My recent experience with a particular bank makes me think whether the Customer is really the king. In most companies and organisations employees are told that Customers are king but is it actually so in reality??
In November 2005 I had requested for a loan of Rs.2lacs from a bank. I hold savings bank account as well as credit card with same bank. I wanted loan on my credit card. They refused to reduce the percentage of Rate of Interest from 18% to anything less. Not even by 0.5%. They always knew that I would get back to them and take the loan, which I finally did.
In March 2006 they call me up saying they are going to send me a Demand Draft for Rs.90,000/-
and they started with Rate of Interest at 18% later they came down to 16%. After many frantic calls from the guys in the bank the rate was reduced to 13%.
The catch was there, they are actually blocking my Credit Limit in the card and giving me the draft which means I cannot make big purchases during this period.
Thats not the point, the same bank which refused to budge from 18% in November 2005 could come down till 13% in March 2006 even when the new budget for financial year 2006-07 has not got enforced. How could they do this. When they want the customer, they bend backwards but if a customer wants something they refuse to oblige.
Welcome to CITIBANK.