Here is How I got Locker from HDFC Finally!

[sparkit]

So here is how I got an HDFC bank locker recently, and I thought I'd share my experience here. I had been in need of a bank locker for the past 3 months, and I visited Canara Bank, SBI, IOB, HDFC, and IDBI.


Here is what they said:


My first try was HDFC, as I was holding their Imperia account and my home branch is the head branch of the city. Despite this, it was very difficult to get a locker. They told me they would add me to the waitlist.


Canara Bank and SBI straightforwardly told me they didn’t have any lockers currently available and would add me to their waitlists.


IOB's branch manager requested a 1 lakh FD, which would be lien to the locker until we closed it.


IDBI asked for an FD of 5 lakhs.


After 2 months, I went again to HDFC. They told me only one locker was available, and they needed an investment ULIP of at least 1 lakh per year for 5 years for it.


This time, I was in great need as I was moving to another city for business purposes and couldn't keep gold at home.


So I started negotiating for the investment. The 1 lakh requirement went down to 75k and then to 50k. With GST, it came to around 52k per year.


Of that 52k, around 34k would be invested in equity, and 18k for term insurance with a sum assured of 50 lakhs, which was even cheaper than if I bought term insurance separately for the same amount directly.


So I finally paid that amount, and then came another twist.


Now, for new lockers, they started asking for security deposits. The branch manager asked me for a 1 lakh FD, which would be lien to the locker. I negotiated it down to around 25k and finally made a deposit of only 20k.


For me, there will be no yearly locker charges as I already hold an Imperia account.


Share your locker experiences below!

 

[railsfanatics]

What is the imperia banking email id?

Here you go - imperiabanking@hdfcbank.com

 

[sjmajumder]

Hey, could you please let me know how you complained to RBI?

I am also a HDFC Imperia customer and branch people saying there is 500+ waiting for locker. However, an employee from branch is saying if I upgrade to wealth account and move existing investment portfolio (zerodha to hdfc wealth) they will allocate a locker.
That means they have a locker but will provide only on upgrading to wealth account.
Isn't this a miss selling?

Visit https://rbi.org.in/Scripts/Complaints.aspx to lodge your complaint.

There is also a thread with step by step guidance and screenshots on the same.

 

[sjmajumder]

I completely understand your point. I too thought the same like you when I found out that there are soo many traditional ULIPs in the market that gives soo little returns and people are blindly purchasing it.

But here in my case, I have invested in market linked ULIP. It means on the amount 50k, 34k would directly go into equity and the fund I selected is Midcap momentum. Average Midcap funds return CAGR is more than 25% per year.

And then coming to term Insurance part, I don't have a term insurance of more than 20L sum insured. So I was already thought of buying a term insurance of atleast 50L.

So I checked phonepe and I found out for the same 50L sum insured, I have to pay yearly premium of atleast 27k per year for 5 Years.

But I am paying only 18k here for the same insurance cover.

Also all the charges they are charging now I will get it as doubled from 10th year.

And then, here I don't want to pay tax for the amount I have paid for the insurance and also the returns I will be getting during maturity is tax exempted.

Also I got a locker from the head branch in my City which I don't have to pay yearly fee also.

So for me it's worth it.

This investment is only for someone who don't need that fund for a long term to get the most return.

Nowadays ULIP plans have changed so much compared the plans 10 years before where the returns are 3%.

@SSV bro is also planning to create a thread based on his returns soon. So everyone's POV might change regarding recent ULIPs.

Can you share the name of the ULIP plan so that we can check for ourselves how much return it is generating.

 

[SSV]

This investment is only for someone who don't need that fund for a long term to get the most return.

Nowadays ULIP plans have changed so much compared the plans 10 years before where the returns are 3%.

@SSV bro is also planning to create a thread based on his returns soon. So everyone's POV might change regarding recent ULIPs.

I actually dont know how ULIPs performed in the past.. as I spent most of my life studying and working abroad.
By looking at the overwhelming response from almost all the people, it seems they were terrible investments in the past...

I became active in Investment ,CC and Banking world in India for the past 2 years only and I came to know about ULIPs about 8 months ago only.


