Archive for September 2007
I have been planning to open an account with SBI, considering their network and growth. It happened last week 
After a long time,I walked into a bank for opening an account.
Having used other private bank services(more on this later) I’m quite used to online banking and rarely visit any bank branch. I did go there with low expectations and was prepared to be patient. As I went in , I noticed a small note on the door saying “Open an account now and receive a welcome kit in 15 minutes”.
I met the Asst. Manager who gave me an account opening form, with clear instructions on what you need to open an account. One of the needs was an introduction from another account holder.
Me: I have PAN card, DL for ID proof, and Electricity Board bill for address proof. However I don’t have a introduction / reference.
Asst.manager: Sorry sir, we need an introduction.
Me: I’m planning to deposit [quoted an amount > 50,000]
Asst.manager: After thinking for a minute, “You have two identity proofs. I can open an account for you without introduction”.
Me: Great.
Right after this I met the bank manager to understand the products they have. While I was with the manager, I was given the welcome kit that had a temporary cheque book, ATM card, ATM card pin, few pay-in slips. Another interesting anecdote happened then.
Manager, to an Assistant: Why are people lined up there?
Assistant: They have a deposit to make.
Manager: Radha ( a cashier ) can handle it.
as the Assistant prepares to leave
Manager: What’s the amount?
Assistant: Rs. 5 Lakhs
Manager: mm… Radha should be busy. Ask them to come in.
I converted an uncontrollable laugh into a smile
BTW, SBI ATM machines are quite nice.
Overall, I came out of the bank with a smile. It took me 45 minutes for the complete process though.
Summary:
- SBI was much better experience compared to other nationalized banks I had been to.
- I do not understand the need for an “Introduction” in today’s world. Banks might be willing to relax that rule, if you intend to deposit some cash. ( Let me know what you think )
- If you have a passport copy, it could help in opening account without an introduction.
- If you deposit big amounts, you get much better treatment ( obviously )
I have a SBI ( State Bank of India ) credit card that I don’t use much. Since I got the card, I used to receive statements every month on time, until I made a transaction. The month I made a transaction, I didn’t receive the statement.
While I remembered that I had a transaction in SBI card that I have to pay, I didn’t remember the amount. After few days, forgot the whole thing.
Last month I received a statement from SBI asking me to pay late payment charges for that transaction.
I called-up their customer care . It went on like this.
Vijay: blah… blah..
Sweet voice customer care officer: Let me check sir. blah.. blah… Sorry sir, the statement was not generated last month, it was our mistake. I’m reverting the finance charges. It is enough if you pay Rs. 589 , instead of Rs. 1005 (Yes!!! that’s Rs. 416 charges on Rs. 589)
Vijay: Great. thanks.
The “Sweet voice customer care officer” took me by surprise, by being open about them not generating a statement in the first place, and by accepting that it was their mistake.
Moral of the story:
- Do not forget credit card transactions ( it’s better to keep the counterfoil or a copy of the bill )
- Do not pay late payment / finance charges, unless you really owe them
- Always ask. The finance charges are typically quite high, and the banks often cancel them, if you can pay them back.
- At least one person on earth had a pleasant experience with customer care.
- Credit card statements may not come, However late fee /finance charges will certainly come
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