Pathetic HDFC Bank Experience

[vishp]

I have been a longtime HDFC customer from past 8 years. I have studied from a premium college and now earn approx 2 LPA net in-hand.
I just started my credit card journey this year and after going through many posts in this forum, asked my RM if I can get DCB Lifetime free. If not, then atleast Regalia Gold. He said I can't get them Lifetime free. I asked whether I can get atleast Millenia Lifetime free. He said I can't get any card as LTF! And then started talking about ULIP and I can get even Infinia with ULIP itseems. Bl**dy salesmen.
Complained on Twitter, Email, Escalated, but nothing. Got one mail from grievance that all cards are paid and thats it. No replies to further mails. Such horrible experience.
Was an advocate of HDFC Bank till now but not anymore. Thinking of switching salary account and all funds out.

 

[SSV]

Whenever a new RM is assigned they call me, I tell them if you ever want to connect use email and never ever call me of I will raise a complaint of brach of privacy.


Infact, I had got 2 of my RMs removed previously for sales calls randomly based on my account transactions. Since then no RM ever disturbed my peace. Visiting branch and talking to BM has been more precise and valuable always. (I have branch within a KM from my place)

Very good to hear, Using the Banking services for its intended purposes in intended ways!!

 

[Shin-Chan]

Very good to hear, Using the Banking services for its intended purposes in intended ways!!

Coming for legendary SSV sir means alot

 

[vishp]

It's clearly written as life time free.. Better route is to apply for this card & after delivery email then to confirm lifetime free status. If they reply its not lifetime free, then you can argue with the screenshot as proof (delete the 3l annual waiver ss). Don't activate the card. This way you have better chances of getting it as LTF.

Suppose it's a paid card, if I dont activate, I would not be charged?? After my current experience, I do not want to fight with HDFC to return unnecessary deducted money.

 

[vishp]

Suppose it's a paid card, if I dont activate, I would not be charged?? After my current experience, I do not want to fight with HDFC to return unnecessary deducted money.

@ssv Will this work?

 

[SSV]

@ssv Will this work?

Yes, it will work.. but don’t even touch this card in the app, even if you change some settings it may be counted as activation sometimes

 

[vishp]

Yes, it will work.. but don’t even touch this card in the app, even if you change some settings it may be counted as activation sometimes

Great. I will try this too then. When I told Twitter customer support that netbanking shows me LTF but RM says No. He said quoting him "Hi Vish, incase you are in receipt of the lifetime free offer for a particular credit card variant, We kindly request you to apply credit card from the particular link and complete your application from beginning to end in one go without any breaks. Prior submission, kindly recheck the card pricing. -Vinay, Service Manager".
So I can even put the blame on him later on.

 

[shashankrt]

I talked to my RM again today.
He gave 2 more options
1st is i can cancel that within 15 days to get full refund and other is minimum i need to do 2 installments after that i dont have to pay and will receive interest on pro rata basis and after 6 years i can withdraw the amount.

I asked him what if i cancel, he said sir we work on trust and i trust you

Now i am in a fix, should i wait for infinia reserve or break his trust.

Not sure I understand this sentence -

and will receive interest on pro rata basis and after 6 years i can withdraw the amount.

What interest? Is the RM selling you ULIP as an FD or fixed return plan?

Assuming above is not the case - IF you are ok with ULIP then go ahead and convert the ULIP to single bullet payment (where you need to pay only once and can redeem after 5 or 6 years.

 

[FinoGuy]

Suppose it's a paid card, if I dont activate, I would not be charged?? After my current experience, I do not want to fight with HDFC to return unnecessary deducted money.

Bank can only charge its customer. Until you activate the card or register that card in bank app you will not become that bank's customer. Hence they can't charge you...

 

[shashankrt]

Very nicely put doc ji..
Yes I have not made this as my top priority investment to change my life.....
Even then, I will make more money as it has unlimited free switches between funds.. that’s because of my skill, not the out of the box functionality.
I had several times mentioned that what we are comparing with.. we need to do right comparision... to see the things in a correct way ..

Also don't want to litter every HDFC thread with ULIP crap.. enough is enough..
If this staemement makes everyone happy, I will do it as well..
" Never touch ULIP.. they are worst of worst of the WORST investments in the entire COSMOS.. if you are an ULIP subscriber means you are a LOSER.. "...

