[Resolved]  HDFC Bank — sl crest - misleading / unethical practices while selling

Address:

400608

Was approached by hdfc relationship manager for sl crest policy in 2014 when i opened savings account with them. He ask me to opt for this policy as it will help me in income tax stating that i can surrender the policy anytime of i do not like it.
I took this policy at 50k rs per annum in march 2014.
In february 2016 i wanted to surrender the policy and approach my relationship manager. He ask me to call his coallegue for from hdfc life and surprisingly i was told that i cannot surrender the policy before 3 year as i have to pay minimum 3 premiums under this policy. As it was matter of only a month i decided to pay the premium in 2016. As this policy was not paying good returns i wanted to surrender it and hence call my relationship manager. He again hooked up me with one of his coallegues who advised me to pay couple of more premiums (Total 5) and i will get good returns. Hence, i continue paying premium until 2018 and after 5 premiums were paid i call my relationship manager again through whom this policy was taken in kolkata for surrendering this policy. He gave me contact number of his coallegues again who told me that she is going to the concern office so the policy can be liquidated. Next day she ask me to visit nearest hdfc life office in mumbai/thane (As i reside in thane now) and submit the form for liquidating the policy. To my surprise again i was informed that there is a lock on period of 5 years and i cannot liquidate this policy before march 2019. I dropped a mail to selfcare (Hdfc) and i got a reply from kolkata branch that they are looking in the matter. I got couple of calls from the kolkata branch as well and since i did not pick then up as i was traveling abroad, i got a mail from the said representative that he wants to speak to me. I dropped him a mail that i will call him once i am back in india and gave him a call when i landed in mumbai. He told me that he is looking into the matter and wants to meet me (Probably wanted to sell me some product). I told him that i have left kolkata and hence we can correspond on phone / mail. After thay there was no call from his side, hence after couple of days passed by i started chasing him on phone. First my phone's went unanswered but finally he answered my phone and advised that this policy cannot be encashed before march 2019. I told him that i am ready to pay 1% or 2% penalty (Whatever it is) for early termination but need he money for some other matters. He advised that same is possible and copied mail to one of his colleague in hdfc life and ask him to get back to me. After couple of days i got reply from his coallegue that this policy cannot be encashed in any circumstances before 2019.
I have been calling my relationship manager in kolkata who is not answering my calls now for last one month after this episode. It looks hdfc bank pressurizes their employees to sell unsuspecting customers insurance policies by hook pr by crook and most of the times we buy products from this same relationships managers (As they come crying that they need to achieve their targets) in good faith who often mislead us without disclosing full details of the policies.
This is not the first product which hdfc bank have sold me with their unethical tactics.
On one hand we have a policy which is not paying returns and which i cannot encash (In short i cannot use my own money) and on other hand we have credit card interest rate which are quite high (Which means banks are extracting money from us giving false information and if we are not able to pay credit card dues on time we are charged at a very high interest rate. Indirectly for using our own money which is invested in banks).

I am planning to go legally against hdfc and suggestions are welcome. Can i go in consumer court??

I am also paying 13k per annum against hdfc ergo family plan for past 3 years (Last year i paid 18k) and i think it is better to transfer policy to some company like lic as i have lost my faith in hdfc bank.
It is better to bank with sbi.

I also have foreign inward remittance coming in under the company which i own and i have observed that hdfc bank does not deposit money in my companies bank account when they ecpect usd to fall against inr. They will hold the money for couple of days and convert it into inr and deposit it in my bank account when usd goes week against inr. (For example, my inward remittance didn't get deposited yesterday when usd had breached 68 rs. And when i went to bank today to enquire i was told that there was a system error yesterday hence funds could not get deposited in my company's account. (Also the exchange rate which was given was poor almost ibr minus 1 rupee).

Also i receive unsolicited phone calls from hdfc bank / hdfc life for marketing their products which is quite annoying.

Crooks... Don't buy policies from hdfc...

For more details contact modak. [protected]@gmail.com