Service of Reliance Money

Discussion in 'Investors Grievances' started by omshivaprakash, Sep 20, 2007.

  1. omshivaprakash

    omshivaprakash New Member

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    Hi All,

    This is one of my first posts. I have nothing good to say but the problems which I have been facing with reliance money team.

    I applied to a depository account with RelianceMoney on 12th of July and so for I have not got a luck to look at my own application (forget about getting the account number application has been rejected as per the records and the info which I got after bugging the customer support for hours and days)

    Customer support takes around 30 mins to put me on to a representative to answer my queries and I have already called 4 or 5 times this week and get the following message no matter what you do.

    "We will get back to you at the earliest. It may take max 24 hours"

    The supervisor who spoke to me (couple of times) assured me that he will call me back in 1 hour. I did wait for many 1 hours but no luck.


    Here are few queries posted via email :

    QRC Number - 171976
    QRC Number: 194802
    QRC Number - 195055
    QRC Number - 215525
    reference number - 215526
    QRC Number - 221350

    Main branch of Bangalore :

    Cunningham Road 201, West Minister, Cunningham Road, Bangalore- 560052 080-32979985 / 6 / 7 / 8

    Waste to call any of the numbers which they have mentioned, they don't have my application details and no one knows who is responsible for my application. And they promise to get back to you in an hour again no idea where they go, (Please call them back if you have free calls )

    The person who collected my application at Rajajinagar webworld, Bangalore claims that it is not her responsibility to follow up on the application.

    And lastly, there is no response for any mails sent to
    customer.grievance@reliancemoney.co.in

    One of the worst customer support ever seen in my life so far.

    If any of you have a slightest idea who is responsible for resolving my account creation issue with reliance money, please do update me. Or tell me how I should be approaching consumer court for getting my money back.

    Thank you,
     
  2. ranj_2k

    ranj_2k Active Member

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    I will advise you to apply thru fresh application.
     
  3. omshivaprakash

    omshivaprakash New Member

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    Ranj,

    Why I should be doing so when they didn't even bothered to contact me after collecting my application and money. How can I think of dealing with such a bad customer support in future where in I want to find a fortune for my self in investments.

    Sorry for being harsh on your response. But I don't think I ever think of doing that as its the service providers responsibility to inform their customers about the application rejection and revert them with the details and they have taken more than two months and now have got no updates at all about my application.

    Hope you can understand my frustration. Thanks for showing interest in this issue.
     
  4. ranj_2k

    ranj_2k Active Member

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    I can understand your feelings and expection from brokerage house. You can not expect pesonalized services from Reliance. You must be awared about worst customers services of Reliance Communication for their mobile users. How can you expect from Reliance Money.
     
  5. omshivaprakash

    omshivaprakash New Member

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    lol, you are right. I don't expect the personal touch in their service in each and every query. But I just expect some response to my application which was submitted long back. If I would have got a single call from them about my application, that would have made me feel better. Anyways let me see what they do with it now :( I have spent more than what ever I was supposed to be spending on membership charges and I have also wasted too much of time discussing this issue.

    RelianceMoney CS sucks
     
  6. deepakji

    deepakji Member

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    Hi !
    Reliancemoney software is in a mess...Although it functions far better than it used to 2 months ago. Today I got a mail informing me that I had short sold 5 shares of a particular stock which shall be auctioned soon.
    I had written to them earlier that their portfolio was showing negative holdings of stocks to which they replied that they were updating the portfolio amd I should look up the ECN notes and Demat account to check the stocks I hold.
    In relaincemoney there is a feature called auto square off on margin trades so there is no possibilty that one can go short on margin trade.
    One cannot give a delivery sell order because the software informs that one has insufficient stocks so one cannot short sell here.
    Can One go short on ATST... and whether one it is automatically squared off here also?
    My trade statement shows that I had short sold 5 .
    I had 5 nos stocks in my demat account which I had purchased long ago. I tried to get the history of the trades in the previous months but it does not show...I will now have to print out all the ECN Notes, verify my claim which is such a pain because they dont mail hard copies .
    I firmly beliEve that reliance money has once again messsed up and is trying to figure out who bought what and when...they are making us do all their dirty work...
    LIKE THE BAI ON MTV WHO SAYS ITNA PAISA MEIN ITNA HI MILEGA.. SO MUCH FOR CHEAP BROKERAGE......
    can anybody answer me whether atst is automatically squared off or not....bec ATST means aquire today and sell tomorrow and not visa versa...or am I wrong?
     

  7. kakshata

    kakshata New Member

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    Hey ... I have the same experience with Reliance Money. I submitted my appln on Aug 31 and it was rejected initially for some flimsy reason, inspite of me submitting all required docs. No one bothered to inform , when i called executive, he said I will be getting my welcome kit in a day or two, finally after talking to the branch manager of Cunningham Road Blore, I could get my appln processed.

    After I started trading, the site is never operational in the evenings. And not all mutual funds are available through R Money, the feedback and customer service pages does not get submitted, customer service number no reply. When I want to purchase MF, the Accept button does not work.

    Overall a very bad service provider.

    Can we do something to improve this?
     
  8. masterjee

    masterjee Active Member

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    cut yr losses.....
    dont bother of improving RM.
    m
     
  9. kakshata

    kakshata New Member

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    i mean we hould get them to improve the service. We cant do anything by ourselves.... All investors with grievances do something if we come together.
     
  10. palani

    palani New Member

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    hey I have opened in reliance money account. In the first trade itself in f&o i lost around Rs.8000 due to the software problem. I am chasing for last 2 months they could not able to give correct reply. their customer care service not for customer. Simply they will give QRC no. Who is responsible for solving the QRC ref?
    Nobody is responsible for giving face to face reply or solve the problem.
     
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