I would like to share my experience of dealing with PUNJAB & MAHARASHTRA CO-OP BANK.
In last seven years I have changed three locations from kandivali to andheri and than to new bombay but my bank remain same for all these seven years. The staff in the bank is very co-operative and never let me down on any occasion.
In nationalised bank, if I tell the staff that I am in hurry, speed up my work, the likely chances are that my work will delay beyond normal time whereas in PMC it takes less than normal time to finish any transaction, whether it is cash withdrawal, purchase of pay order/demand draft or cheque book requisition.
The banks has more than 50% female staff who are very courteous and co-operative in attending customers and sorting out almost all problems instantly.
Moreover, the bank has 12 hours workings (no lunch time) and open almost all days (few very selected holidays like republic day or independance day). It is most convienent to transact with bank. I have dealt with most of nationalised/private/ foreign banks, but I can’t compare the services provided by this bank with any other bank. No doubt that private banks gives good service but that comes at cost, whereas you get same service from PMC for almost free.
The following are the main features :
Minimum Balance of Rs. 1, 000/- for current account as compared to Rs. 5, 000 to Rs. 10, 000 in nationalised banks and Rs. 50, 000/- to Rs. 1, 00, 000/- in private/foreign banks.
The Charges for NOT MAINTAINING MINIMUM BALANCE - Rs. 25 per month as compared to Rs. 750 per quarter by other banks.
Free Cheque Book facility as compared to Rs. 1 to Rs. 2 per cheque by other banks.
In un-fortunate case of cheque return, the charges are just Rs. 25 to Rs. 50 as compared to Rs. 100/- to Rs. 250/- by other banks.
Instant account opening as compared to 7-10 days by any private/foreign bank.
Cash withdrawl across one counter, whereas nationalised bank still has age old procedure to issue token and the cheque is routed through three counters before reaching to cashier for payment. Cash withdrawal never takes more than 1-2 minutes in PMC as compared to 8-10 minutes in any nationlised bank. I remember spending nearly 1 hour in ICICI bank, andheri branch to withdraw cash.
Issue of new Cheque Book within 2 minutes as compared to few hours by nationalised bank and few days by private/foreign banks.
The list of facilities is endless so let me finish here. there are few things on negative side also i.e.
does not provide ANY-WHERE BANKING
does not provide DEBIT CARD
does not provide NET BANKING
The bank should learn TECHNOLOGICAL UPGRADATION which is available easily at economical cost and can cross all the barriers in giving good services compared to private/foreign banks.
Rajesh