Reporting Banking Ombudsmen


Imagine a scenario where you do transaction with bank. The transaction is incomplete or unsuccessful.
But the amount is been debited from your account. You approach bank and they say they will credit it within certain time.
You wait and wait but that doesn’t happen. Officials don’t respond properly and they procrastinate the things. What do you do??
I have experienced a similar trouble closing one of the Demat account.
it took 6 whole months for them to do it while expected timeline was 7 days.
And what I did was file a complaint against them to Ombudsmen.
And matter was solved within next 15 days.
The different scenarios which I have heard are:• Loss of cheque from Cheque drop box
• Closing your account without providing any prior information or reason

• Delay in the services
• rejecting the loan without proper justification or reason
• misbehaving with customers.
This can be done by filing a complaint online.

Follow the link http://www.rbi.org.in/scripts/bankingombudsman.aspx

Enter details and you can upload any supporting documents
Altogether a good initiative atleast I can say.
I have 1 last thing to tell . I have heard people complaining about recovering loans from guarantor .
Bank has the full right to recover loan from guarantor when intended person is unable to pay and you can’t file a complaint against this.
Some people I know had to wait for a longer time even from ombudsmen but still they have been benefitted finally.
Well filing of complaint doesn’t cost anything. It will take minimal effort and time
So why not make use of it. But people have to have a little patience.

Faster Tansfer


2 days back I was asked by a friend to transfer a little amount to his account for an emergency Problem he faced.
I was in a conference and his account no was also not added as a beneficiary .
However I could have added his account no. but it would take 16 hrs approx. for NEFT TRANSFER.
I couldn’t go out also to make CARD TO CARD transaction and I was helpless.
Hope he hasn’t misunderstood me. But then I was looking for faster money transfer option and I found an alternative option recently.(may be others also know that)
Its called Inter bank Mobile Payment service.
You can transfer the funds thru
A) SMS b)Mobile App
B) Mobile App
You need to have is UNIQUE ID called MMID for both the both parties
MMID can be obtained from ATM BY selecting IMPS option ->mobile Registration and providing ur mobile number.
You don’t need to add beneficiary .
If you are using Mobile App u have to choose transfer funder option->
Enter the MMID and mobile no. of the payee.
Enter the amount and MPIN and submit.
Money will be transferred instantaneously. Within a minute.
Well. If you are using SMS based service u don’t even need GPRS. Moreover these services do not take account no. as input.
Bank details which make use of this service are listed in this link
http://www.npci.org.in/bankmember.aspx
People who have already used it can provide more info on this.
It definitely will make transfer of fund faster and no rocket science is required here.

why save at all


UnclearGoal

a balance between securing future and having FUN

After I started blogging about personal finance many people asked me questions like :

why do you write about managing personal finance

why do you think we should start saving early

why do emphasize more on investments.

Why don’t u enjoy life rather than breaking your head on personal finance.

Here is what I feel .

Financial requirements

Expenses : gone are those days when a person with ambassador/chetak,LML VESPA was considered being rich enough,when idli was around 6 rs perplate cold drinks were 5 rs per bottle.The cola market is worth about Rs 10,000crore . may be now its pretty more than that.

People now seek to visit Shopping malls, going  to multiplex cinema halls, have credit cards, branded stuff, fast food, and more of new gadgets.

Kids and their education:

It starts with sending them to best play homes to providing them education in the best college till they finish their education these days are so expensive.

Apart from regular school/college expense children are also interested in many co-curricular activities. And to nurture their talents and enhance their skills many parents wish to provide them best training. And that’s also an add on to the expenses

People tend to take loans in many such situations to ease their burden of growing expenses. And sometimes with high interest rates

Marriages

People also have their expenses to be considered for their marriage initially and in the future their child’s marriage as well

Gold investments can be helpful. Not  necessarily be invested in physical gold.

Vacations:

Please dream of travelling around the country /world

Asset building

People dream of buying home. Earlier people used to buy houses in their retirement money. Now thought process has change. People buy houses in their early stage of life so that they can use that house for their regular income or for themselves to stay after their retirement

Retirement:

People always dream of having peaceful life of retirement, playing with their grand children , spending time talking about politics and other social issues with other senior citizens and then go for an evening walk.

But ever thought of expenses if there is no regular income unlike pensions. And also at the growing 7% of inflation now . think about the rate of inflation 30 yrs later . it may be 10% or more

What people do:

People take endowment policy for 15-20 yrs in early life. It provides life cover, yes  but what about the rate of interest?? Does it cross 6% per annum? I’m not sure but people who have taken endowment policy can guide me.

I somewhere read this an insurance company is under no obligation to reveal where your money is being invested or what portion of your money is being invested

People neglect equities because of its volatile nature. But it is a good option for long term.

People neglect term insurance cover.

People fail to save/invest/buy basically Pure Term Insurance + PPF+Mutual Funds

What people SHOULD do

Start savings/investmenst early:

Avoid unnecessary expenses

Build contingency fund for a rainy day

Grow assets and make it generate regular income in the future

Get adequately insured

Increase ur financial literacy and change the way your earn, spend, save, invest

People can provide more information to the fact why we should save at all