The RM Story @ Banks like HDFC Bank and other Banks

HDFC's Imperia Banking has declined so much in recent years and quite many of their RMs are not as professional and refined as before! The same may apply to other banks like Citibank India or another depending upon your personal experiences. There are always some such RMs at any bank. Once can request a change of RM if you are not satisfied with the banking services you are receiving.

I feel that now internet banking or phone banking is much better than dealing with the staff at the bank or RMs but still one is required to visit the Bank once in a while specially where senior citizens are concerned who prefer traditional banking over internet banking and that is when one hopes for a good interaction but often do not get the professional banking service you hoped for. Earlier banks would build relationships with their customers specially the neighbourhood ones but now they have become quite careless in their dealings and particularly their managers.

The HDFC Imperia Banking RMs are never available if you have a query, concern or complaint. The only time they will give you time is when they think they could brainwash you into trusting them blindly to do your investments without any questions so that they can meet their targets! Your preferences or what works for you does not matter to them! In fact, during such times, they adopt quite an aggressive stance and a negative attitude in their interactions and dealings with you when they realize that you may decline their advice.

Very few actually give you the right advice and are patient in waiting for you to decide how you want to spread your funds on investments products. But remember this is your money and only you have the right to decide how you want to invest it and where you want to invest it! You have to see what works for you and not what suits them.

Of course, good investments advice and suggestions are always useful, but you must take a second opinion too from someone you know or research thoroughly about it before going for it or there may be regrets later.

Relationship Managers are supposed to guide, introduce and advise you patiently about investments or assist you professionally and smoothly with bank related services but definitely not allowed to coerce you into investing against your comfort zone. So don't be apologetic if you don't want to invest in any of the suggested investment products and don't feel cornered if any RM tries to force you to invest in something you don't want to.

RMs are supposed to manage the relationship of valued customers with the bank in a dignified and professional manner so that they enjoy pleasant interactions with the bank. They are meant to enhance your banking experience with the bank and certainly not alienate you from the bank! You have a right to hassle free banking without the domination of certain RMs who do not demonstrate professionalism or customer sensitivity in dealing with their clients/customers. Remember that there is always an option to take your money elsewhere if a certain bank repeatedly gives you bad customer service and where your escalated complaints are never resolved.

HDFC- You Did it Again !

HDFC Bank did it again ! Their rigid policies will just alienate more loyal customers leave alone attract new ones ! As it is their NRI services are pathetic ! They have no support for NRIs. Already NRIs were having issues with their log ins on internet banking from abroad and now this new ridiculous policy containing conditions for Imperia Banking even if you maintain the balances required.

And now their latest absurd policy is that even if one maintains the required balance for Imperia status, the services and privileges will be withdrawn on certain irrelevant conditions-

" Criteria for Private Banking Program 

• Work together with your Private Banking Relationship Manager on understanding your risk profile and financial goals

• Personally meet your Relationship Manager once in every two months or as per the agreed frequency to review your existing portfolio & to assist in the ongoing and future investment requirements

• Based on your goals & risk appetite, implement the Investment solutions provided in collaboration with our SEBI registered, Investment Advisory Group (IAG). "
• 
  

Now would someone please inform them that as NRIs it is impossible to meet the RM every two months in India !!!!! They better get their act straight !

Seriously I wonder what they are aiming to achieve with their unreasonable demands and continuously harassing customers and threatening to withdraw their benefits specially in their absences from the country. Many NRI customers are already so fed up of HDFC's services.

As it is their philosophy of sending RMs for so called "personal visits " to our homes holds no value in the age of internet banking and it is just an invasion of privacy for both Residents & NRI customers. Frankly such visits are just an excuse for the RMs to get entertained at our homes and is highly unprofessional. They never agree to meet at the Bank. While in some cases and situations this may work but I for one have experienced that these visits achieve nothing at all ! 

I like to set my own financial goals and understand my risk profile. These days everything is easily accessible and available on the internet. I like to connect with the RM over the phone or through emails and would bother him with a personal meeting only when absolutely necessary. Many feel the same way specially senior citizens, single women and busy professionals.    

HDFC seems to be blackmailing customers by coercing them to meet the RMs once in every two months to fulfill the so called frequency set by them to be eligible for the benefits. If one does not agree to meet then one loses the benefits. They are not even willing to give time to NRIs till their next visit home. They want our money but they do not want to give us benefits ! This just does not make any sense at all ! 

It is time to petition against them ! They are just turning into uncontrollable dictators who are not willing to bend at all. Instead of giving us the right to enjoy smooth and pleasant banking experience, they are making our lives miserable ! NRI customers will suffer the most ! The time has come to take your funds elsewhere ! 

 

https://www.facebook.com/1488537028142174/posts/2074949076167630/

HDFC's Delayed Response even when customers decide to compromise for the peace of mind despite inconvenience caused to them

Not withstanding HDFC Bank's reluctance to extend genuine regrets for the inconvenience and harassment caused to me because of unjustified reduction of the principal amounts of my FDs without my consent, I have in the spirit of not spoiling our long relationship compromised as suggested by them. But even then they are showing their indifference in delaying their final response. Every time they are asking me more time to give the final resolution. And if they continue the never ending delay to resolve the matter, I may actually change my mind.

 The last option offered by HDFC was - the Bank can credit the amount of TDS deducted and interest loss due to this in my Savings Account and the tax due till date shall be deducted thereafter. I told them that I can consider this option if HDFC could confirm in writing that without signing the form ( Customer Consent on TDS recovery from CASA.doc) , the Bank will ensure that the same problem will not occur again. After all how many customers have signed such a form ? As far as I know nobody from my circle has done that.

