I, on behalf of my daughter Ms Trupty Priyadarshini Das would like to bring to your notice that I have purchased a Rajlakshmi Bond for my said daughter with a face value of Rs 3000.00 (Rupees three thousand only) which is for her marriage. While I was in Defense Service positioned at HQ 34 Armd Bde, c/o 56 APO. The bond document itself speaks of its maturity value as Rs 22,000 (Rupees twenty two thousand only) and the maturity date was 27 Jan 2014. When I approached UTI office at Unit 3, Bhubaneswar Branch for redemption on completion of maturity period, I came to know that a sum of Rs. 7000/- (Rupees seven thousand only) is to be paid against the maturity value instead of Rs. 22,000/- as provided. I was shocked for such a betrayal by UTI department. I could not understand the logic behind it. I was told by one of dealing assistant that the scheme had been stopped since year 2009 and no benefit would be allowed after that. You will appreciate that a bond is purchased/sold with a mutual understanding/ agreement understood by both parties and needs to be honoured/fulfilled by both. Any deviation by either of them would lead to legal complications. Secondly, any change in policy during the policy enforced, would affect the new policy bonds and not the existing one.
I, therefore once again request you to kindly direct the UTI authorty to release, the agreed amount. I shall furnish all required documents and information once hearing from your office for release of fund to my daughter’s account.
Thank you please.
Yours faithfully,
Biranchi Narayan Das
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