Same experience. RM met a few days back and asked if you could do PMS or trade more in HDFC securities. I told him that there is a flat fee of Rs. 20 for Zerodha while buying or selling, and HDFC Securities changes huge amounts for large trades in the form of brokerage. He told me people don't trust Zerodha...bla bla even after telling him that Zerodha is the biggest broker in India now. I also told him that if only trust were the case, I could buy from Zerodha and do an off-market transfer to HDFC Securities via DP slip by spending only Rs. 50. Then he went silent. He also said that there is a new platform from HDFC Securities called SKY, which has much fewer charges, and I should try it. If we don't know things, they easily fool us.
By the way, he told me that the new MD had asked RMs to personally meet all old account holders of Imperia, Preferred, and Classic customers, and he is doing the same. He said he can process Infinia, but I said if you are doing it without any investment condition, please go ahead. He said that he would send the request for approval. I have decent NRV with HDFC, but not so much compared to what many have said in the forum. If he processes the request and gets approved, it's fine. It will also mean that devaluation is coming soon. 🙂
HDFC bank has been struggling due to the margin pressure of the HDFC merger and will continue to do so for at least the next 6 months. They are trying to get business. If your RM is decent, he might get your card requests approved. Who knows. 🙂
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