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Relationship Manager: Your True Wealth Destroyer - Know Everything About RM

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Riya Sharma said:
why did you close it?
Click to expand...

The change in interest rates made it a loss making proposition for me. I had a considerable amount of balance too.

I never use any of the cards and associated benefits. No cash transactions as all our money is via the banking channel.

I had a real estate deal in February which required a lot of cash so I decided to consolidate and close a few accounts.

I had absolutely no issues ever with the app or the service.
 
Every time a new "RM" calls me, I tell him/her that I am not interested in any product that is not bank's own product like MF or Insurance and I am not interested in any form of loan. If I get even a single call from you about any of these despite that, I will make sure to give a written negative feedback. Normally that keeps them in check.
 
I play a game once in a while. Transfer all funds from hdfc to other accounts that i have and in maximum 24hrs there is a doorbell ring. Hdfc rm comes home, plays with my dog and asks why did u empty ur account and requests to bring the funds back as he is responsible for my accounts and my satisfaction with the bank.

All this discussion happens over a box of Sri Krishna sweets milk Mysore pak.
 
TechnoFino said:
If you hold a higher variant bank account, you're probably familiar with the term "relationship manager" (RM). Banks assign RMs to customers with premium accounts and good average balances. They often showcase a long list of benefits for having an RM and push you to upgrade your account. But do we really receive the services banks promise? Let's break it down.

What is a Relationship Manager?​

An RM is supposed to handle your banking needs. Most banks assign RMs to higher-tier accounts. For example, if you have a HDFC Classic, Preferred, or Imperia account, you’ll get an RM. The same goes for Axis Burgundy, ICICI Wealth Management, or similar accounts in other banks.

What Are the Benefits of a Relationship Manager?​

Well, this depends on the bank and the account variant you hold, but generally, you’ll get the following benefits. I've listed a few examples from HDFC, ICICI, Axis, Kotak, and IDFC First Bank.

  1. Priority Banking at the branch: Whenever you visit the branch, your RM will attend to you on priority and resolve your query.
  2. Managing your investments: Your RM will help manage your funds, guiding you to invest in better places so you can earn higher returns.
  3. Home Banking Facility: If you need home banking, your RM will personally visit or arrange it for you.
  4. Updating you with the latest market trends: Your RM is trained to understand market conditions and provide investment advice.
  5. On-call solutions: Sometimes, for small queries, we need to visit the branch, but with an RM, you can call them and get your issue resolved over the phone, or they'll handle it for you.
These are the basic duties of a relationship manager, and banks actively advertise these services, encouraging customers to upgrade to wealth management accounts or programs.

But Do You Really Get These Services?​

Absolutely not. Here’s why:
  1. You are supposed to get priority banking at the branch, but the reality is that as long as you maintain a good balance in your account, the branch manager will come to serve you. You don't need an RM or a higher variant account for this. However, if your balance is low, even if you have an RM with a higher variant account, you won't be given any priority.
  2. Relationship managers are supposedly assigned to manage your wealth, but this is the joke of the century. I’ve said this many times, and I’ll say it again: RMs are assigned to make a profit off you. They don’t care about growing your wealth; they just want to sell you products that earn them and the bank huge commissions. They aren’t qualified investment bankers; they’re just sales agents for your bank.
  3. The home banking facility offered by your RM, as mentioned earlier in point 1, only happens if you maintain a good balance. The RM might visit your home, but mainly to sell you a new product. If you don't buy it, they won't help you when you actually need something. They’ll try to avoid you.
  4. If your RM is pushing you to invest in ULIPs or traditional plans, then either they know nothing about the market and investments, or they just don’t care about your money.
  5. If you need something and call your RM, you'll only get help if you have a good personal relationship with them. RMs sometimes ask you to make a fixed deposit (FD) or recurring deposit (RD) for a few days or maintain a higher balance for a short time. If you follow their requests, you’ll likely get good service from them because, for them, it’s just a give-and-take situation.

