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Ans: The key issue is not simply non-allotment of a locker. It is the alleged linking of a banking facility with an insurance purchase, followed by repeated assurances and difficulty in getting the promised benefit.

If the facts are supported by documents, this should be treated as a formal mis-selling and deficiency-of-service grievance.

» Keep the two issues separate

There appear to be two connected but separate matters:

– The promised medium/large locker facility against the banking relationship.

– The insurance policy that you say was purchased only because of pressure and assurances from branch officials.

This distinction is important. The insurance company may take the position that the policy was issued after completion of its own proposal and free-look process. Your grievance against the bank, however, can separately concern what was represented to you by its employees and whether the insurance purchase was induced by a promise relating to the locker.

» Build a proper documentary record

Please collect and preserve:

– Original advertisement/circular or written communication regarding the Rs.5 lakh deposit and locker facility.

– Deposit/account records showing when the Rs.5 lakh was placed.

– All emails exchanged with the branch, backend team and senior officials.

– SMS messages and other communications relating to the locker.

– Insurance proposal form, policy document, premium receipts and cancellation correspondence.

– Your emails requesting cancellation during the free-look period.

– Any complaint numbers generated by the bank or insurance company.

– Communications concerning the later cashback/moneyback facility.

– Details of the branch officials who made the representations, as far as available.

– A chronological record of every important visit and conversation.

The chronology you have already provided is useful. Put it into a simple date-wise This can make your grievance much stronger.

» The free-look argument needs careful examination

The insurance company may focus only on whether your cancellation request was received within the applicable free-look period.

Therefore, the important question is not merely:

“Did I cancel after the free-look period?”

It is also:

“Did I attempt to cancel within the free-look period, and was that attempt prevented, delayed or interfered with because of the conduct of the bank staff?”

If you have evidence of an earlier call, email, complaint or other communication, preserve it carefully.

If the first cancellation request was actually made within the applicable period, but the matter was subsequently delayed because you were persuaded by the branch officials to continue with the policy, that fact should be clearly highlighted in your grievance.

» Do not make the insurance company the only target

Based on your narration, your primary grievance appears to be against the bank officials who allegedly represented that purchasing an insurance policy would result in a larger locker being provided.

So your complaint should clearly state:

– What was originally promised.

– What actually happened.

– What the branch officials subsequently offered.

– Why you purchased the insurance policy.

– When you first tried to cancel it.

– What response you received.

– How the matter continued thereafter.

This gives the matter a much clearer structure than simply asking for a refund of the insurance premium.

» Escalate through the formal grievance mechanism

Since you have already approached branch officials and senior bank personnel, the next step should be a properly documented complaint through the bank's formal grievance/redressal mechanism.

Similarly, raise a separate written grievance with the insurer regarding the insurance policy.

Do not depend only on telephone conversations. Written complaints with acknowledgement are much more useful.

If the bank does not resolve the grievance after exhausting its internal complaint process, you can consider approaching the RBI's complaint mechanism, subject to the applicable eligibility and jurisdiction.

For the insurance-related grievance, the insurer's internal grievance mechanism should first be exhausted, followed by the applicable insurance grievance redressal route if the matter remains unresolved.

» About the pending cashback

This needs separate verification.

If the cashback was contractually payable under the insurance policy and you have satisfied the applicable conditions, ask the insurer to provide a written reason for withholding the second year's amount.

Ask them to specify:

– The exact policy condition under which payment was stopped.

– Which customer detail was allegedly incomplete or incorrect.

– When you were informed about this deficiency.

– What documents are required to rectify it.

– Whether the first year's payment was made under the same conditions.

This forces the matter to move from verbal explanations to a specific contractual response.

» Be careful about the remedy you demand

I would not make only a general request that the officials be reprimanded.

Your complaint should first seek specific relief:

– Payment of any legitimate pending cashback.

– Review of the premium paid, considering the alleged inducement and the circumstances in which the policy was purchased.

– Written explanation from the bank regarding the locker representations.

– Written explanation regarding the role of the branch officials.

– Appropriate compensation/redressal, if supported by the facts and applicable grievance mechanism.

Disciplinary action against employees is ultimately for the institution or regulator to decide based on the findings. Your complaint will be stronger if it concentrates on facts, evidence and the specific financial loss suffered.

» 360-degree assessment

From an investment professional and AMFI-Registered MFD perspective, I would also suggest one broader lesson.

Banking products, insurance products and investment products have different purposes. A customer should not be pushed into an insurance policy merely because another banking facility is being discussed.

Whenever a bank employee links one product with another benefit, ask for the offer in writing before making any payment or signing any proposal.

In your case, the most important thing now is not to lose hope. You have a detailed sequence of events, and that can be converted into a strong documentary grievance.

» Finally

Your case should be presented as a documented sequence of alleged mis-selling, inducement, failure to provide the promised banking facility, attempted cancellation of the insurance policy, and subsequent non-payment of the claimed cashback.

Avoid emotional or very strong allegations unless you have documentary evidence supporting them. Use words such as “represented”, “assured”, “alleged”, “requested”, “refused” and “not provided”. This makes the complaint more precise and credible.

Best Regards,

K. Ramalingam, MBA, CFP,
AMFI-Registered MFD – ARN 4188
www.holisticinvestment.in

https://www.linkedin.com/in/ramalingamcfp/