I have been a customer of Deutsche Bank for over a year now. Initially when the bank entered retail business, they approached me with a zero balance account. The account was basically a Payroll account but I was assured that I need to deposit my salary in this account. I was also offered a DB Gold Credit Card which had amazing point system. Added to this a Wealth Manager and a Internet Banking account which was very decent.
For full one year, I had no problem. The Wealth Manager was good, the online banking was very good, the call center guys were actually good with all grievances being resolved in the stipulated time frame. The Sweep in and Sweep facility used to give a very high rate of interest. I was as high as 7.5-8% p.a.
But then all good things must come to an end. One fine day I get a mail that my account is no more zero balance account but have to keep a minimum balance of Rs 40, 000 in the account. Now in todays world who keeps Rs 40, 000 in saving account. Minimum balance in any bank is not more than 5K. I called up my Wealth Manager, who had changed in the meantime, and asked her what to do.
No response from her side !!! Meanwhile the value of points on credit card also decreased from Rs 1 to Rs 0.70. And the funny thing is they asked me to pay Rs 99 per month to stop paper statements and issue e-Statement. I think this is the stupidest thing any bank can do. To save enviornment and reduce their costs, banks are giving extra benefits to customers to move to e-Statement and not opposite. Final nail in the coffin was interest rates of FDs. Its one of the worst in Indian banking.
The facilities and service is good. No doubt. But if you are looking for return on your investments this bank has the worst products in the market. Do not consider this bank for savings accounts and loans. Plus their charges are also exorbitant in this market