IDBI FEI BOND SERIES I - NON PERFORMANCE BY IDBI.
I am saddened with attitude of IDBI bank on above subject matter.
In the year 1992 IDBI introduced above mentioned bonds with one time investment of Rs.2700/- for face value of Rs. 1,00,000 on completion of 25 years with option of redemption of every five years for the deemed vakue as mentioned below:
1. At the end of 5 years 5,700/-
2. At the end of 10 years 12,000/-
3. At the end of 15 years 25,000/-
4. At the end of 20 years 60,000/-
Accordingly on 31st March 2017 on completion of 25 years those bond holders who have not redeemed on above options entitled to get face value of Rs. 1,00,000/-. When we started communicate with IDBI on line it shows that the bonds have been closed on 2002 with redemption amount of 12,000/- and directing us to contact Karvy Computer share Pvt. Ltd.toclaim 12,000 with simple interest accumulated till date.
We never expected that IDBI will get cheated by Vijaya Mallya for crores and they will recover that loss from poor public?
If lodge complaint on their customer service site no response. Since last 6 months I have lodged several complaints.
If anyone can guide me how to solve this issue. There may be lakhs of people all over India who have invested in this bond.
Looking forward to receiving some help from local circle members.
Sudhakar Bhat
Bangalore-9448593448. more
In the year 1992 IDBI introduced above mentioned bonds with one time investment of Rs.2700/- for face value of Rs. 1,00,000 on completion of 25 years with option of redemption of every five years for the deemed vakue as mentioned below:
1. At the end of 5 years 5,700/-
2. At the end of 10 years 12,000/-
3. At the end of 15 years 25,000/-
4. At the end of 20 years 60,000/-
Accordingly on 31st March 2017 on completion of 25 years those bond holders who have not redeemed on above options entitled to get face value of Rs. 1,00,000/-. When we started communicate with IDBI on line it shows that the bonds have been closed on 2002 with redemption amount of 12,000/- and directing us to contact Karvy Computer share Pvt. Ltd.toclaim 12,000 with simple interest accumulated till date.
We never expected that IDBI will get cheated by Vijaya Mallya for crores and they will recover that loss from poor public?
If lodge complaint on their customer service site no response. Since last 6 months I have lodged several complaints.
If anyone can guide me how to solve this issue. There may be lakhs of people all over India who have invested in this bond.
Looking forward to receiving some help from local circle members.
Sudhakar Bhat
Bangalore-9448593448. more
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View all 28 comments Below 28 comments
I too am a victim and I invested in idbi , lic bonds assuring me of a lacheer after 20 years and I was cheated and our co Metal box also closed without any compensation. Many of the colleagues committed suicide and somehow we are still struggling and living with su ch a callous govt. more
Jan 30
Some regulatory authority should be in place to look into it otherwise there is an anarchy. At the time of the offer there was a commitment by a constitutionally created body to nurture & honour it. If they are given the option to jump out of the window at their free will then why not the tax payer ? more
Jan 30
How come the bond holders are not advised about the compulsory early redemption........?...naturally,we feel cheated.....IDBI SHOULD AT LEAST LISTEN TO COMLAINTS AND REPLY CONVINCINGLY..... more
Jan 29
All such schemes were redeemed after about 10 years, as per the clause. Pl get in touch with Karvy to realise the proceeds. It is not the case for consumer forum more
Jan 29
