Question

Bank fraudulently given me ULIP instead of Fixed Deposits. I visited  bank branch kandivali east Thakur Village for renewal of my Fixed Deposit. I invest in fixed deposits for a limited period due to liquidity requirements at any point of time. But the branch manager sent me the ULIP instead of my fixed deposit receipt. After lot of follow ups with bank i am unable to get any positive response from them. Hence lodging complaint with consumer court as the bank has cheated and mislead me 

Answer 1

Ms Neha,

At the outset, let me clarify that this site is designed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any query / complaint / grievance in respect of financial services.  This site does not belong to any Bank or a Regulator, which may please be noted. 

As regards ULIP policy issuance instead of Fixed Deposit, you have the option of surrendering the policy during free look period of 15 days from the date of receipt of the policy. If that time period has not lapsed, you may surrender the policy to the Bank against acknowledgement. This suggestion is given for the purpose of your information as you have not mentioned the time period of the short term deposit.

If free look period is already over, you may lodge a complain regarding mis-selling of insurance policy to the nodal officer - grievances whose coordinates (contact) would be available on the Bank's website. If you do not get satisfactory response within a reasonable period, please approach Banking Ombudsman, stating the entire incident of mis-selling of ULIP instead of short term deposit.

Regards

Deepak