PLEASE answer is my decision correct?Term of investment 5-10 years.
The Bank customer executive before opening of A/c provided so many attractive options like, separate check book/ATM card for customer and as well as mandate holder and the Cheque book can reach customer to which ever address he wants. Also made sure that initial remittance can be made through ACH from US bank. To my dismay, All remittance correctly got credited to NRI A/c but, they insisted the A/c Is in in active status, saying they are not able to verify my name, which was sent from US Checking A/c through online service provider. Even after providing banking statements, remittance particulars, their simple reply was they don’t’ have ability to check with US bankers. on cheque book to Mandate holder, after so many exchange of mails to NRI service/concerned branch, only I could get evasive/irrelevant replies for 3-4 months. After indicating that a legal action will be initiated on this, I just got negative reply from NRI service that there is no separate cheque book for Mandate holder. For the customer too, they will send the cheque book only to USA. And they don’t care about anything else. My money got locked as well I was unable to operate any planned transction in anticipation of receiving cheque book. There was no proactive suggestion or leader available to understand the issue and arrange to resolve it. It was a worst banking experience in my life time. This has resulted me in indirect loss of money due to inoperation of the A/c in addition to mental agony and waste of time in sending repeated exchange of mails. I like to initate action in USA as well in india against such bank. Any Good suggestion in initiating action is welcome.
I have 2 LIC Jeevan Anand Policies for which I am paying 26,000 /- p.a. (they are just 1 year old)
Assured security = 5 lakh, returns on maturity = 10-15 lakh (as per my knowledge)
Recently I heard of HDFC SLI which can give you security shield of > 15 lakh for only 5000/- p.a. (but no returns on maturity).
I am recently married and my age is 27 yrs.
So I have 2 priorities-
(1) secirity shiled to family
(2) investment in market (e.g. mutual fund) a.s.a.p. to get more benefit of compounding.
so I was wondering to close my LIC policies and distrucute my money as-
(1) 5000/- in policy liek HDFC SLI, so that my family will get security of > 15 lakh
(2) 21,000/- in mutual funds which after 20 years will give me returns far better than LIC (as per my knowledge)
I know that MF is riskier than LIC, and I will have to keep regular watch on it, so that I can divert / withdraw money when market goes down.
Am I thinking of right option ? or I am putting my money in risky way ?
They offer maximum NAV of the term,10 lakh’s free insurance and minimum 50% increase on maturity.