Onething I can tell you, this is one of the powerful Investment Strategies in the Indian markets. I already recovered all my 30% of my premium that they charged in the name of various fees within 8 months ... I wanted to write a detailed post but the markets are going so stronger, some people may say it is because of the favourrable market conditions that return s on my ULIPs are so great.. hence I want to wait for some more months to write that post..

At the end, ULIPs are great for both Bankers and customers , if customers know how to handle these ...

 

[sjmajumder]

I actually dont know how ULIPs performed in the past.. as I spent most of my life studying and working abroad.
I became active in Investment ,CC and Banking world in India for the past 2 years only and I came to know about ULIPs about 8 months ago only.

Onething I can tell you, this is one of the powerful Investment Strategies in the Indian markets. I already recovered all my 30% of fee that they took from my first year premium ( in 8 months) ... I wanted to write a detailed post but the markets are going so stronger, some people may say it is because of the favourrable market conditions that return s on my ULIPs are so great.. hence I want to wait for some more months to write that post..

At the end, ULIPs are great for both Bankers and customers , if customers know how to handle these ...

I heard similar stories from my Kotak Bank RM who converted my LTF Royale card to LTF White card. She called me after few days and wanted to visit me to sell ULIPs. I frankly told her, I deal directly in the stock market and direct MFs. You are welcome, but unless you can show me higher or equivalent returns what I am getting from my Quant Mid Cap and Quant Small Cap, please don't waste your and my time. Forget about visiting, she never called me again.

So, I am very interested to know about your ULIP plans and how much actual return it is generating.

 

[DK007]

As many of us (including me) may be holding Imperia status without completely fulfilling the TRV criteria for Imperia.

Just wanted to know if anyone faced account downgrade issue, if one gets a free locker ( after escalating) & that too without any ULIP / other investment plans.

 

[sparkit]

Can you share the name of the ULIP plan so that we can check for ourselves how much return it is generating.

I have invested in 2 plans.
HDFC Smart Protect
Tata AIA Smart Sampoorna Raksha pro ( this is the one in the post)

 

[SSV]

As many of us (including me) may be holding Imperia status without completely fulfilling the TRV criteria for Imperia.

Just wanted to know if anyone faced account downgrade issue, if one gets a free locker ( after escalating) & that too without any ULIP / other investment plans.

generally speaking lockers are free on the basis of Imperia. if imperia is not maintained then lockers will be chrageable.

Now comes to the status of Imperia, an account can be imperia on the surrogate of an ULIP. and a lot of these things are inter related and inter dependent and people who are incharge of things need to know these

 

[SSV]

I heard similar stories from my Kotak Bank RM who converted my LTF Royale card to LTF White card. She called me after few days and wanted to visit me to sell ULIPs. I frankly told her, I deal directly in the stock market and direct MFs. You are welcome, but unless you can show me higher or equivalent returns what I am getting from my Quant Mid Cap and Quant Small Cap, please don't waste your and my time. Forget about visiting, she never called me again.

So, I am very interested to know about your ULIP plans and how much actual return it is generating.

wait for some time .. I will explain in detail...
sometimes it is not necessarily the product that was invloved that matters ,
it is the underlying principles that constitute the product and its features and its mangement that completes the whole picture in attaining our objectives as customers ( investors)....

 

[roygarg]

So here is how I got an HDFC bank locker recently, and I thought I'd share my experience here. I had been in need of a bank locker for the past 3 months, and I visited Canara Bank, SBI, IOB, HDFC, and IDBI.


Here is what they said:


My first try was HDFC, as I was holding their Imperia account and my home branch is the head branch of the city. Despite this, it was very difficult to get a locker. They told me they would add me to the waitlist.


Canara Bank and SBI straightforwardly told me they didn’t have any lockers currently available and would add me to their waitlists.


IOB's branch manager requested a 1 lakh FD, which would be lien to the locker until we closed it.


IDBI asked for an FD of 5 lakhs.


After 2 months, I went again to HDFC. They told me only one locker was available, and they needed an investment ULIP of at least 1 lakh per year for 5 years for it.


This time, I was in great need as I was moving to another city for business purposes and couldn't keep gold at home.


