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!

 

[jaisinghal]

I don't know what the fuss is all about. I am hdfc imperia customer and just requested my RM if there is a locker available. He called me after 2 days that there was and just made the agreement and alloted it to me, no ulip or fd selling and it's completely free due to imperia status

 

[Firewing224]

I live in a very hni neighborhood. 2 hdfc branches and no lockers. Infact I have imperia status but I'm a very small client in that branch. Like hdfc employees want to get transferred to that branch because it's so easy to get investments. Lockers they don't give away.

 

[Trust Me]

IDBI asked for an FD of 5 lakhs.

.........

Share your locker experiences below!

As an R+ customer I was entitled to a free locker at IDBI. They'd put me in an waitlist more than a decade back. And I have never heard from them in this regard again (of course, I didn't follow up much either)! -- They even pilfered some good welcome kit I was entitled to! -- I have seen this once excellent Bank go to the pits now!

I did, however, managed to get a free locker at HDFC as my Imperia entitlement. At the time of signing up itself I'd made it a condition. I must say I was pleasantly surprised when the BM actually delivered on his verbal promise, albeit after three months.
.

 

[Centurion_wala]

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!

Very good. I appreciate that you acknowledge this.
Otherwise there are people like @Lobogris who just keep saying ULIP is so great - He’d do it 100 more times to get Infinia and what not. He spends most of his time commenting on Reddit about his ULIP on Infinia posts 🤣🤣🤣

 

[Lobogris]

Very good. I appreciate that you acknowledge this.
Otherwise there are people like @Lobogris who just keep saying ULIP is so great - He’d do it 100 more times to get Infinia and what not. He spends most of his time commenting on Reddit about his ULIP on Infinia posts 🤣🤣🤣

I have never commented or spammed about this anywhere. I never said ULIP is great by itself either. However, if it gets me Infinia, then it is totally worth it for me.

 

[Lobogris]

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!

It definitely is worth it as you got what you wanted.

 

[Centurion_wala]

I have never commented or spammed about this anywhere. I never said ULIP is great by itself either. However, if it gets me Infinia, then it is totally worth it for me.

Okay, I’m not gonna quote your old posts but it would be great if you don’t do this in future.

 

[sparkit]

It definitely is worth it as you got what you wanted.

Indeed . !

 

[Honeydew]

Can you get them to mention the same thing on email (for evidence). Then you can complain to RBI and surely teach them a lesson.

I have call recording wherein the employee clearly said to upgrade to wealth account and other investment for locker.

 

[ontherocks]

I have call recording wherein the employee clearly said to upgrade to wealth account and other investment for locker.

Start by emailing imperiabanking@hdfcbank.com attaching the call recording and writing that it is evident from the call recording that there is locker available in the branch and you are entitled to it just by being Imperia (mention this link https://www.hdfcbank.com/personal/s...king/premier-banking/imperia/fees-and-charges). All emails to imperiabanking@hdfcbank.com are transferred to your home branch. Wait for your RM/BM/ThisM/ThatM to give you a call back in a couple of days. Record all conversations. If they provide you locker without all the nonsense.... good, else next step is RBI as mentioned by sjmajumder

 

[Lobogris]

Okay, I’m not gonna quote your old posts but it would be great if you don’t do this in future.

Why shouldn't I? I have every right to express my view just like you do.

 

[SamPtnk]

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.

Have you checked the RSI of midcap index on monthly charts ?

At a time when promoters n Fii are selling stakes retails are blinding buying via sips.

People investing now in ULIPS/raddi stocks will be in for a surprise in coming years .

I maybe wrong but my exp says no way this ends good

Only 1L fd heck even 3L fd would have been better for a locker . I got mine the same way and when my fd matured I moved the funds to debt

 

[Lobogris]

Have you checked the RSI of midcap index on monthly charts ?

At a time when promoters n Fii are selling stakes retails are blinding buying via sips.

People investing now in ULIPS/raddi stocks will be in for a surprise in coming years .

