am a mutual fund investor for over 15 years and have invested with many mutual fund houses. Over a period of time, many fund houses dropped out because they did not give me high quality online service which almost became a necessity.
However I constantly tracked the top funds and I found that at times SBI Mutual Fund did make it to the top performing funds. There is a trust that people in India associate with the brand and I felt that I should include that too in my portfolio. I was also pleasantly surprised to find that the brand did allow online investing too. So I went in 2009 and invested Rs 5000 online in the Magnum Contra Fund. It got debited from my bank on 15th September 2009 and I got an email showing the units had been allotted.
However, the online transaction required an offline handing over of the documents which I promptly did at their Delhi Investor Service Centre. Since then it has been an uphill task for me to get the customer id required for transacting online allotted. Their customer service centre has no clue whatsoever about how to deal with customers. I wanted the email id of the customer service head but I was told that it cannot be provided. All financial services organisations should make it mandatory for quick redressal that the email ids of senior employees should be provided.
Anyways coming back, I kept on following up on email and phone for six months and I am yet to get a redressal. I even wrote to SEBI only to realize this bhai probably is dreaded even by the regulator. No response from SEBI either.
Stay away from SBI.