So I started negotiating for the investment. The 1 lakh requirement went down to 75k and then to 50k. With GST, it came to around 52k per year.


Of that 52k, around 34k would be invested in equity, and 18k for term insurance with a sum assured of 50 lakhs, which was even cheaper than if I bought term insurance separately for the same amount directly.


So I finally paid that amount, and then came another twist.


Now, for new lockers, they started asking for security deposits. The branch manager asked me for a 1 lakh FD, which would be lien to the locker. I negotiated it down to around 25k and finally made a deposit of only 20k.


For me, there will be no yearly locker charges as I already hold an Imperia account.


Share your locker experiences below!

I sent you a dm in the morning. Had a couple of queries about this.

 

[sjmajumder]

I have invested in 2 plans.
HDFC Smart Protect
Tata AIA Smart Sampoorna Raksha pro ( this is the one in the post)

Where do you check the NAV and past performance of the funds? I couldn't find the mentioned funds here https://www.moneycontrol.com/personal-finance/all-ulip-fund-nav

However when checked across all ULIPs the best performing fund (as per moneycontrol) is Aditya Birla Sunlife Insurance Individual Multiplier Fund which has generated a CAGR of 20% in 5 years whereas my Quant Small Cap fund has generated a CAGR of 45.08% and Quant Mid Cap Fund has generated a CAGR of 38.3% in 5 years.

 

[sparkit]

Where do you check the NAV and past performance of the funds? I couldn't find the mentioned funds here https://www.moneycontrol.com/personal-finance/all-ulip-fund-nav

However when checked across all ULIPs the best performing fund (as per moneycontrol) is Aditya Birla Sunlife Insurance Individual Multiplier Fund which has generated a CAGR of 20% in 5 years whereas my Quant Small Cap fund has generated a CAGR of 45.08% and Quant Mid Cap Fund has generated a CAGR of 38.3% in 5 years.

You can see the HDFC life fund returns daily on their website only.
You can in the below image, all the previous Tata life NFO funds already beating the benchmark returns. And I have invested in the below NFO Midcap Momentum.

 

[sparkit]

I sent you a dm in the morning. Had a couple of queries about this.

Will reply you shortly. Already saw that.

 

[Deleted member 26954]

Let me tell u ninja technique....I opened Locker with XYZ Bank and closed ULIP during FREE Look period 😎

 

[sparkit]

Let me tell u ninja technique....I opened Locker with XYZ Bank and closed ULIP during FREE Look up period 😎

I have planned this already as a long term investment. If they dint deliver what was promised (locker), I would have closed it. But not now after getting it. I am still in the free look period.
this 50k investment have already given me a

1. Free locker
2. Term insurance for sum assured 50L
3. Tax exempt for the payment.
4. Tax free maturity.

As a CC Geek, I even get minimum 3.3% returns on my premium payments. Plus 1% back on paying the CC bill.

What else you need? 😎

 

[sauravkumar]

I completely understand your point. I too thought the same like you when I found out that there are soo many traditional ULIPs in the market that gives soo little returns and people are blindly purchasing it.

But here in my case, I have invested in market linked ULIP. It means on the amount 50k, 34k would directly go into equity and the fund I selected is Midcap momentum. Average Midcap funds return CAGR is more than 25% per year.

And then coming to term Insurance part, I don't have a term insurance of more than 20L sum insured. So I was already thought of buying a term insurance of atleast 50L.

So I checked phonepe and I found out for the same 50L sum insured, I have to pay yearly premium of atleast 27k per year for 5 Years.

But I am paying only 18k here for the same insurance cover.

Also all the charges they are charging now I will get it as doubled from 10th year.

And then, here I don't want to pay tax for the amount I have paid for the insurance and also the returns I will be getting during maturity is tax exempted.

Also I got a locker from the head branch in my City which I don't have to pay yearly fee also.

So for me it's worth it.

This investment is only for someone who don't need that fund for a long term to get the most return.

Nowadays ULIP plans have changed so much compared the plans 10 years before where the returns are 3%.

@SSV bro is also planning to create a thread based on his returns soon. So everyone's POV might change regarding recent ULIPs.

