Skip to main content

How I Became Rich

How I became "RICH"

You too can become RICH

ICICI bank had, till recently, a system called "Quantum Optima Deposits". The system worked like this: Your savings account was 'divided' into two - operative and non-operative. The operative a/c would normally hold upto 15,000/- and if it exceeds this by way of your subsequent deposits, the excess amount (over and above, say, 12000.00 would be diverted to a new QOD a/c. If you withdraw from your operative a/c, the amount will be supplemented (reverse sweep) from the most-recent QOD a/c.

Over the years, I had accumulated about 14 QOD accounts, for amounts as low as 252.00 and 259.00. I tried my best to get these QODs closed and have just one FD for the whole amount. The interest for these QODs were 5.5% whereas, ICICI was giving about 7% for its FDs. I was losing 1.5% interest for no fault of mine. Repeated requests thru Net banking failed to elicit any response.

Last week I took the trouble of visiting my branch (Nungambakkam) and met my "Relationship Manager". He was all courteous and helpful. He solved my problem in one stroke - "Sir, give us a cheque for the total amount (in QOD accounts) and fill up an appl for new FD for that amount." It was as simple as that, and next day morning I checked thru Net and found that the FD was created for the entire amount @ 7.25% (for 24 month and 1 day).

Thus, with a small stroke of pen, I became "richer" by Rs 9625.00 p.a. (interest diff 7.25 - 5.5% for 5,50,000/-). That was on 21st July (last week).

Yesterday I went to Santhome Branch for some work, and there I saw a leaflet that if you open a FD for 390 days (yes, exact 390 days), the interest rate (for Sr Citizens) is 8.5%. For periods below this 390 days or above 390 days it is 7.25%. I asked for the significance of "390 days", but they couldn't explain. These rates are effective from 24th JULY 2006. So, I thought I was being duped by ICICI - remember, I opened a FD on 21st only @ 7.25% (for 2 years) and within 3 days, I lose "interest". I fumed but made a call anyway to Nungambakkam branch Relationship manager.

He was again all helpful and said - "Sir, no problem. Come to the branch, give an appl pre-closing the FD (no monetary loss), and another appl for opening a new FD for 390 days !!" As simple as that. God bless him (Mr Jegadeeswaran). Vijaya and I went to the branch yesterday evening and within 30 minutes, I was "richer" again by Rs 6875.00 ( 8.5% - 7.25% for Rs 550000.00) per annum.

Two lessons: (i) There are good people everywhere with helping nature and (ii) you should be watching the financial market very closely - with vilakkennai in your eyes! See, with two trips to the Branch and just two appl, I am "richer" by Rs 16500.00 pa or Rs 1375.00 pm, a substantial amount for a Pensioner like me - Won't you agree?

Be watchful - you too can become RICH.

Rajappa
0950am on 28th July 2006

Comments

Popular posts from this blog

Dr. MUTHULAKSHMI REDDY

Dr Muthulakshmi Reddy The road from Adyar Signal to Thiruvanmiyur signal (in Chennai) is called Lattice Bridge Road (LB Road); this English name was re-christened as Dr Muthulakshmi Reddy Road long back, but the old English name only prevails now. Who is this Dr Muthulakshmi Reddy? In the princely state of Pudukkottai there lived Narayanaswami Iyer who married a devadasi by name Chandramma - this marriage created a sensation that time. To this couple, eight children were born out of whom four died as infants. Muthulakshmi was one that survived (born: 30 July 1886). M's sister Nallamuthu, learned English, went on to study in UK, became a Professor in QMC, Chennai, and later its Principal - the first Indian principal of QMC. Muthulakshmi went to a school in Pudukottai till the age of 13; later she studied at home tutored by teachers. She passed matriculation in the year 1902. She started dreaming about becoming a graduate. Bur her father, with meagre pension could not send her ...

Anna Centenary Library, Kotturpuram

ANNA CENTENARY LIBARARY (அண்ணா நூற்றாண்டு நூலகம்) is a newly established State Library of Tamilnadu. It was declared open on 15th Sept 2010. Located in Kotturpuram, Chennai. This last Sunday, 1st May 2011, we hit upon the idea - we will go and see this library. No serious reason, but a sudden whiff of fancy. Vijaya, her old classmate and friend Mrs Prema, and I left house at 3-30PM. A bus upto Madhya Kailash, and an auto thereon, left us at the gates of this huge, beautiful building at 4 PM. From the outside, it was immensely impressive and imposing - maybe of 9 or 10 floors, exquisitely constructed. As we walked the lawns to reach the Main Entrance, the interest in us was bubbling. (Caution: Handbags, Cameras are strictly prohibited. Even waterbottles are not allowed inside the halls.) There is a 5-feet bronze statue of Mr CN Annadurai, in whose name and honour this library is built. This is the Tamilnadu Chief minister Mr M Karunanidhi's pet project and he, as usual, has ov...

Sri Sita-Rama-Anjaneya Temple, Pathakota.

Earlier i wrote about the SitaRama Anjaneya Koil at Pathakota, 17 km from Hosur, on the banks of Pennaiyaru. We two and Savithri went there on 17th Jan 2013 (read here). After I came to Bangalore,  I told about this koil to Ashok and Neeraja and they too were keen to have the darshan of Rama and Anjaneya. On 26 Jan 2013, Ashok asked me suddenly at 4-40 PM if we can go there that time. I consulted Savithri over phone and she said yes. We four left house at 5-15 in car, went to Hosur. Savithri was waiting near GRT and joined us. We reached the temple by 6.40 PM. First we went to the full-flowing Pennaiyaru and lost ourselves in the serenity and beauty of the river. The scenic beauty oof the river is breath-taking. 15 minutes later we entered the temple. Built in 1932 for Sri Anjaneya only, this temple now has Sri Rama, Sita, and Lakshmana idols installed. We had a wonderful darshan of Sri Rama and Anjaneya. Then we left Pathakota, for Sri Chandra Sudeswarar koil on a hillo...