Mutual Fund Redemption Amount Sent to My Closed Federal Bank Account

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1

Hello Jupiter Support Team,

I need urgent help regarding my old Jupiter/Federal Bank account.

My mutual fund investment was made through Groww using my Jupiter account linked with Federal Bank. Later, my Jupiter/Federal Bank account was closed due to a KYC issue.

Now, around few days ago, I redeemed/sold my mutual fund through Groww. Groww is showing that the redemption amount has been credited/sent to my Federal Bank account, but that account is already closed.

Because the account is closed, I have not received the money.

Please help me with the following:

  1. Please confirm whether any mutual fund redemption amount has been received/attempted to be credited to my closed Federal Bank account.
  2. If the payment was sent to the closed account, please confirm whether it has been rejected/returned to the sender (Groww/AMC).
  3. Please provide the transaction/UTR/reference number, if available.
  4. Please confirm whether the amount is currently with Federal Bank, Jupiter, or has been returned to Groww/AMC.
  5. Please tell me what I need to do to recover this money and have it credited to my currently active bank account.
  6. If I need to contact Federal Bank directly, please provide the exact process and required documents.
  7. Please treat this as an urgent financial complaint, because my mutual fund redemption amount is currently stuck due to the closure of my old account.

I can provide my PAN, old account details, redemption transaction details, Groww screenshots, and any other documents required for verification.

Please do not close this complaint until you confirm where the redemption amount is currently held and how I can receive it.

Thank you.

2

Kindly reach out to Customer Service channels and escalation matrix in future for such requests.

Ideally, you should have changed your account before redeeming mutual fund on Groww if you knew the account has been closed. We will reach out to the bank to seek support on this matter but kindly exercise patience as it will take sometime.

Please share your customer support ticket number with @Ashwitha over DM and allow her time to circle back. We will try our best to provide you the required assistance.