This review is based on my experience after tasting 2 of the State Bank of India group’s products :
SBI Cards and SBi Life
I have a very emotional relationship with SBI since my dad gave 33 years of "yeoman" service to them.Needless to say the gargantuan buildings/interiors were a part of my childhood.....
I have been using the SBI card for more than 5 years now and by now have reconciled to the fact that there are some things which you cannot expect from some organisations .
In the last 5 years I have been lucky enough to receive around 24 credit card statements ( out of a maximum possible 60 !!!) Many a times depositing a cheque for card payment is a big hassle since they do not have drop boxes at ATM locations ( their branches open after we go to office and close before we come back). For the last 5 months I transfered money through online banking and my card account has been charges 250 Rs ( 50 X5 ) for believe it or not Cheque pickup charges ". I transferred Rs 1800 trough internet banking and my card statment looks something like this:
Received 1800 (cr)
Received 1800 (cr)
Received 1800 (cr)
Transfer 1800 ( Dr)
Transfer 1800 ( Dr)
Transfer 1800 ( Dr) I still cannot figure out.....Isn’t the net amount ZERO? :-)
I started an SBI pension fund pure savings , no insurance. It is meant for accumulating my savings so that I get a lump sum as pension at the end of 30 years ....
1St year - I pay Rs.10000 - nothing happens no statement/ no receipts
2nd Year - I pay Rs. 3000 ( still worried about the 1st year 10000, result is the same )
3rd Year - I ask them what happened : Response is my pension account statement
Account balance = Rs.11300 ( maybe they believe in negative pension )
I ask the office what happened they said nothing : these are charges ( for a pension account ? )
Sweet girl tells me politely "you can cancel the account at the end of 3 years and take away 70 % =Rs.9100."
I am still flabbergasted !!!!!!!
Advice to you my friends : stay away from SBI cards and SBI Life ( if you want a life!!! )