Never have the principal amount of my FDs been reduced like this to recover tax in the presence of sufficient funds in my account even when the threshold limit was crossed. Once again I would like to stress that it was the duty of HDFC Bank to inform me before doing so and if there was any change of policy then all the more the same should have been communicated through your website or mails to customers. But HDFC neglected the fact that communication must be sent to the customer.

I would like to stress again on the point that in the future too HDFC Bank has no right whatsoever to break the FDs of customers without their consent. I repeat the tax should be deducted from the account at the time of crediting the interest of the FD to the account.

FIXED DEPOSITS WITH HDFC AT RISK !

Here is yet another complaint against HDFC's way of handling our FDs. I could really relate to it as our family has faced the same problem. This is absolutely not fair that Banks are allowed to play with the principal amount of our FDs in the name of deducting tax.
Please visit a very well written article on this on Money Life -

http://www.moneylife.in/article/now-even-your-fixed-deposit-principal-may-be-at-risk/4540.html

HDFC & other Banks should not be given the power to break the principal amount of FDs to recover taxes when there is sufficient balance in the account to deduct the tax from !

Are Banks allowed to break the principal amount of as many of your FDs to recover taxes in the presence of sufficient balance in the account even in the so-called breach of interest threshold limit ?

Does one have to sign the Customer Consent on TDS Recovery from CASA Form to protect the principal amount of your FDs from being broken by the Bank ?

Such questions as above are prevailing in the minds of many customers specially in the absence of any clear instructions of the RBI to the customers through their respective banks. The Banks have not informed the same to the customers through their websites or individual mails which is resulting in a lot of problems as the customer feels insecure about continuing having Fixed Deposits when RBI is allowing the banks to continuously break the principal amount of the customers without the authority or approval of the customers. Now one cannot even be sure if this is a new policy of the banks or the banks are simply implementing the rules of RBI. HDFC Bank's Taxation team is breaking a lot of FDs without the knowledge of the customers in the name of such a rule passed by RBI whereby the principal amount of FDs are being broken to recover taxes even in the presence of sufficient funds in the accounts. Now one wonders who is right here...

But something like this has never happened before...I am doing a research on that and conducting a survey as well on FB. Let's see what we come up with ! But whatever said and done FDs are supposed to be the most secure investments customers can have and they should not be easily broken without the consent of the customer !

HDFC is incapable of handling customer complaints fairly and correctly

HDFC always adopts a rigid and insensitive approach in addressing the problems of customers. In this recent case of their taxation team breaking the original principal  amount of the FDs without informing the customer , yet again they have demonstrated their lack of tact and lack of sensitivity in handling customer related matters. According to HDFC what is done is done and they want to quickly find a way of getting out of this situation without being nailed.

They are actually quite insensitive to all the problems and inconvenience caused to their customers by the actions of their teams every time. I have escalated the matter far enough and it has reached Ombudsman. Before that their Regional Office, Grievance Redressal and Nodal Principal Officer had thoroughly disappointed me with their indifferent attitude. They were actually collectively trying to suppress the entire matter when actually it is the right of the customer to go to the next level of the complaint process if not met with a satisfying resolution. They have been sending me back and forth to the various levels and access channels handling complaints so that I get tired and give up on my case.

Suddenly HDFC is interested in negotiating but  their reaction is quite delayed as I have already wasted a month on this matter as nobody was addressing it correctly. In fact in the beginning they had even closed the matter against the docket number given before it even went to the second level and I had to get the case revived after several more complaints.  What is the idea of posting information regarding different access channels of complaint on their website, when they do not allow the customer to access them in reality ? Their proposals offered to me even today are basically favouring their team and not really meeting my expectations. HDFC does not value it's customers at all ! 

HDFC Bank's Taxation Team given free hand to play around with people's FDs

Irrespective of any policy  changes they may claim, deducting money from  FDs original principal amount and that too without the customer's knowledge is totally  unacceptable when there is another way to recover the tax on the interest i.e. from the account at the time of crediting that interest to the account. When there is sufficient balance in the account, they have no right whatsoever to recover taxes on the interests given on FDs from the principal amount of the FDs. FDs are supposed to be secure and locked investments from a customer's point of view and nobody had the right to break those FDs except the customer.

HDFC  taxation team is suddenly messing up people's FDs with delayed recovery of taxes on the interests of the FDs and thus creating problems through these complicated transactions when they could simply recover that tax by deducting it from the account.

At this rate, they are being given the power to continuously reduce the principal amount of FDs whenever and as they feel like which can result in unpleasant banking experience for the customer. Their tax deductions have to be clean and smooth like before as well as within the boundaries of the usual procedures.

Having FDs with HDFC had always been a secure and pleasant experience but this recent episode had left me very discontented and insecure regarding my investments with their Bank. I mean to take this up with whoever  has brought about this drastic and negative change in the way HDFC deals with a customer's investment and hopefully try to influence any of their seniors who have the power to reverse this change as such complicated deductions by their taxation team can negatively affect the Bank's relationship with their customers .No customer would like their FDs to be touched like this without his/ her consent even if they had swipe FDs. The taxation team is not even stating who gave them the authorisation to deduct money from the original principal amount of the FDs specially in the presence of sufficient balance in the account. As it is they should recover taxes on the interests given on the FDs at the appropriate time and not later.

I have voiced my concerns. And I hope that something is done about it ! Their Grievance Redressal Cell's resolution and stand on the matter only reflects their commitment to their team and not the customer. Let's see what the Nodal Office does...

One has the Right to  Information and ask for answers specially when your investments are concerned. If nothing else responsibility has to be fixed on the people concerned for the careless and inefficient way they handle our accounts.

Every Bank be it HDFC, Deutsche Bank, HSBC or Citibank has shortcomings but the true character of any Bank comes forward in how they follow up and address the complaints effectively. Fair resolutions must be delivered !