If you are a Senior Citizen, everybody wants a piece of your money, so life is not easy.

Having said that even if you are not a SC there are a lot of people who want all your money, what do you do?

First of all, we all need a bank account, so it is an essential service. There are only 2 types of banks – owned by the government a.k.a Psu banks like SBI, Corporation, Canara….all the sarkari banks. The other banks are owned by the FII in whatever name called a.k.a private sector banks – Hdfc, Icici, etc.

Both of them do not care about you. Unless of course you leave Rs. 20L in your savings bank account for 8 months, buy some atrociously priced ULIP, …etc. or even better you have no money and are willing to borrow.

If you are treated badly, you can always go to another bank says the Regulator. How feasible is this?

I do not think it is possible to shift from Hdfc bank to Axis and then find that SBI works for some other friend.

Well for one, complain loudly.

It is embarrassing for a banker to see a senior citizen complain. Most of the other customers will (I have ensured that some senior citizens get good decent service)..

Complain to the higher authorities, Ombudsman, RBI, PMO. Just scream.

Most of the times in a PSU bank it is just that the employee does not care about you, and knows that you do not have a choice. In a private sector bank, learn to say NO to every new product that they offer.

Remember the RELATIONSHIP MANAGER has a revenue target

Your RM has a revenue target – so every RM on every call tries to increase his revenue. Nothing wrong with that either. You need to learn to say NO.

Your RM is not your financial planner:

He does not understand your financial goals, making a will, Estate planning, …etc. but he does speak that language, be aware.

many more to go…later on!!

more to come later…..


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  1. I recently went to a PSU bank and enquired about lockers. I was told that to get a small locker I need to do the following –
    1. Open a Fixed Deposit of around 10,00,000. If not at least 5,00,000 Rs AND
    2. Invest in a sad ULIP scheme

    I was just shocked to listened to this. I am 100% sure that no such prerequisites are needed to get a locker. Not sure what I should be doing.

  2. The problem is I do not have 5,00,000 Rs to open a FD and I also don’t want to commit to the ULIP scheme. The bank personnel was hell-bent on the ULIP scheme as well. I am not sure if they are going to agree if I say no to the scheme. I am going to give it a try and say to them that I know what the RBI rules are for renting a locker and they can not force me into things like FD and ULIPs. I am not hoping that this is going to fetch me anything but not harm in trying.

  3. @amruta, If they are not willing to give you a locker without a ULIP scheme, get the details of the personnel and the branch manager and tell them openly that you are going to raise an RTI for this and then see the response. It worked for one of my friends.

  4. Most banks, esp. the leading private sector ones are more interested in selling other products loke loans, insurance, mutual funds, demat etc. than the routine banking functions! Now-a-days,I find that even the customer service staff are loaded with sales targets.. Just walk in to any bank for a simple transaction like address change or PAN updation, and If you have a decent savings balance and are gullible,you will walk out with a new insurance policy or a mutual fund investment !

  5. Once I walked into HDFC to update my cell no & got a Credit Card which I am still using & feel the best one 🙂

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