Note: I consider this experience as being my personal mistake. I just want other readers to evaluate for themselves.
I wanted to change address for my icici bank demat account. For this purpose, I happened to visit icici bank, indiranagar branch. Since it was Dhanteras, the branch was decorated and all of the employees were looking in festival mood. Good to see all of that. Then, I was helped by an employee to get the token for my request. I waited for about 15-20 mins until my turn arrived. Happily, I went to the counter and then, came to know that I had taken the wrong token. So, as a decent person, I went back and took another one.
[Lesson1] The person who gave me the token did not know my actual requirement(or, if you put it in another words, I did not mention him my appropriate requirement in full). So, wherever possible, try doing it yourself. If you are guided by someone, make sure the guide understands fully what you are looking for.
Then, I waited another 10-15 min for my turn. Before my turn could come, I went to the desk, where the employee was seemingly doing some routine work - I asked him for address change in Demat - he asked me to wait, since there is another desk as well looking after Demat services.
[Lesson2] The token system is a nice way to postpone work. This is what the icici bank people practice. Every small thing requires you to take a token and wait for several minutes. If you have taken or are given incorrect token, then the first wait is all wasted - and no one to pay for apart from you!
After few more minutes, I was called on the same desk who postponed my application just a while ago. Anyways, now, I was thinking, as soon as he takes my address proof documents, I will leave for office. Now, in reality, the guy asked me whether I have the form for address change. I denied, so, he passed me a form for the same. I started filling the form then and there - the person asked me to move to waiting area and he will call me once I have filled the form. Fair enough, I thought. In the meanwhile, the guy asked me whether or not I would be interested in buying gold coins from ICICI, since today is Dhanteras. Also, he mentioned that the prices of gold are lower today as compared to the complete week. Secondly, ICICI is offering some discounts if I buy today. So, I asked him what are the prices of Gold and what is the discount offered. To this, he mentioned that a 5g gold coin would cost me around Rs. 9466/- and they can give discount upto Rs. 252/-, so, it would cost me Rs. 9214/- He also said, that the best part is that the gold would be 99.99% pure and 24 Karat. Hmm. I said, I will get back to him. Now, I went back to my waiting area and asked my mom what is the price for gold today, to which she replied it is around Rs. 15500/- for 10g.
[Lesson3] When I knew that the prices are lower than what ICICI is quoting, I should have denied purchase of gold. Secondly, the person already knew of form for change of address - which if he had given me earlier, could have saved some time.
So, I had decided, I will not buy gold from here. Then, another sales executive, who was’helping’ other customers to buy gold coins, got hold of me. She asked me, you are looking for investing in Gold? I said, no, I would not be doing that today, since I expect Gold prices to come down after Diwali. Hmm, to this she argued, that the discount offer may not be present at that time, and besides, Gold prices are at lowest when compared to last month. Ok, then, she said, if not 5g, would I mind buying 2.5g? Hmm. I thought, not bad. risk is not high, let us go for it. I said, I would go for 2.5g. Now comes the best part, she said, we can offer you more discount if you take 5g gold, for 2.5g, we can offer you only 1% discount. So, then, she was successful, I said, ok, I am ok with 5g coin.
[Lesson4] Never decide on basis of spontaneous questions/answers with some selling agent. It is best to analyze this completely until you are fully confident of your decision and then go ahead for buying.
[Lesson5] **ICICI(I am sure other banks as well) would not mind telling you lies(price of gold is different in market as compared to what I was told), to reach their sales targets. So, be extremely careful when dealing with’purchases’ or’sales’ with banks(or anyone else for that matter).
It took around 15-20 min more to complete all the formalities. I decided to check the prices once I reach office. I checked online(https://goldprice.org/gold-price-per-gram.html), price of gold was Rs. 1561.56; so for 5g, it was 7807.8; whereas, I paid Rs. 9214/-(week’s lowest, as claimed by ICICI, and with discount!), with a loss of Rs. 1406.2
[Conclusions] Spot buying decisions are dangerous for your pocket. Never believe any bank’s executive; check figures for yourself; see hidden costs, etc. Never go for Gold Rush again, Ever.