I maybe wrong but my exp says no way this ends good

Only 1L fd heck even 3L fd would have been better for a locker . I got mine the same way and when my fd matured I moved the funds to debt

You are correct about the market risk. However, in most ULIPs, you can choose and switch to bonds if you feel the market is overbought. That takes away such risk. Switching is free and unlimited as well as quick.

 

[sjmajumder]

Why shouldn't I? I have every right to express my view just like you do.

What is your view based on? Can you prove it with data?

For instance, I can prove (as per Moneycontrol) that the best performing ULIP has generated a CAGR of 20% in the last 5 years whereas the 2 major MFs that I hold has generated a CAGR of 45% and 38% respectively.

So if one had invested Rs 1L, 5 years back, the value today will be:

1. 2,48,800 in best performing ULIP
2. 6,41,000 in Quant Small Cap Fund
3. 5,00,500 in Quant Mid Cap Fund

 

[Lobogris]

What is your view based on? Can you prove it with data?

For instance, I can prove (as per Moneycontrol) that the best performing ULIP has generated a CAGR of 20% in the last 5 years whereas the 2 major MFs that I hold has generated a CAGR of 45% and 38% respectively.

So if one had invested Rs 1L, 5 years back, the value today will be:

1. 2,48,800 in best performing ULIP
2. 6,41,000 in Quant Small Cap Fund
3. 5,00,500 in Quant Mid Cap Fund

You have to look at the average return on mutual funds. You can't take only the top performance ones as most people would have invested in many other funds as well. As an example, HDFC ULIP got you an appropriate 30% return over the past 5 years and 51% over the past year. When the markets go up, all funds tend to do well. In this particular case, the objective wasn't to try and get the absolute best return possible. It was to get a locker while receiving a decent return which OP has done. What guarantee does anyone have that a MF one chooses would perform well? The return can be even negative.

 

[sjmajumder]

You have to look at the average return on mutual funds. You can't take only the top performance ones as most people would have invested in many other funds as well. As an example, HDFC ULIP got you an appropriate 30% return over the past 5 years and 51% over the past year. When the markets go up, all funds tend to do well. In this particular case, the objective wasn't to try and get the absolute best return possible. It was to get a locker while receiving a decent return which OP has done. What guarantee does anyone have that a MF one chooses would perform well? The return can be even negative.

Did you look at the average return of ULIPs? And can you guarantee that a ULIP one chooses would perform well and the return cannot be negative? Compare apple to apple and then see.

 

[imdjay]

Fir suru ho gaye. 🙄 🤣

 

[Lobogris]

Did you look at the average return of ULIPs? And can you guarantee that a ULIP one chooses would perform well and the return cannot be negative? Compare apple to apple and then see.

Look, generally speaking, I agree that a ULIP isn't as good as a mutual fund. Even though it might give similar return due to tax advantage, it has a needless lock in period and one needs to wait 15 to 25 years to actually achieve that return. So why would I want to go for a ULIP over a mutual fund? Normally, I wouldn't.

However, when there is some additional benefit that one needs which is facilitated by a ULIP, then it is perfectly fine in my view. If the amount of investment is small according to a person's financial situation and he or she has other, more significant investments elsewhere, then 50k a year or 2 lakhs a year isn't a big deal. If 1 or 2 lakhs is a lot of money for you and that's all you have to invest, then a ULIP is definitely a bad idea.
I have received lockers from several banks. Generally it is by the virtue of significant deposits. If a person is keeping, as an example, 30 lakhs at HDFC in FDs, another 20 lakhs at SBI, 40 lakhs at IDFC etc and decides to divert 50k per year to a ULIP for some benefit, then it hardly matters. He might have 50 lakhs or 2 crores invested in MFs and stocks as well. The FD or savings account funds can easily move to ULIP and as long as they get at least 6% tax free return, there is no loss. Again, remember, only if some significant benefit is gained from it. So one size doesn't fit all.

 

[Deleted member 26954]

ULIPians vs Mutualians

 

[Centurion_wala]

ULIPians vs Mutualians

Being witnessed by TFCians😁