In today’s Indian financial market we rarely consider PSU banks when opening a new account- it’s assumed that their service is bad and only the nimble private sector banks can meet changing consumer preferences. As I discovered, nothing can be farther from truth.
I opened my first bank account with UCO bank and then moved on to HDFC Bank, HSBC bank and Citibank before settling with ICICI bank. However, two years back, I had to open an account with state bank of Travancore because I took a loan from them in kerala(Kunnamangalam branch). Let me accept that I had never expected the service levels that I actually got. Obviously, when I shifted to Mumbai sometimes back, I decided to continue the account in Fort branch in Mumbai. I observed many things about SBT which make banking with them a pleasure. Here is a summary:
1. Honest bank: I find SBT completely honest and transparent. Not even one paisa has ever been debited from my account without explanations. The minimum quarterly balance required is only 1000 Rs and then also penalty for failing to maintain the balance is only 300 Rs.
2. Best deals: Terms of their loans are unbeatable. I haven’t found even a single person who took a loan with me and got a better deal. I would suggest that you compare their rates with your bank’s rates before taking a loan.
3. Flexibility: Now, that’s something totally surprising because I had always associated PSU banks with government like work culture. But I found SBT much more flexible then any bank I had dealt with earlier.(See point 6 about withdrawing money without passbook.)
4. Personal service: Not only in Kerala but also in Mumbai I have got such high levels of personalized service that is possibly not available to even priority banking customers of many banks. Consider this- I have direct phone numbers of people I deal with and not even once someone has not received my call or not solved any problem then and there. Contrast that with frustrating call centers of private banks!
5. Fast service: I have been to ICICI branches many times. The truth is I dread going there and when it is necessary to visit a branch I allow for at least three hours even for small requests.(Remember the tokens and huge queues?). I have visited SBT at least hundred times and walked to the concerned persons every single time without any significant waiting time. In any case, branch manager is very helpful and always willing to solve any problems.
6. Trust and respect for customer: One day I lost my wallet in local train and urgently needed money after I reached my office. I did not have debit card, cheque book or the passbook. Is it possible to withdraw money in such situations from a private bank? I don’t know because I did not even try. I called SBT and told them what had happened. They immediately blocked my debit card. Later, when I went to the bank they reapplied for new debit card and allowed me to withdraw money without any hassles. Why? Because employees there know me personally even though I have visited the branch only twice!(By the way, I am a very small account holder.)
7. Best ATM network: I travel a lot. However, no matter where I am I always find a state bank ATM near me unlike other banks that open ATMs only in metros. Since any state bank customer can use any other state bank ATM for free, that counts to a huge number considering that only SBI has more than 5000 AMTs. Add to that the ATMs of state bank subsidiaries like SBT. Naturally, the State bank ATMs are less crowded!
8. Knowledgeable People: Employees in SBT branches have been in business for quite some time and they really know banking. So, I have been saved the frustration of explaining complicated issues to freshers with little understanding of banking.
9. Superior processes: When I wanted internet banking facility in my account I thought it will take at least a week to get the internet login and password. But when I visited the branch, they gave me id and password then and there instead of taking down the request and mailing it to me later! In fact, in every aspect I find systems and processes of SBT more user friendly then other banks. Even in ATMs they have provided swipe system which means your ATM card never gets struck in the machine. That’s saves a lot of hassles- doesn’t it?
So, is everything good about SBT? Of course, not. If you are looking for swanky branches with AC, sofa and smiling girls you won’t find that in SBT. But I prefer to finish my work quickly and leave rather than to wait for long hours in AC. The humble fan works just fine for me.
Conclusion: If you want no nonsense high quality banking head for SBT, for everything else you can always check out private and foreign banks!
Desclaimer: I do am not associated with SBT in any way except that I have been their customer for last two years. I have written only for the benefit of the visitors to the website without any intention to show any other bank in negative light.