My wife had a salary account with a private sector bank – and so the demat account, the trading account are all with the same bank.
One day I get cornered by her Relationship Manager ..saying “We need not tell you what you can do…please shift YOUR primary account with us….” the general gyaan.
Now let me take some time to explain some options. It is very rare to see the balance in my wife’s account to dip below a particular level – and that excited the RM.
So he said:
– why do you not put the money in an arbitrage fund (debt returns but equity treatment!) you will improve the returns from 2.8% to about 8.2% p.a.
– why not some liquid funds, blah blah
I said I have a better option…Why do you not activate my brokerage account so that I can do what I want through that account?
For me a simpler thing to do was to buy ETF units of a liquid fund and sell it when I needed liquidity.
I spoke to somebody very senior in the bank. She said -“Subra, he will NOT CALL YOU at all.
Exactly that is what happened.
The Relationship Manager HAS NO INCENTIVE to activate my brokerage account. He has AUM TARGETS in mutual funds, Unit linked plans, etc where he thinks life is easier.
He has NO incentive to call me.
And all this after giving me a lecture on how his bank has changed from MORE REVENUe to CUSTOMER SATISFACTION.
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