sharing you my experience on how bank officials mislead us.
this Monday i had been to a bank to ask for a locker facility . it was Karnatak Bank , Bangalore .
I was introduced to the lady who was in-charge of maintaining lockers. she showed me lockers of different size.
i was OK with that and confirmed the locker size i need . i asked for the annual fees for that and she said 2850 INR per year
i was still OK with that since it was essential to avail that facility for me now for some obvious reasons
we talked about paperwork and i was about to leave when she said . there is a condition..
below is the conversation
she : Sir , to avail this you need to do one more thing
me : and..what would that be ?
she : Sir you need to keep 100,000 INR as fixed deposit
me : huh?? i don’t feel the necessity i have enough of funds under debt asset class. and why do you tell me do that ?
she: it’s a security deposit sir .
me : Thank you . I cannot afford it and I don’t feel the necessity too. I will make a move .Good Day
She: sir , please wait . if you can’t afford it , we have another option
Me: Err!! what is it now madam
She : you should buy an insurance policy .. we have insurance adviser here you can talk to him
me : sorry , I’m adequately insured
she : sorry sir, we cannot give you locker facility then ..
me : so in that case I would say there is no rule like that . only rule i know is you can only take 3 times the annual fees as a security deposit .
meaning when u say its 2850 INR u can take 2850*3=8550 . This is RBI rules
i opened up the site in my mobile and showed her the rules.
“Banks may face situations where the locker-hirer neither operates the locker nor pays rent. To ensure prompt payment of locker rent, banks may at the time of allotment, obtain a Fixed Deposit which would cover 3 years rent and the charges for breaking open the locker in case of an eventuality. However, banks should not insist on such Fixed Deposit from the existing locker-hirers. “
now she said , “sir I think lockers are full , may be next month i will check again and revert back to you .
now question is are you informed about this ? are you financially literate enough to tackle situations like this
or were you a victim of misselling products like this by any bank officials.
Please share your story .