I used bajaj capital’s service for investing for tax benefits under 80C. That was the first year of my employment and it was only on the 11th hour that I realized myself being late for the investment. This place was recommended to me by a friend. Unfortunately for me, unlike my friend I did not know anything about ELSS/ULIPs etc. at that point of time.
I visited their Indiranagar office in bangalore. They convinced me that investing in new fund offers is more profitable than already existing ones. Their argument was the rate being only 10 rupees at start.
I later figured out that this is false. I ended up locking my money in two hopeless funds which never appreciated for nearly 3 years whereas other older funds kept multiplying. They also recommended ULIPs citing the insurance benefits. It was only later that I figured out the yearly deductions for ULIPs and how the insurance is practically worthless.
I believe they get more commision out of the low end funds/insurance folks. If I knew which funds to choose, which I learnt to do later, I would not have taken their help. Now looking back I feel cheated for these 3 long years of the lock in period.The other thing that merits mention is that the staff with whom I interacted was a lazy bum. I had to go to their office multiple times to get the receipts. And they keep sending you the spam newsletter every month.