anybody who has got poor service from a bank, a financial adviser, mutual fund, ulip,……..please write a detailed note..with names, amounts, branch names, real names, locations….

planning to carry one EVERY DAY…..

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  1. Two experiences come to my mind.
    I will email them to you Subra, so that you can decide how much to ‘expose’, and how much to keep out of the public domain 🙂

  2. Subra,
    I got e-mail about Insurance Repository from Karvy. It looks like D-mat for insurence policies. I had never heard of this service before. Being related to Insurence within BFSI, I thought you may like to evaluate if it makes sense to have such an acount?

  3. A very old incident so I dont remember the names.

    Bank: ICICI
    Branch: Infosys, Mysore
    Year: 2006

    Request: Wanted to invest in MF and went to the branch relationship manager for information

    Outcome: He advised me to invest in ULIP. What a foolish me that did so. Never was it once mentioned that there would be “charges” to the tune of 30% in the first year, 15-20% in the second year and 10% in the third (dont remember the exact charges but they were way high!!)

    Learning: Couple of years later, I realized what a waste of investment it was when got a TOTAL return of Rs. 63000 on an investment of Rs. 54000 on redemption in 2012. 5 years and approx. 17%. Dont even want to calculate the IRR or the yearly return.

    Lesson: Stay away from ULIP. Invest in MF and term insurance. Plain and simple. Never EVER trust an RM. They are salespeople afterall…

  4. Dear Subra,

    A very recent experience with HDFC.

    Branch: Nerul, Ballard estate etc..

    I dont want to post names…

    A month back my RM came to me and told me that i need to upgrade my ATM debit card, i signed the form and gave it. – 0th Date

    4 days later i get an sms that the card has been dispatched.
    6th day i get a call from blue dart saying they are returning my card as no one was home to receive the card. i was surprised.
    7th day a person from Nerul branch calls me and asks me to collect the card from Nerul branch. I was shocked as i had moved to another part in mumbai and asked them why the card is in Nerul branch. Then i realised that they had not updated my address.
    HDFC had made all their account holders life miserable in Feb, march this year to update KYC due to some sting op fall out. I had given all the documents to them and they had apparently forgotten to update my address.. really? that is when i checked online my address details it was still the old address.
    Meanwhile the Nerul branch had sent the card back. My RM assured that they will get it back in the branch where i work.
    15th day i get another sms saying the card has been dispatched again..
    Today i get a call from their ballard estate office saying that the card has been recieved by them.. this was the branch where i opened my account some 10 years back and had changed my address 7 years back…

    They have promised me that they will deliver the card in next 3-4 days..

    partly i am to blame as i had assumed that after giving the documents they would update the address and i dint check..
    however, my question is was that KYC op a hog wash…

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