5paisa.com SHAME - Processing charges for Account Closure - PLEASE VOTE!

By putting up this new Processing charges for Account Closure‏ fee,

  • Do you think the company has write to do it, has done the right thing?

    Votes: 1 5.6%
  • Do you think company has no right to do this, and should take it back?

    Votes: 17 94.4%

  • Total voters
    18
  • Poll closed .
#1
I am an online trader with 5paisa.com. I have recently received this email from INDIAINFOLINE/5PAISA.COM.

===================================================‏
From: [email protected]
Sent: 09 October 2009
To:
Subject: Processing charges for Account Closure‏

Dear Customer,

With reference to the above mentioned subject, kindly note that beginning October 15, 2009, we will levy processing charges (at Rs250 per request) for every account closure request that we receive.

Kindly note that the same has been updated in the ‘Schedule of Charges’ on the Helpdesk page on the website,www.indiainfoline.com. As a prudent practice, please check the Schedule of Charges on the Helpdesk page on a regular basis.

In case of any further clarifications on this, you can get in touch with the nearest branch or contact customer service at 022 40071000.



Warm regards,

Zurica Miranda
Head, Customer Service
India Infoline Ltd.
===================================================‏

What is the meaning of this email?

1. Is there a recent rush among the clients to close their business with Indiainfoline, and are clients leaving 5paisa due to any problem with the company, and so to stop them from leaving, 5paisa has put up this barrier to prevent them from leaving, or else they pay Rs.250? If so, then please let us know, and we all too close our accounts soon even by paying you yourself 250 ruppees.

2. Does any new management of 5paisa wants to break the current reputation of the company in the eyes of their current loyal customers by letting them know what will happen when they leave? WE DID NOT ASK YOU AND TOLD YOU THAT WE WANT TO LEAVE , THEN WHY ARE YOU LETTING US KNOW ABOUT THAT AS A POSSIBILITY FOR US? DO YOU WANT US TO LEAVE? ARE YOU CLOSING YOUR BUSINESS?

3. Anyway, tomorrow if you put the condition of Rs.5000 instead of Rs. 250, then will that be justifiable? Even about Rs.250, is that justifiable? Just a notice from your side puts up a new term and condition to trade with you?
Can we too give you a notice and make your commissions half? You never told us about it when we joined you. Now this is new condition from your side for us clients. Will you keep coming up with us customer unfriendly conditions to harrass us every now and then? Doesn't that hurt what's called as the trust and reliability factor? Baat dhai sow rupay ke nahein hai, baat hai how are you dealing with new terms in this way? If you impose such a condition, then I believe APPKO DHANDA KARNA NAHEIN AATA! You don't know the expenses you may face in future, or you pay your employees too much and then you beg your clients for the same.

I believe if you want to charge anything, go and put up a new condition for your customers of the future. Now if we talk about the customers of the future, I know you allure us before we join by giving incentives such as no dmat charges or registration charges when we join,,, only to bring us in... and later, if anyone wants to get out, you want to put up an exit load! Do you think customers of today are fool? Or do you think they don't have genuine forums for them such as traderji.com where they can put up their voices?

I have written so much about this issue because its a matter of ethics, and everyone should learn a lesson from this and should never even think about doing the same unfair thing in the marketplace. If you want india to become like a developed world, ethics is something that needs to be adapted before anything else.

I believe this is another indecent, irrational an unfair act on the part of any responsible business doer company in the marketplace. This reflect what kind of people are running the company.

If you have any sense of maturity, then you should revert back to your client base with an apology and assurance for discontinuation of your said irrational new terms and condition.

Even with this, I'd like to give you my best wishes.

Friends, I'm putting up a poll for this issue. Please submit your votes on this so that we as a community deliver a clear rational and justifable message to everybody regarding the importance of being ethical business doer. I request you all and invite you all to poll on this.

Sanjay.
 
#4
Hi,

How you guys are proposing to go about it? Shall we blast them (or "Zurica Miranda") with e-mails... Frankly, not many people will be willing to protest.... Even if half of the Traderji members who are with India Infoline protests, then it will make a difference..... :thumb:
 

GAIV

New Member
#5
To
sanjay123

I looked in my online trading a/c with icicidirect and found that the PAT of indiainfoline for 31st March 2009 is Rs.103 crores. Looks like there is no problem with the co. These days even banks like icici charge if customer wants to close his savings a/c.

By the way, I wish to know what is the brokerage indiainfoline charges for futures intraday? Can you please check and tell me about their brokerage structure? Are there any minimum volume conditions? I am looking for brokerage in futures intraday as low as 0.015%.

Thanks.

Gaiv
 
#6
If you want to leave, then you MUST pay Rs 250. What the hell? This like holding a customer to ransom. Indiainfoline should change its name to Gunda-Brokerage.

It is sad to see stock brokers acting like road-side property dealers.
 
#9
Hello Friends,

This is my exclusive reply here just to convey my thanks to all of you folks that have taken interest and have replied in here. And I'd like to thank the traderji forum and all its members that make this community a real active and responsible community over here related to Stocks and derivatives trading here in India.

