Banking services for long stayed as royal service. After the advent of the private banks things have gotten murkier. My recent experiences are quite disappointing.
- I tried to open an account at the ICICI Bank. The bank requires a MAQB of 10000/- . If the balance falls below the limit a penalty will be there. So are they providing the services for free? NO. Just count a difference between the interests of fixed and SB and add the hassle of not being able to remove the money while avoiding penalty and you get what is the charge for keeping an SB account with them. I Give Up!
- A Credit Card enquiry revealed that UTI Bank takes a deposit of 25000/- to issue a credit card and the credit limit is upto 80 percent of it. So if I take a Credit card, I will be given credit from the money which I already own. What a joke! Do I stand a chance to bear this?
- At SBI an account opening form revealed that they not only require my details but also ages of all in my family along with details of any relatives settled abroad. That is not all, they also require all loans credit cards etc availed by me along-with asset list like whether I live in an ancestral house or rented house, if I possess any vehicles, if I have made any life insurance or any investments . . . Possibly the most ridiculous from all is that they also need the educational qualification of my spouse. Does it not feel that they are asking for too much for keeping my money safe?
- The Core Banking of Parlakhemundi SBI is somewhat misleading. As they have not made the signatures digital, cheques cannot be used at any other branch. I seriously suspect that they are verifying signatures for withdrawal slips and cheques at the home branch too. It is nothing short of horrble practice.
If you have experinced the Royal Indian Banking Experience then you know that there is more to it. Don’t you agree?