Let me explain.. I bank with HDFC. My company banks with HDFC and handles all our employee account through it. I run the Finance and Accounts department and process approx. 7, 000 transactions through these accounts each month... I have also lived abroad for ten years and have experienced best banks there..
Therefore, I was amused with the glowing review of member ’pcharu’ - who goes ha..ha... saying World’s best bank etc. I am afraid that such reviews will not truly enlighten us or help the cause of ’mouthshut’.
To start with, HDFC is not as large as the other orange colour bank. But, they are not as worse as some new-age banks, who are struggling to make themselves relevant..
In new-age banking, the size matters....
HDFC is not as ’consumer friendly’ as the other orange colour bank. Yes, the staff of HDFC is all smile and make you feel great. But, the bank is very inflexible in their procedure and practices.
This new-age banking is still evolving and therefore the ability to improve and be flexible is very important. here, HDFC fails...
In other new-age banks, You can use the bank as the ’exchange house’. Means, anyone can deposit cash in your account anywhere. Say, Your uncle can deposit money in mumbai if you are in bangalore. But, HDFC still refuses this facility. It allows deposit only by the account holder in other branches.
This is a big minus point for travelling chaps..
Similarly, You can use other banks as transfer agents. This means that, In other banks, You can issue cash cheques to third parties for withdrawal from any branch in india. For example, You can issue a bearer cheque from your account in delhi to your mother in chennai to draw cash as soon as your salary is credited. This is not possible in HDFC. This is a big problem as you can’t practically draw cash except through (a) ATM or (b) from the accounting branch only...
So, when you examine, HDFC’s ’anywhere banking’ is only a slogan...
Another problem is the deposit of cheques. HDFC has stopped issuing acknowledgements (they will grudge and may oblige you if you insist and shout). Whereas other big banks has cheque collecting machines, which issue receipt. If the cheque is lost or misplaced, You have no claim or record. This actually happened for a friend. The cheque was insurance refund and getting it re-issued was a six month process. At the end, He simply used up his credit card with the same bank and told them to go and ’...’.
Overall, HDFC is in the leader category no doubt. But, they are not the best... That goes to other bank. As a consumer, who is interested in your own benefit, dump this bank as long as better option is available...
A sentimental attachment to your banker is injurious to your wealth...