Frankly, I do not understand most of the banking procedures. So this review is just from a customer’s point of view. But then, I guess that is what matters! Isn’t it?
Well then, to begin with I am a very satisfied customer of HDFC. They have a very well mannered staff, and they attend dutifully to their customers. At least I for one, have never had any complaints. Secondly, their ATM machines are almost always in working conditions, unlike the horrible experience I had with Bank Of India ATM centres. They have a round-the-clock telebanking service at (022)8561818 for Mumbai. One more good point of this bank is their solid network. They have branches in all the main cities of India, and these branches never make you feel lost anywhere. In fact, HDFC saved us when I and my wife had to extend our stay in Goa due to some personal problems. Thanks to HDFC, I had ready cash at hand. Then of course, there are the various schemes that this bank provides to its customers. Most of these schemes are good, but I would, however, suggest that you check thoroughly before going in for them. But then, I would suggest that for any bank. After all, its money that is involved.
Now for one or two bad points....the all important aspect of a review. The HDFC takes more than a week to give you the annual statement of account. I faced this problem when I wanted to file my returns. I went there in the 11th hour(I accept my fault). But still, I expected them to at least TRY hurrying up things. And anyway, I feel that one week is too much for a totally computerized bank to issue a statement of account. In fact, I thought they did just give me a printout within a matter of seconds. But I had to wait for a week, and subsequently pay a hefty fine of Rs.5000 for not filing the returns in time. (Secretly, I believe I deserved it. At least next time I will remember to be ready well in advance).
One more thing I should warn you about is the HDFC loan scheme. I would not go for it unless I am REALLY in dire need. Cos we end up paying high interest on it. So beware on that front!
But, all in all, HDFC is a good bank. I have been its client for the past five years. And I do not have much complaints against it.