This is a bank that doesn’t care about process optimizations, accountability and customer trust. Branch managers take no accountability, even when there is a high level escalation, they will just push the blame onto the person below and not even respond to calls.
Axis bank managers misguide customers into investing in poor schemes like the Max life’assured income’ which is a very bad investment option. Even their official website has a very misleading advertisement that makes no mention of the actual bad side of the investment. For example, if you pay 2 lacs permium and find that the Max life service is very poor, you CANNOT cancel the premium after first 15 days. Your only choice is to LOOSE YOUR ENTIRE PRINCIPAL. Their official advertisement will make no mention of this and neither will the bank manager tell you all this.
When you are lured by the manager and land up making an investment and then find the service to be very poor, you are faced with only two choices:
Loose your entire principal, that is your hard earned money OR
Force yourself to invest for many more years till you meet Max life’s minimum expectations
You can escalate as much as you want. The’nodal officer’ asks you’ do you have any written evidence that the bank manager promised to help you later on with the investment’ . and she will say things like’. you need to read the fine print’.
Here is a snippet of the official response from the highest level of customer service at Axis bank: "We request you to take up this matter with Max Life if you have any grievance in policies, as Max Life would be the suitable party to address your complaint."
Yes, Axis bank will make you invest, they will take the commissions and then they will say that you go to Max life if you have any problems.
This is the cattle class of banking.