It was gladdening to hear HDFC BANK’S HR Head Mandeep Maitra say that HDFC Bank does not want to bring in ICICI Bank’s culture. But that was in July 2009.
Time seems to have changed and HDFC Bank seems to take on the "ICICI Bank culture."
HDFC Bank will start charging Rs. 100/- per quarter for their Investments Services Account may be in the last quarter of this year. That amounts to Rs. 441.20 per annum including taxes for no service rendered except providing a platform to buy and sell mutual funds. It is wise on each individual who has Investment Services Account with HDFC Bank to close this account and deal with the concerned Mutual Fund House directly online where it is free and servicing the best.
This applies especially to those having invested in ELSS schemes which does not require servicing for 3 years from the date of investment. Those invested in ELSS schemes have to give a prescribed form for "Off-line mode" as it cannot be disposed off for 3 years, and then a closing form. Both these forms are available at the Investment Services Desk at their branches. So, you do not have to write/type/print one and take it to the branch. However, be prepared to face "non-smiling-grumpy investment executives" who instantly put up a plastic smile if you go to open an account.
Also, I have noticed that any queries raised by the customer through their "contact us" link will be replied in the evening after banking hours, so that even in case you are quick to reply, the matter gets pushed to the next day; the next day, the same thing gets repeated. By doing so, the bank has technically complied in prompt same-day reply. Matters which could be resolved in a few email sessions in a day are prolonged by their "one-email per day unwritten policy." Will you let your hard-earned money be siphoned off by these banks ?