Very basic and first rule : NEVER MIX INSURANCE WITH INVESTMENT!!
Now a days infact SEBI has also mandate this to stop ULIP as Investment product :

IRDAI bars insurers from advertising unit-linked policies as investment products, issues advertising rules

The insurance regulator's master circular is the outcome of several recent complaints against life insurers introducing new fund options as part of their existing ULIPs. It also highlights a more detailed list of dos and don'ts that insurers must adhere to.

upstox.com

25% CAGR!! From this only I can make a inference that you are not an active stock market investor!!
And if you get 25% then also calculate the same return on total investment and check whether paying locker charges will cost you more or your full investment amount return from some MF.

Again if I will say something then you or others might feel bad.

BUT Understand the basic point even if you say X% return in ULIP then you will definitely get X+n% return via MF and direct investment.

Anyways I have expressed my views and opinions... I don't want to drag it any further.


Note: Accept Reality and have the courage to accept and say... Bad Product will remain bad product only!!

And requesting people who have atleast decade old experience in Equity Market in India only quote and comment on my response!!

If still any clarifications neede just check TECHNOFINO videos. If he sees this type of non-sense being promoted here then GOD knows!!

 

[sauravkumar]

You can see the HDFC life fund returns daily on their website only.
You can in the below image, all the previous Tata life NFO funds already beating the benchmark returns. And I have invested in the below NFO Midcap Momentum.

View attachment 60118

Friend be careful!!

NFO - Do you even know what NFO is?? At least Google it.
Check the clauses and lock-in period!! And if you are sensible enough then you will escape from it.

First ULIP then NFO... Great going but in wrong direction!!

You are going to dig grave for your own death in longterm!!😑😑


Anyways I think I have explained it very well. And whatever I could have done I have done. Now if someone wants to dig his own grave then no one in the world can save him!!

I will not respond in this thread anymore!!

 

[sjmajumder]

You can see the HDFC life fund returns daily on their website only.
You can in the below image, all the previous Tata life NFO funds already beating the benchmark returns. And I have invested in the below NFO Midcap Momentum.

View attachment 60118

Bro its your money so the choice is yours.

And when it's my money the choice is as below:

https://www.moneycontrol.com/mutual-funds/nav/quant-small-cap-fund-direct-plan-growth/MES056

https://www.moneycontrol.com/mutual-funds/nav/quant-mid-cap-fund-direct-plan-growth/MES043

Compare yours Vs Mine 🙂

 

[sjmajumder]

I have planned this already as a long term investment. If they dint deliver what was promised (locker), I would have closed it. But not now after getting it. I am still in the free look period.
this 50k investment have already given me a

1. Free locker
2. Term insurance for sum assured 50L
3. Tax exempt for the payment.
4. Tax free maturity.

As a CC Geek, I even get minimum 3.3% returns on my premium payments. Plus 1% back on paying the CC bill.

What else you need? 😎

Which city are you from? Why so much fuss over a locker? Canara Bank, BOB going out in streets in my locality announcing lockers available. When enquired at branch they are ready to give small/medium locker against a FD of 20K. IndusInd repeatedly calling me to take locker under my zero balance Exclusive account benefit (get a small/medium locker absolutely free for Year 1. Get 50% off Year 2 onwards.).

 

[sparkit]

Bro its your money so the choice is yours.

And when it's my money the choice is as below:

https://www.moneycontrol.com/mutual-funds/nav/quant-small-cap-fund-direct-plan-growth/MES056

https://www.moneycontrol.com/mutual-funds/nav/quant-mid-cap-fund-direct-plan-growth/MES043

Compare yours Vs Mine 🙂

Brother, I am very new to this investing. Only few months.
And I din't tell anyone that ULIP is better than other investment.
I was just telling my experience here and what are the benefits I am getting with that investment.
As I told above I was in a hurry getting locker, was left with no option. I know if I wait more I may get a free locker.

And the above is just a part of my investment and I already started investing in mutual funds, Same funds you mentioned above and more with amount more than I put in these ULIPs.

And I am not promoting anything here. I don't get anything promoting anything here. I was telling my experience with them and what benefits I get with them. And I still believe it's worth it FOR ME!

Thank you!