Meanwhile, I will be accumulating and counting my MOOLAH periodically... and will even disclose my returns in the future, if I wish to and if I feel so...

Its not about making anyone happy - Its about financial literacy.

Had infinia issuance not a criteria would you still choose ULIPs - especially after knowing the fact that same investment split in term insurance and normal MFs will get you much larger returns AND a significant term insurance cover? This is the point I am trying to drive as RMs will easily dangle carrot of infinia and lure unsuspecting ppl in to rabbit hole of ULIP.

Also ULIP may be still OK as one of the investments where you invest fraction of your funds for larger investors like you - however its terrible primary investment option.

 

[shashankrt]

You are right and wrong in a way
And you too @shashankrt

ULIP IS BAD INVESTMENT - YES IT IS BECAUSE U neither get high return nor high term policy . When it is sold to you as term insurance with money back & great returns .

But @shashankrt ..
These guys have used ULip as a investment
like u do fd to get to a product like secure cc
They got product called infinia metal cc

They are neither expecting high return on this investment nor high Term life insurance.

They did a mid tier investment with thier liquid money to leverage and got infinia for their benefit.
M i right @S S V u too aren't expecting very high return or high term life insurance from this ULIp right?

Very well put and yes for very few ppl like these guys ULIPs are ok as its a fraction of their overall investment. However look at some other posts - it seems ULIPs will be their major or significant portion of investment and thats a major risk.

 

[shashankrt]

I think this is probably the biggest curse of the internet, niche communities find meta for a thing but then expect everyone else in the field is playing the same game so their meta is the only meta. ULIPs won't be a thing if they didn't serve people. Banks are in it to make money, products which don't make money won't survive. But products which don't make money for customers won't survive also. If the ULIPs are in the market still when literally anyone have access to most of the investment vehicles, that clearly is an indication that they serve a market.

Sorry but your theory is not correct. Products which make losses for customers are thriving in Indian market. LIC policies, endowment plans and ULIPs before they were heavily regulated.

Also unlike other investments, ULIPs have too many associated charges and a bank can happily change any of them and bury in the t & c's and can slip past even a savvy investor.

"Banks are in it to make money" and I will add "at often the cost of customer and will happily loot you if you are not careful".

 

[shashankrt]

Okay, point noted .. you are correct..
Let’s move on…

Fair enough . Btw any impact on ULIPs or MFs for that matter if invested via bank. Guess these will not be direct plans and will be treated as Regular plans with different expense percentages etc?

 

[FinoGuy]

Its not about making anyone happy - Its about financial literacy.

Had infinia issuance not a criteria would you still choose ULIPs - especially after knowing the fact that same investment split in term insurance and normal MFs will get you much larger returns AND a significant term insurance cover? This is the point I am trying to drive as RMs will easily dangle carrot of infinia and lure unsuspecting ppl in to rabbit hole of ULIP.

Also ULIP may be still OK as one of the investments where you invest fraction of your funds for larger investors like you - however its terrible primary investment option.

You didn't get what he was trying to imply..
It's not about returns in that case, it was about paying the price to get the job done.. For example ambani can donate 1L without a thought because it may be cost of his everyday tea snack. But for a common man it's monthly salary. Somebody paid crores to get modi's kurta or srk jacket for example. In the above case that jacket was Infinia card for him and price was 2.5L ulip. He paid the price & got the card. Its that simple..

 

[Vasuki]

You didn't get what he was trying to imply..
It's not about returns in that case, it was about paying the price to get the job done.. For example ambani can donate 1L without a thought because it may be cost of his everyday tea snack. But for a common man it's monthly salary. Somebody paid crores to get modi's kurta or srk jacket for example. In the above case that jacket was Infinia card for him and price was 2.5L ulip. He paid the price & got the card. Its that simple..

E lafda ..

 

[FinoGuy]

E lafda ..

Nai hoga ...

 

[Lobogris]

Not sure I understand this sentence -

What interest? Is the RM selling you ULIP as an FD or fixed return plan?

Assuming above is not the case - IF you are ok with ULIP then go ahead and convert the ULIP to single bullet payment (where you need to pay only once and can redeem after 5 or 6 years.