What Do You Really Get from an RM?​

  1. Your RM will call you 5 to 7 days before the month or quarter ends, asking you to transfer funds from your account in another bank to your account in their bank.
  2. Your RM will visit your home multiple times a year to push you into investing in ULIPs and other poor-performing traditional insurance plans.
  3. In March, they’ll become so desperate to sell you an insurance/ULIP policy that they’ll promise you anything—literally anything. For example, an HDFC Bank RM might promise you an Infinia credit card with a 20L limit if you buy a policy in March. But by April 1st at 12:01 AM, they’ll have completely forgotten their promise.
  4. Sometimes, your RM will call you with a sob story, saying they can’t go home unless they manage a certain amount of FD or RD today, and ask if you can help them out...
I don't know if you'll ever get the benefits your bank promises from having an RM, but I can guarantee you'll experience the four things mentioned above if you have one. I’ve personally dealt with multiple RMs from different banks, and I can assure you almost all RMs are the same. I’ve seen many people get emotionally attached to their bankers. While it's not a bad thing to be kind, from my experience, you should be cautious with your banker. They work for the bank and focus on making money for it. They generally don’t care much about your financial well-being or interests.

Your Experience?​

Share your experience with your RM. Did they actually help you get anything, like a credit card you weren’t eligible for or a locker that wasn’t available?
Click to expand...
Very true I had faced all those experience
Since been a ex banker but not has a RM however I also used to inform my customers when to withdraw always as I did not want their money go bust with useless insurances and schemes, knew these tactics said no to all their advise and asked appropriate questions and they have no answer every time they say will ask my senior and get back. But infact never get back they will also mention one more lie they were transfered to another branch. When you don't put your money to theor schemes no priority banking or anything all a eye wash. When you point out they will avoid stating this is kot covered in this priority banking and that. I have hdfc bank RM he or she will call at the end of financial year for deposit or other stupid scheme I reject even after they plead they call multiple times. Till date have not received any calls from RM they state if you need call on this number.
 
TechnoFino said:
If you hold a higher variant bank account, you're probably familiar with the term "relationship manager" (RM). Banks assign RMs to customers with premium accounts and good average balances. They often showcase a long list of benefits for having an RM and push you to upgrade your account. But do we really receive the services banks promise? Let's break it down.

What is a Relationship Manager?​

An RM is supposed to handle your banking needs. Most banks assign RMs to higher-tier accounts. For example, if you have a HDFC Classic, Preferred, or Imperia account, you’ll get an RM. The same goes for Axis Burgundy, ICICI Wealth Management, or similar accounts in other banks.

What Are the Benefits of a Relationship Manager?​

Well, this depends on the bank and the account variant you hold, but generally, you’ll get the following benefits. I've listed a few examples from HDFC, ICICI, Axis, Kotak, and IDFC First Bank.

  1. Priority Banking at the branch: Whenever you visit the branch, your RM will attend to you on priority and resolve your query.
  2. Managing your investments: Your RM will help manage your funds, guiding you to invest in better places so you can earn higher returns.
  3. Home Banking Facility: If you need home banking, your RM will personally visit or arrange it for you.
  4. Updating you with the latest market trends: Your RM is trained to understand market conditions and provide investment advice.
  5. On-call solutions: Sometimes, for small queries, we need to visit the branch, but with an RM, you can call them and get your issue resolved over the phone, or they'll handle it for you.
These are the basic duties of a relationship manager, and banks actively advertise these services, encouraging customers to upgrade to wealth management accounts or programs.

But Do You Really Get These Services?​

Absolutely not. Here’s why:
  1. You are supposed to get priority banking at the branch, but the reality is that as long as you maintain a good balance in your account, the branch manager will come to serve you. You don't need an RM or a higher variant account for this. However, if your balance is low, even if you have an RM with a higher variant account, you won't be given any priority.
  2. Relationship managers are supposedly assigned to manage your wealth, but this is the joke of the century. I’ve said this many times, and I’ll say it again: RMs are assigned to make a profit off you. They don’t care about growing your wealth; they just want to sell you products that earn them and the bank huge commissions. They aren’t qualified investment bankers; they’re just sales agents for your bank.
  3. The home banking facility offered by your RM, as mentioned earlier in point 1, only happens if you maintain a good balance. The RM might visit your home, but mainly to sell you a new product. If you don't buy it, they won't help you when you actually need something. They’ll try to avoid you.
  4. If your RM is pushing you to invest in ULIPs or traditional plans, then either they know nothing about the market and investments, or they just don’t care about your money.
  5. If you need something and call your RM, you'll only get help if you have a good personal relationship with them. RMs sometimes ask you to make a fixed deposit (FD) or recurring deposit (RD) for a few days or maintain a higher balance for a short time. If you follow their requests, you’ll likely get good service from them because, for them, it’s just a give-and-take situation.

