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
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
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