Anyway, now I am going to reply to individual replies of all my fellow participants.

Hi,

How you guys are proposing to go about it? Shall we blast them (or "Zurica Miranda") with e-mails... Frankly, not many people will be willing to protest.... Even if half of the Traderji members who are with India Infoline protests, then it will make a difference..... :thumb:

I believe that an action on the part of "the clients of the company" as well as on the part of "responsible traders around that may or may not be the current clients of the company" IS TRULY ESSENTIALLY REQUIRED in such cases, or else, this kind of activity of one sided terms-declaration only in the favor of ONE PARTY will increase in the marketplace, and one day you may find 5paisa and all others doing what no one will be able to digest!

Well, I'll tell you what I did and what may be done.

I found a very important resource online :
http://www.sebi.gov.in/Complaint.html

- @BSEINDIA.COM : Complaints against member brokers CONTACT :[email protected]
http://bseindia.com/contact/index.asp

http://helpline.rb.nic.in/

www.consumercomplaints.in
The one that we require is :

http://www.sebi.gov.in/Complaint7.jsp

I propose, concerned traders may fill up this complaint form with sebi,
and we can all individually send emails to 5paisa.com directly letting them know what they are doing is unjust. Why don't they charge Rs.5000 as an exit load! Only because everyone can pay Rs.250 without getting one's brain's temperature rise and they just want to make money?

JITNA LOOT SAKO, UTNA HI LUUTO! Is that the philosophy of all the service providers getting now a days? I'm sure they must be doing some statistical research and surveys on how much they can LOOT before they implement their price lists! And one day someone in the management got an idea, a new way of making money, and everyone's excited! A new source of revenues without doing anything! First make one lakh clients, then make your salesboys run and add 10000 clients every month, while make 10000 of you past clients leave you every month by harrassing them and writing them ugly love letters as above. And that gives you an ongoing profits of Rs. 25 lakhs a month without doing anything, without selling anything, without giving any service, without any investments! Wow! Wow! Are we fools?

Well, the moral of the story is, very small hidden things actually make lot of big difference, but you rarely get to know about them, and till then, they keep sucking your blood out of you.

Anyway, none of such activity is a fair deal. They can ask for it before a trader joins them, not later. Unfortunately, as I said before, when you are about to join, they promise you free DMAT facility for a year or so, and no registration fees and this free and that free, only to get you in. And when people get in, they say, if you want to move out, first pay us our 250 rs! Wow! They make money without giving any service! Great! It only happens in India! IndiaInfoline! :lol::clapping:


All my sincere thanks to the Traderji community for empowering the whole community through this platform.
 
Last edited:
#10
Hi,

How you guys are proposing to go about it? Shall we blast them (or "Zurica Miranda") with e-mails... Frankly, not many people will be willing to protest.... Even if half of the Traderji members who are with India Infoline protests, then it will make a difference..... :thumb:

I believe that an action on the part of "the clients of the company" as well as on the part of "responsible traders around that may or may not be the current clients of the company" IS TRULY ESSENTIALLY REQUIRED in such cases, or else, this kind of activity of one sided terms-declaration only in the favor of ONE PARTY will increase in the marketplace, and one day you may find 5paisa and all others doing what no one will be able to digest!

Well, I'll tell you what I did and what may be done.

I found a very important resource online :
http://www.sebi.gov.in/Complaint.html

- @BSEINDIA.COM : Complaints against member brokers CONTACT :[email protected]
http://bseindia.com/contact/index.asp

http://helpline.rb.nic.in/

www.consumercomplaints.in
The one that we require is :

http://www.sebi.gov.in/Complaint7.jsp

I propose, concerned traders may fill up this complaint form with sebi,
and we can all individually send emails to 5paisa.com directly letting them know what they are doing is unjust. Why don't they charge Rs.5000 as an exit load! Only because everyone can pay Rs.250 without getting one's brain's temperature rise and they just want to make money?

JITNA LOOT SAKO, UTNA HI LUUTO! Is that the philosophy of all the service providers getting now a days? I'm sure they must be doing some statistical research and surveys on how much they can LOOT before they implement their price lists! And one day someone in the management got an idea, a new way of making money, and everyone's excited! A new source of revenues without doing anything! First make one lakh clients, then make your salesboys run and add 10000 clients every month, while make 10000 of you past clients leave you every month by harrassing them and writing them ugly love letters as above. And that gives you an ongoing profits of Rs. 25 lakhs a month without doing anything, without selling anything, without giving any service, without any investments! Wow! Wow! Are we fools?

Well, the moral of the story is, very small hidden things actually make lot of big difference, but you rarely get to know about them, and till then, they keep sucking your blood out of you.

Anyway, none of such activity is a fair deal. They can ask for it before a trader joins them, not later. Unfortunately, as I said before, when you are about to join, they promise you free DMAT facility for a year or so, and no registration fees and this free and that free, only to get you in. And when people get in, they say, if you want to move out, first pay us our 250 rs! Wow! They make money without giving any service! Great! It only happens in India! IndiaInfoline! :lol::clapping:


All my sincere thanks to the Traderji community for empowering the whole community through this platform.
 

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