What Do You Really Get from an RM?​

  1. Your RM will call you 5 to 7 days before the month or quarter ends, asking you to transfer funds from your account in another bank to your account in their bank.
  2. Your RM will visit your home multiple times a year to push you into investing in ULIPs and other poor-performing traditional insurance plans.
  3. In March, they’ll become so desperate to sell you an insurance/ULIP policy that they’ll promise you anything—literally anything. For example, an HDFC Bank RM might promise you an Infinia credit card with a 20L limit if you buy a policy in March. But by April 1st at 12:01 AM, they’ll have completely forgotten their promise.
  4. Sometimes, your RM will call you with a sob story, saying they can’t go home unless they manage a certain amount of FD or RD today, and ask if you can help them out...
I don't know if you'll ever get the benefits your bank promises from having an RM, but I can guarantee you'll experience the four things mentioned above if you have one. I’ve personally dealt with multiple RMs from different banks, and I can assure you almost all RMs are the same. I’ve seen many people get emotionally attached to their bankers. While it's not a bad thing to be kind, from my experience, you should be cautious with your banker. They work for the bank and focus on making money for it. They generally don’t care much about your financial well-being or interests.

Your Experience?​

Share your experience with your RM. Did they actually help you get anything, like a credit card you weren’t eligible for or a locker that wasn’t available?
Click to expand...
100% bang on!!
 
keerthirahul123 said:
I play a game once in a while. Transfer all funds from hdfc to other accounts that i have and in maximum 24hrs there is a doorbell ring. Hdfc rm comes home, plays with my dog and asks why did u empty ur account and requests to bring the funds back as he is responsible for my accounts and my satisfaction with the bank.

All this discussion happens over a box of Sri Krishna sweets milk Mysore pak.
Click to expand...
Approximately how much are you talking about?
 
EnthuCC said:
In that case I wonder why don't you use Payoneer or Salt.pe for inward remittance?

They provide local bank accounts of various countries and their charges are reasonable.
Click to expand...
Never checked those. Maybe you can share more details, if its more effective than IOB.

I can receive SWIFT txns only, no other ones
 
Dragon_slayer said:
Never checked those. Maybe you can share more details, if its more effective than IOB.

I can receive SWIFT txns only, no other ones
Click to expand...
Payoneer is good. They generate FIRC for free as well.

They have global payments solution so you can get local bank account in multiple currencies (USD, EUR, GBP, AUD, and JPY etc.). SWIFT payments are allowed.

They deduct $1 as fee (for my amount) when I receive payments in USD. And the conversion rate is very good. I don't check very often but the difference is extremely low.

www.payoneer.com

Online Payment Processing Platform for Digital Businesses | Payoneer

Pay and get paid with multiple payment methods everywhere with Payoneer. Send business payments to vendors & receive funds from global clients and marketplaces.
www.payoneer.com www.payoneer.com

If you decide to join in then I can provide my referral link in private.
 
EnthuCC said:
Payoneer is good. They generate FIRC for free as well.

They have global payments solution so you can get local bank account in multiple currencies (USD, EUR, GBP, AUD, and JPY etc.). SWIFT payments are allowed.

They deduct $1 as fee (for my amount) when I receive payments in USD. And the conversion rate is very good. I don't check very often but the difference is extremely low.

www.payoneer.com

Online Payment Processing Platform for Digital Businesses | Payoneer

Pay and get paid with multiple payment methods everywhere with Payoneer. Send business payments to vendors & receive funds from global clients and marketplaces.
www.payoneer.com www.payoneer.com

If you decide to join in then I can provide my referral link in private.
Click to expand...
Does this also work for more frequent EUR inward remittance? Approximately 2 times a month.
 
I have infinia without account and I went to bank for an add-on . The employee told me that you are "taking" premium product from bank and not even opening account. The look he gave me was like if I stole something from him by first not opening account for their best card and then taking add-on on that.
I told him on face that my wife has account in this same branch and is such a useless branch with useless rm

The thing is, no matter which bank you choose, good rm is lottery and odd of them are very low.
And even if you get a good one, that rm is not permanent..
And on the hindsight, you cant blame them completely, they are in a job where performance depends on investment by customers
 
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