The stock market loves HDFC Bank. Why? Because it stock keeps going up all the time. Why? Because this is one bank that knows how to fleece the customer. They probably are the worst service providers in the whole of Indian banking industry and that is saying something.
Their depository services take the cake. You should just visit the Phoenix Mill compound office and talk to the customers there. So, you are fed up with their depository service or have some other grievance and want to talk to the manager? No way. They wo’nt even give you the name of the manager, never mind his phone number. I guess the poor guy is worried some irate customer will bang him up!
You want some examples? They will not send you your transaction and holding statements unless you remind them 20 times. You want a new delivery insruction book? Give an account of all cancelled slips in the past 10 years. There is supposed to be a law Depositories Regulation Act 1996, but I guess HDFC Bank never heard of it.
It is so surprising RBI or SEBI have never looked at this bank.