HDFC has now added insult to injury.
After continuing to fleece its existing customers with high interest rates while offering lower interest rates to new customers, HDFC has now surreptitiously increased the pre-payment charges by a whopping 50%.
While its top management until yesterday continued to state that it was not at all bothered by the 8% interest scheme offered by SBI, it has taken steps to make it financially unviable for its existing customers to switch. While the move does confirm panic within HDFC at the response SBI is getting from harassed customers, clearly it is unable to compete fairly in the market and has therefore resorted to such an unethical malpractice.
Effectively, HDFC is exploiting its existing customers to the hilt by not reducing the interest rates in line with overall market dynamics on the one hand, and by charging more from those who still dare to go against its extortionist policies.
Would welcome any feedback and suggestions for initiating action against HDFC so that the misery of ordinary customers like us can end soon.
Regards
Vikas Kochhar