I opened my first savings account(apart from salary account) with HDFC bank, Richmond Road, branch Bangalore. The main reason for me to open an account with HDFC was efficient customtakeouter service as compared to ICICI as HDFC had lesser number of customtakeouters. ATM network was not very vast but well managed. Net Banking was less impressive than ICICI. HDFC’s sales team didnot pester me with pesky calls.
Time flew and year 2008 came when ICICI bank had a lot of mismanaged and unsatisfied customtakeouters due to a) Hidden charges b) Mis selling c) High AQB d) Large customtakeouter base where as HDFC held its feet.
I also opened a savings account with State Bank of Patiala and its charges were well below the Pvt sector banks. I realized it when instead of 10k I had to maintain just Rs. 500(Rs. 1000 for cheque Book A/c). SBP had facility of phone banking and also net banking and also OD limit and most importantly cordial staff(yes, indeed exceptions are also there in some instances).
In year 2011 onwards I started witnessing long queues in HDFC bank it usually took more than 20-25 mins to deposit cash(as in public sector banks) and very high charges like Rs.150+ for DD of amount Rs.50/-.
My real problems started from Jan 2012 onward when I was charged Rs.275+ for not maintaing AMB(Average Monthly Balance) of Rs.10000/- it was my mistake indeed and I accepted the same.
In the month of Feb I was again charged Rs.110+ I enquired, the staff was not sure. I did not pursue as it was a small amount.
Today i.e. on 27 Feb 2012 I was again charged Rs.110+, I again enquired and came to know that if case of non maintenance of AMB one can perform only 2 cash transactions and 3rd transaction onward one would be charged Rs. 5 per 1000 subject min penalty amount Rs.100+ taxes. It means if one is not maintaining AMB and he/she deposits any amount lets say Rs. 10 in his A/c he/she will be charged Rs.110+. This is utter non sense as one should be given some freedom to deposit cash in his/her savings A/c otherwise whats the relevance of Core Banking solution.
In another incidence HDFC counter staff informed depositor that Rs. 112/- would be charged for depositing money in non-self A/c i.e. in someone’s A/c. This is again nonsense.
Lastly I am losing out Rs. 900 per year by keeping min 10k amount in my HDFC A/c(as I am suppose to keep just rs.1000 in my SBoP A/c thus saving Rs.9000/- which could be kept in FDR @9.75%) for no obvious reason.
I personally feel its time to shift our base to public sector banks like SBP or corporation bank.
Do share your opinions in this context.
Regards
Karun Sandha