Nikhil Vagal
303/A, Mahadeo Apartment
Chandan Wadi, Patil Wadi
Panchpakhadi, Thane (w)
Pin-400601
INDIA
Cell No.00919820039374
Saving Account No.012092953006
To,
The Bank Manager
HSBC, Peder Road Branch
Ash Mahal
Mumbai-400026
INDIA
SUB-HSBC INDIA FOOLS THERE OWN CLIENT
This is a story how my own bank fools me, I don’t know whether now I call this bank as my own bank or not, because now I lost complete faith & trust in HSBC.
Around first week of Jun I visit the HSBC bank at Thane branch because I want to put some funds from my saving account to short term fix deposit. As Mr. Arpit Maheshwari is my personal banking adviser I have to meet him, so I asked him to put around my Rs.1000000/-in short term fix deposit.
He makes me aware of many plans of investing money, but I was not sure about any sort of secured return because I don’t want to invest my funds in any market, equity or unite base plan, so I keep on rejecting all plans & said I can only trust in fix deposit.
At last he told me about Canara HSBC investment & told me to invest Rs.200000/- in this plan & what I understand about this plan is as follows.
1) This is a fix deposit scheme for 3 years, I will get my money after 3 years with benefits.
2) My money won’t be invested in units or stock market or equity.
3) Agnst this fix deposit I will be cover for insurance worth Rs.1500000/- for 3 years.
4) If I want to renew this after 3 years, I can do so & all benefits will continue.
So for me it’s just a fix deposit plan for 3 years & I will be covered for said insured value angst this fix deposit for 3 years.
What I found few days back when I did online registration for CANARA HSBC is as follows.
1) It’s not at all fixed deposit plan, it’s a life insurance & I have to pay premium of Rs.200000/-per year & that to be for 5 years.
2) If I cancel this policy, then I have to pay 60% charge of my invested value as a surrender charges.
I was shock when I realize that I was fool by my own bank where as I am the loyal customer of this bank since 1987.I have the emotional attachment with HSBC because its suppose to be my first bank.
I was with bank with banks good time & bad time, I never change my bank when HSBC facing problem in recession period.
Today I can see what a reward I receive from HSBC.
Now you will ask me a question, how come I blindly sign all those required documents, so my answer is Mr. Arpit Maheshwari from HSBC highly convinced me that this is just a fixed deposit plan so I sign the document looking at just sum of Rs.200000/- & I got strong feeling that my won bank won’t fool me.
Now I strongly feel that I have fooled by my own bank & that to be for little money. I will try to convey this story to all those who trust in HSBC as their own bank so that at list they well be save fooling by bank.
I will send these emotions to the branches of HSBC worldwide so that people will come to know that there is wrong practice going on in India.
I hope bank will understand my emotions, it’s not question of Rs.200000/-, its matter of trust I showed in HSBC & how bank put me down.
With Best Regards,
Nikhil Vagal
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