ICICI Bank’s Privilege Banking is awesome! If you’re “privileged” enough to have it, you can simply walk into any Branch, push a couple of buttons on the quirky token dispensing machine (an entirely optional step), and walk right up to the Privilege Banking Counter and get your work done while the rest of the “non-privileged” […]
I seem to be writing quite a bit about insurance of late. But I’m also seeing quite a number of absolutely “WTF?” insurance products of late. For example, see this piece on Birla Sun Life’s Classic Child Plan — To quote — This joint-life, unit-linked, children’s plan covers both the child and the parent. Later, […]
I was reading this ad for Bajaj Allianz Cash Rich Insurance Plan (in a recent issue of a personal finance magazine) when something about the calculations just didn’t seem right. In fact, they smelt downright fishy in painting a rosy picture of your retirement facilitated through this policy. I wanted to figure out who’s actually […]
Take a shirt. Stitch a pant to it. Then stick a pair of shoes to the pant. You really wouldn’t want to be seen wearing such clothes. Similarly, you wouldn’t want to buy the LIC Endowment plus Unit Linked Plan which purportedly combines Savings, Investment, and Insurance — in short, a guaranteed recipe to make […]
I first read about this pension plan in the ET dated June 22, 2010. I was intrigued. Basically, Reliance Life Traditional Golden Years Plan is a regular premium retirement plan that provides guaranteed return, which is declared at the beginning of every financial year during the product term. So far so good. But, The minimum […]
Makes you poor and your agent/insurer rich. Look what I found in my email. A job (commission-based) that allows you to be your own boss. Life insurance consultant with LIC of India (part-time or flexi-time). The job involves prospecting, understanding life insurance needs, advising on suitable options and closing the sale. It’s a freelance marketing […]
The first time I saw this presentation (it was emailed to the administration head at my office), I screamed “WTF mate?” multiple times and in quick succession. Go through this presentation and give me one decent reason for why you would ever want to invest in this attractively packaged recipe for financial alchemy? [slideshare id=855587&doc=returnguaranteefund-1229571730583996-2&w=425] […]
I have an HDFC Bank Credit Card — one that I haven’t used since I received it over an year ago. I therefore decided to cancel it. A week back, I dropped a request-for-cancellation letter at an HDFC ATM near my house. Today morning, I called to check the status of my request. A few […]
That’s what a security guard at the Reebok store on 100 ft. Ring Road, Banashankari 3rd Stage said when I visited the store at 11:00 AM last Saturday. I desperately needed a cap and I had committed to buy one then and there. Instead I was not allowed to step inside the store because — […]
How’s this for a bizarre experience? Last week, I opted to open a savings account with ICICI Bank. I am given a welcome kit with an Internet banking password mailer dated April, 2007. I try to login but receive a “User ID has expired” error message. I call customer care who gleefully inform me that […]
I hate Mutual Fund ads that harp on completely useless facts and then expect you to invest in them. The latest issue of Outlook Money carries an ad from Sundaram BNP Paribas who tout: Blah blah blah… Over a 28-year period, if you missed just the 10 best market days, the number of times your […]
From an ICICI Bank flyer, FlexiCash is a special overdraft facility offered to salaried individuals. Simply put, it gives you the benefit of having a pre-approved and pre-sanctioned cash limit in your bank account. With FlexiCash, you enjoy the double benefit of ready cash for what you need, whenever you need. From filling those shortfalls […]
Reliance Mutual Fund has announced changes in the features of Reliance Index Fund (Nifty Plan and Sensex Plan) w.e.f. April 18, 2008. As per the proposed changes, the existing Reliance Index Fund’s name will be changed to Reliance Quant Plus Fund. Source: Moneycontrol. A classic “WTF mate?” situation. But this was to be expected sooner […]
Logged into my ICICI Bank account today morning in order to execute an urgent intra-bank transfer. Was greeted with the message: On account of our financial year end, this service will not be available till 15:00 hours (IST). Why should customers be inconvenienced just because a financial year ended? Can’t you close your books in […]
My recent experience at a State Bank of India ATM: Successfully withdraw Rs 15,000 at 09:35 IST. Successfully withdraw Rs 10,000 at 09:36 IST. The third withdrawal at 09:37 IST pops up the message: “Sorry. Your daily withdrawal limit is Rs 15,000.” WTF mate? So much for technology and core-banking and what not. I should […]
It pays to conduct due diligence before you dump your hard-earned money into any of the harebrained NFOs (New Fund Offers) from Mutual Fund houses in India. For example, ICICI Prudential Real Estate Securities Fund The fund manager says that this is the first of a kind offering in India and with back of the […]
I am not managing the fund, the model is. There is no fund manger required for a fund like this. You’d be handing your cash over to a mathematical model running on a computer if you decide to invest in Lotus India’s Agile Fund — a quant fund currently doing its NFO (new fund offer). […]
From a full-page advertisement in today’s edition of Bangalore Mirror: Bharti AXA Life Insurance presents a unit-linked insurance plan that guarantees you return of your first year premium of up to 175% at maturity and invests up to 100% of all your subsequent premiums. What kind of financial misguidance is that? Incredible. I am being […]
Last week, I went to ICICI Bank’s Commissariat Road branch in order to obtain a loan foreclosure statement. What I ran out with, along with the foreclosure statement, was a lot of unwanted [investment] advice. Here’s a sample: The interest rate on your loan is just 10 percent! Why do you want to foreclose such […]