Went to HSBC to get Higher Rates as per recent hike.
One officer confirmed that if I further keep a term of 36 months I would not be penalized & wanted an application letter. If I renewed with a shorter term I would loose 1 % of my interest accumulated(works out to Rs.300)
The next day the second officer refused to accept my application stating that I would loose in thousands if I broke the FD and renewed it again, but could not give me the figure.
I insisted on a written statement mentioning how much I would loose. Was informed that I would receive this within 3 working days.
FTVE working days have passed but the letter has not arrived.
I have made a second request through their call center.
This time the letter arrived on the 3rd day but the loss for renewing the fd for a further 3 years they said would be Rs. 11, 800/- which I expect would be deducted from my principal.
This is terrible & illogical - for the sake of 1 % extra, I will have to give up Rs.11800/- Yet the money stays with them and they continue to earn on the same.
And to top it all - I have been banking with them since the past 15 years or more.
For this matter IDBI is much better - They are a public sector with the Private Sector facilities and benefits.
I have even emailed the Bank requesting them to drop the penalty [as per their clause 7 of premature FD ]on me as -
I am not withdrawing funds but merely extending my FD for a further 3 yrs,
If I do not receive a favourable response - it is BYE BYE HSBC & HELLO IDBI