Hi Jupiter Team and Community,
I am writing to formally raise a complaint regarding my experience attempting to close my Jupiter account.
I have decided to close my Jupiter banking account. However, your support team has informed me that I cannot close my account unless I redeem all mutual fund investments originally purchased through the Jupiter app.
This is an extremely concerning, unreasonable, and seemingly arbitrary requirement.
These investments are held in mutual fund folios with the respective AMCs and are not dependent on my continued use of a Jupiter bank account. I have already changed the default/registered bank account associated with these mutual fund folios. I am not asking Jupiter to redeem, transfer, or alter my investments—I simply want to close my Jupiter banking account.
My Questions for the Jupiter Team
If Jupiter believes that redemption of mutual funds is mandatory for account closure, please publicly clarify the following:
-
Regulatory Basis: What is the specific contractual or regulatory basis for this requirement?
-
Terms & Conditions: Under which specific T&Cs is this requirement imposed on the user?
-
Linked Accounts: Why is changing the linked/default bank account at the AMC level considered insufficient?
-
Origin of Restriction: Is this a Jupiter-specific operational restriction, or a requirement imposed by the relevant mutual fund/AMC/regulatory framework?
Unacceptable Support Experience
To make matters worse, the customer support experience has been extremely poor:
-
Disappearing Chats: The support chat is practically unusable. Previous conversations vanish, leaving me with no reliable way to track the status of my tickets.
-
Repetitive Loops: I am forced to repeatedly explain the same issue because the support system fails to provide a complete, accessible history of my interactions to your agents.
Closing an account should be a straightforward process with clear communication, not an obstacle course of arbitrary restrictions and broken support chats.
Required Resolution
I request that the Jupiter Grievance Redressal Team immediately intervene and:
-
Process my account closure without forcing the redemption of my mutual funds.
-
Provide written confirmation that my mutual fund investments will remain intact and that my newly updated default bank account details will continue to be used.
-
Provide the complete status of all open support tickets/complaints associated with my account.
-
Provide a clear timeline for when this account closure will be completed.
To be absolutely clear: I am NOT requesting the redemption of my investments. I am solely requesting the closure of my Jupiter banking relationship.
If Jupiter is unable or unwilling to resolve this matter through its internal grievance process, I will have no choice but to escalate this through the appropriate regulatory channels, including the RBI Ombudsman / Integrated Ombudsman Scheme and AMFI, using this documented experience as evidence.