Apr 07, 2010 10:47 AM
3832 Views
I approached the bank to suggest a one time Rs. 5 Lakhs investment in debt funds, which is pretty much risk free but offers just ok returns. I have put forward my requirement that I should be able to withdraw my money within 3 years in case of any personal emergency with minimal penalty.
After giving enough of sweet talk, they have taken the payment. When I received the document, to my horror, I realized the following: It was a 20 year commitment of 5 Lakhs/year I have no option to withdraw the money for the first 3 years At the end of 3 years, if I want to surrender the policy, I need to pay Rs 75, 000/- as penalty
Needless to say, the bank personnel have been given aggressive targets to do whatever it takes to sell these financial policies which are in the interest of bank, and without having to care for customers’ interests.
I will never deal with this bank again.