If you surrender your ULIP before 5 years then the corpus amount is placed in a holding account which gets 4% (minus 0.5% fee) interest and is released to the customer after 5 years. That’s what he was talking about.

 

[BK7]

I have been a longtime HDFC customer from past 8 years. I have studied from a premium college and now earn approx 2 LPA net in-hand.
I just started my credit card journey this year and after going through many posts in this forum, asked my RM if I can get DCB Lifetime free. If not, then atleast Regalia Gold. He said I can't get them Lifetime free. I asked whether I can get atleast Millenia Lifetime free. He said I can't get any card as LTF! And then started talking about ULIP and I can get even Infinia with ULIP itseems. Bl**dy salesmen.
Complained on Twitter, Email, Escalated, but nothing. Got one mail from grievance that all cards are paid and thats it. No replies to further mails. Such horrible experience.
Was an advocate of HDFC Bank till now but not anymore. Thinking of switching salary account and all funds out.

HDFC worst now

 

[phoenix1386]

How does it not incur any loss?

This loss is simply notional loss, not real. Because, it is perspective-based. Think of it like the great wave of telecom scam that got us to where we are today.

If you look at it absolutely, you may, just may, be right. And that is because as a 'pure' investment product, you might not be terribly inclined towards a ULIP.

However, what you are doing here is not investing money just for investment. You are actually using your money to purchase Infinia and get a handsome return back on that purchase. That is all there is to it.

Most of us here are looking at it wrong. It is not about that getting a ULIP is a bad investment. It is that buying Infinia via the ULIP route is actually a smart proposition and mentally hassle-free.

 

[phoenix1386]

Speaking of HDFC experiences.. I have been into a little financial consolidation, with respect to my bank accounts and credit cards, to make some room for Infinia, just to ensure that under no situation does it get rejected even after a ULIP. Hence have not been logging in here for some days, too!

So, I wanted a choice number for an HDFC account, and paid them an IP of 5 lakh. Cheque was encashed on 15th. Today is 17th and the account is not yet opened. I am not worried about account not opening, I am just a little miffed thinking about the loss of interest, however small.

Per day that HDFC does not show 5 lakh in my account, I lose INR 41. It is 2 days now. My query is simple: will the bank start my interest tally from the day I see the new account in my customer ID or will they start my interest tally from the day they enchased the cheque?

I do not want to talk to the branch or write a mail, because I know this is going to be a fruitless exercise. Not even RBI will likely entertain this simple query if I tell them that the bank is not telling me about it. Asking any financial person or banker here, how it goes.

 

[phoenix1386]

This loss is simply notional loss, not real. Because, it is perspective-based. Think of it like the great wave of telecom scam that got us to where we are today.

If you look at it absolutely, you may, just may, be right. And that is because as a 'pure' investment product, you might not be terribly inclined towards a ULIP.

However, what you are doing here is not investing money just for investment. You are actually using your money to purchase Infinia and get a handsome return back on that purchase. That is all there is to it.

Most of us here are looking at it wrong. It is not about that getting a ULIP is a bad investment. It is that buying Infinia via the ULIP route is actually a smart proposition and mentally hassle-free.

In nutshell, the choice is simple.


Haggle For Infinia

- spend lakhs per year to show eligibility,​

- show ITR,​

- keep balances.​

This takes a long time and involves spending lakhs that may or may not have been necessary expenditure, and you still may not get it. You are also seen as desperate to the bank, and in your own eyes.


Purchase Infinia

- take a ULIP,​

- get upgraded to Imperia and use its benefits if you need (locker and others, if you are not Classic/ Preferred already),​

- relatively surer route to Infinia with a lot less hassle.​

This route also keeps you on top of the bank as you are buying the darned thing, and are choosing not to spend lakhs to get it and spend years for it. It helps with your own sense of worth, as you are simply using your own money to get the most value from it where you see fit. You do not spend lakhs on things you do not need, but are investing your money and getting returns and tax benefits on it (ULIP).

So, considering all 'expenses' to get Infinia, you are truly better off with a ULIP-based Infinia approach, that is, for those who do not fulfil the criteria otherwise.


As @S S V said, no use continuously repeating and explaining themselves for their choices and the routes they take in life for what they want. Everything is about perspective, anyway.