Citi Bank — Cheating in the Name of investment | |||||
Hi Guys, When i went to open the salary account in citibank in my office, the rep advised me to enroll the insurance which will give fixed 8.5% of interest, and this policy is specially for corporate employees only enrolled while opening the new salary account. and it has 3 years surrender period. I enrolled this bajaj life insurance account (EMI of rupees 1500) along with my CITI bank salary account in IBM, I'm paying last four years, while casually searching about the policy in google to surrender, i got this link, and now i'm completely shocked to know the return values everyone mentioned above. And i called to Bajaj life insurance and asked what is my current fund value They have told that i have paid 72000 till now, and 7741 is administration charge and my current fund value is 68682. Also they are telling first year 25% is admin charge, 2 year onwards 6% is the admin charges. But the interest what they will pay is 1.25% per year. Then i asked that means every year I pay should i loose 5% of my invested money guaranteed . And she replied happily yes, that is the policy agreement given to you. This is completely cheating, and why should one invest for a loss, and which never gives me the money what we pay. Even LIC convers life insurance and returns close to 3 times of money we paid after 15 years. I asked will i get at-least what i paid, if i continue the policy for another 5 or 10 years, she said no. you will never get it. I'm wondering why does the reputed bank like CITI misguided to enroll without saying any of this details, My policy no is: [protected] I want this kind of cheating should be stopped and someone should take appropriate action on this financial institutions. Was this information helpful? | |||||
Citibank customer support has been notified about the posted complaint. | |||||
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