Surprised that Zerodha's clear response is still awaited.
Few email ids to whom i've sent across this issue -
[email protected],
[email protected],
[email protected].
What is confusing is the way ILFS sends across the bill and the way they mention the charges.
it would be in your best interest to ask ilfs about your pending dues [if any] amount .
Buddy, thanks for giving these email ids. It helped. I have found that I have received, in fact have been receiving, these AMC bills in my inbox from March!
But as they say the devil resides in the details. And in this case it was in the ILFS attachment file which I never bothered to download because, like I mentioned in a previous comment, the Zerodha customer care had told me that your (client's) AMC "..will be automatically taken out from your account after every 6 months". That is Zerodha's Hari's reply to me in the quotation marks.
And after getting that assuring reply from Zerodha's customer care's Hari I became unconcerned about paying the AMC charge. I thought they will automatically deduct the AMC from my bank account every six month!
Now what I found out is that till Aug I have 299 rupees due as AMC charge. If I knew about it earlier and if I paid it in time in March then I have to pay only 228 rupees. The ILFS has charged 2% penalty on the due amount - which is 71 rupees. ILFS kept emailing me AMC bills but not once did it try to get in touch with me by phone to inform me about the due amount and penalty.
Also they have not mentioned in the Aug AMC bill of 299 rupees that they have levied 2% penalty on the previous due amount. The AMC bill has only 299 rupees printed on it. There is no mention of previous due amount, interest penalty or anything in it. I have to figured out the interest penalty and previous due amount myself by seeing the bills which are due since March. That I also able to do because the good Comm4300 had commented about the 2% interest penalty
.
What is happening with my account regarding AMC charge, I came to know about it in the forum only by chance. If comm4300 and others have not commented about it, I probably would never have came to know about the due AMC amount, penalty and all. I have moved on after reading the comments on AMC issue, then don't know what came to my mind that chose to respond to it. Must thank god and folks here for raising this issue. Otherwise ILFS would have kept charging me penalty on the due amount and I would never came to know about it.
SEBI must make it mandatory for every financial companies to inform their customers about ANY due amounts at-least by email and SMS. They take us for granted because they know we have signed their documents so they have no responsibility. They keep no scope for slippage, misunderstanding and like that.
This is awful to say the least if you are reading this Zerodha and ILFS. I know there is no sense in complaining to you guys about it, you will raise your hands up on this issue.
Wish I had opened the account with Zerodha when its platform had matured, when they had trading facility available with all major exchanges, when their transaction and AMC charges had lowered and when they had all other common facilities and a nice trading software. I have been waiting for all these since opening the account.
Sorry guys you have to bear my long posts.